Accessible Retail
New
For Sale
$135,000
202 N Williams Street, Mancelona, MI 49659
Commercial, Mancelona, MI
Property Size694 SF
Lot Size0.22 Acres
Price / SF$194.52
Days on Market2
Property Features for 202 N Williams Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Exterior features
Vinyl
Lot features
Corner Lot, Freestanding
Directions
In the village of Mancelona, along the east side of US131/66, just north of the intersection with State St
Subdivision
Antrim
Standard status
Active
Size
694 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Lengthy legal, see attached document
Legal Description
Lengthy legal, see attached document
Amenities
newly updated bathroom
step-free
connected trailer unit
Building Details
Building materials
Frame
Roof type
Asphalt, Metal
Listing Agency:
EXIT Northern Shores Realty-ER
(231) 264-9833
Listed By:
Vickie Smith
(231) 264-9833
Added: Aug 25
Changed: Aug 26
Last Checked: Aug 26 at 9:06PM
MLS# 1949780
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.
Investment Insights
Based on property information with market context.
This 694-square-foot retail space occupies the main floor of a frame building with vinyl exterior siding and asphalt and metal roof sections. The interior has been cleared, and the property includes one bathroom with accessibility improvements. A connected trailer unit is also available for additional space or storage.
The 0.22-acre property fronts US-131 for 300 feet in downtown Mancelona, between M-88 and M-66. On-site parking is provided through a parking lot. The layout can accommodate retail or office use, with the main-floor configuration offering step-free access.
The 0.22-acre property fronts US-131 for 300 feet in downtown Mancelona, between M-88 and M-66. On-site parking is provided through a parking lot. The layout can accommodate retail or office use, with the main-floor configuration offering step-free access.
Key Highlights
- 694‑square‑foot main‑floor retail space
- 300 feet of frontage along US‑131
- 0.22‑acre parcel in downtown Mancelona
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,204
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$144,080
$144.1K
Cap Rate 7%
$102,914
$102.9K
Cap Rate 9%
$80,044
$80.0K
Market Conditions
NOI Build-Up for 694 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$10.7K $15.48/SF
− Vacancy
−$451 −$0.65/SF
EGI
$10.3K $14.83/SF
− OpEx
−$3.1K −$4.45/SF
NOI
$7.2K $10.38/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$144,080
Cap Rate 7%
$102,914
Cap Rate 9%
$80,044
Alternative Uses
Best Use
Retail
$102.9K
$90.1K – $120.1K
NOI $7,204 @ 7.0% cap · market cap 5.34%
Second Best
Office B
$101.6K
$88.9K – $118.6K
NOI $7,113 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$123.5K
$108.1K – $144.1K
NOI $8,645 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 49659, MI
6,670
Population
4,586
Households
1.5
Avg Household Size
44
Median Age
18%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
38
Density / Sq Mi
$59,092
Median Household Income
$33,269
Median Earnings
$792
Median Rent
$141,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Step-free commercial space includes an updated bathroom and parking lot.
Where is this retail space located?
The property is located at 202 N Williams Street Mancelona, MI.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 694‑square‑foot main‑floor retail space; 300 feet of frontage along US‑131; 0.22‑acre parcel in downtown Mancelona
