Historic Office
For Sale
$948,280
221 N Center Avenue, Gaylord, MI 49735
COMMERCIAL - Gaylord, MI
Property Size6,277 SF
Lot Size0.92 Acres
Price / SF$151.07
Days on Market81
Property Features for 221 N Center Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-2
Basement
Unfinished
Subdivision
Fillmores Add City Of Gaylord
Directions
Main St to Center Ave
Standard status
Active
APN
103-205-001-009-00
Size
6,277 SF
Lot size
0.92 Acres
Taxes and HOA fees
Tax Description
LOTS 9, 10, 11 & 12 BLK. 1 FILLMORES ADDITIONCITY OF GAYLORD SEC 33 T31N R3W
Legal Description
LOTS 9, 10, 11 & 12 BLK. 1 FILLMORES ADDITIONCITY OF GAYLORD SEC 33 T31N R3W
Utilities
Sewer type
Public Sewer
Listing Agency:
EverGreen Home Realty
(989) 614-0701
Listed By:
Tisa Appleton
(989) 614-0701
Added: Jun 5
Changed: Aug 4
Last Checked: Aug 24 at 5:06PM
MLS# 201840670
Copyright © 2026 Water Wonderland Board of Realtors®. 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 6,277-square-foot historic office building occupies four city lots and offers a distinctive interior with original millwork, stained-glass windows, maple and wide-plank hardwood flooring, pocket doors, original hardware, and a tin ceiling. A wine cellar and several generously sized rooms add flexibility to the existing layout. The property also includes a park-like setting and potential for on-site parking.
Recent work includes replacement of all windows and lead remediation throughout the interior and exterior. Located in downtown Gaylord at 221 N Center Avenue, the building is served by public sewer and carries R-2 zoning. The space has been described as adaptable for offices, hospitality, retail, professional services, or events; buyers should verify permitted commercial uses.
Recent work includes replacement of all windows and lead remediation throughout the interior and exterior. Located in downtown Gaylord at 221 N Center Avenue, the building is served by public sewer and carries R-2 zoning. The space has been described as adaptable for offices, hospitality, retail, professional services, or events; buyers should verify permitted commercial uses.
Key Highlights
- 6,277 SF historic office building on 0.92 acres
- Original millwork, stained glass, hardwood floors, pocket doors, hardware, and tin ceiling
- Set across four city lots in downtown Gaylord
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
$69,791
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
7.36%
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%
$1,395,820
$1.4M
Cap Rate 7%
$997,014
$997.0K
Cap Rate 9%
$775,456
$775.5K
Market Conditions
NOI Build-Up for 6,277 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
$107.0K $17.04/SF
− Vacancy
−$13.9K −$2.22/SF
EGI
$93.1K $14.82/SF
− OpEx
−$23.3K −$3.71/SF
NOI
$69.8K $11.12/SF
Area
Otsego County, MI
Vacancy
13.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,395,820
Cap Rate 7%
$997,014
Cap Rate 9%
$775,456
Alternative Uses
Best Use
Office B
$997.0K
$872.4K – $1.16M
NOI $69,791 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$8.60M
$7.52M – $10.03M
NOI $601,839 @ 7.0% cap · market cap 63.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
926
Businesses Nearby
Explore this area
Business Placement
Demographics for 49735, MI
20,568
Population
11,551
Households
1.8
Avg Household Size
44
Median Age
27%
College-Educated
94%
High-School Grad
248.6 sq mi
ZIP Area
83
Density / Sq Mi
$69,050
Median Household Income
$39,813
Median Earnings
$876
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Character-rich property with original architectural details, updated windows, and multiple rooms suited to varied professional layouts.
Where is this office building located?
The property is located at 221 N Center Avenue Gaylord, MI.
What is the asking price?
The asking price for this property is $948,280.
What are key features of this property?
This property features: 6,277 SF historic office building on 0.92 acres; Original millwork, stained glass, hardwood floors, pocket doors, hardware, and tin ceiling; Set across four city lots in downtown Gaylord
