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    The Largest CRE Database in the US with Over 1 Million Listings

    1968 S Morey Rd Lake City, MI 49651

    Sponsored
    For Sale
    $275,000

    Office Building,Retail Store - Lake City, MI

    Property size:
    10,000 SF
    Lot size:
    0.99 Acres
    Days on Market:
    173
    Last Refresh:
    Feb 1 at 5:06 pm

    Property Features for 1968 S Morey Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
    Bathrooms
    4
    Parking
    30
    Basement Y/N
    1
    Size
    10,000 SF
    Lot size
    0.99 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Building materials
    Block, Brick
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    Tamara McLeod Helsel
    Tamara McLeod Helsel

    City2Shore Real Estate Northern Michigan (231) 839-0077

    Listing agent Tamara McLeod Helsel (231) 839-0077

    Listing date Aug 13, 2025

    MLS# 1937513 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail Building in High-Traffic Area

    This 10,000 square feet commercial building is located in an area with high traffic and visibility. The property features long-term leases with established businesses. The building has multiple areas with separate entrances and a large shared parking lot. The larger leased space is approximately 6,000 sq. ft., and the south side is approximately 4,000 sq. ft. The north end is occupied by Laura's Needful Things, and Gamer's Gambit is located at the south entrance. Both spaces have restrooms, smaller office options, and ample storage. According to MDOT (Michigan Dept. of Transportation), approximately 10,000 vehicles pass through Lake City daily. The plaza includes two other businesses that contribute to foot traffic. The roof has been updated, and all the lights have been updated to LED. There is a new furnace system in the Gamer's Gambit section. The property has a shared well. The current active year-to-year leases with Gamer's Gambit LLC are through February 2024, and Lake City Needful Items are through July 2023, both for $1,500 per month installments, plus they pay their own utilities, water, and insurance. The lot size is 0.99 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Nail Salon Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Missaukee
    State
    Michigan
    Longitude
    -85.216412
    Latitude
    44.310247

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    FAQs

    What type of property is this?
    Retail space - 10,000 sq ft retail building with long-term leases.
    Where is this retail space located?
    The property is located at 1968 S Morey Rd Lake City, MI.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: - High-traffic location: Approximately 10,000 vehicles passing daily.; - 10,000 sq ft retail building with long-term leases in place.; - Two separate leased spaces (approx. 6,000 sq ft and 4,000 sq ft) with separate entrances.
    (231) 920-6422
    Request Owner's contact information
    1968 S Morey Rd Lake City, MI 49651
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    Lake City, MI 49651
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1968 S Morey Rd Lake City, MI 49651
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    We can help!
    Listing Contact
    Tamara McLeod Helsel
    Tamara McLeod Helsel
    Real Estate License ID: 6502410127
    (231) 920-6422
    Learn more
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