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    Former Pharmacy in Lincoln, MI Title is generated by Realmo AI

    301 S Second Street, Lincoln, MI 48742

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    For Sale
    $115,000

    COMMERCIAL - Lincoln, MI

    Type:Retail
    Property size:
    3,400 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $33/SF
    Added:
    Dec 19, 2025
    Days on Market:
    154
    Last Refresh:
    May 22 at 12:06 am

    Property Features for 301 S Second Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    Commercial 201
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    052-000-030-004-05
    Size
    3,400 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Description
    T26N R8E SEC 1 COM NW COR LOT 5 BLK 30, E 82 FT, S 58 FT, W 82 FT, N 58 FT TO POB PART OF LOT 4 & 5 BLK 30 VILLAGE OF LINCOLN 204/70 201/710
    Tax Annual Amount
    3000

    Utilities

    Water source
    Well

    Building Details

    Building materials
    Block

    We can help!

    Listing Contact
    Lisa Timm
    Lisa Timm

    Listing agent Lisa Timm License #6502127329

    Listing office Banner Realty 259 S Ripley Boulevard, Alpena, MI

    Listing date Dec 19, 2025

    MLS# 201838349

    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.

    HighLights

    • Large 3400 sq ft building suitable for various uses like a gym, church, restaurant, or retail/office.
    • Extra lot (105x132 approx.) provides ample parking.
    • Additional storage building (25x70 approx.) included.
    • Furnace replaced in 2018.
    • Construction is block.
    • Includes a well.

    Overview

    This 3400 sq ft commercial building, formerly the Lincoln Pharmacy, is located in Lincoln, MI. The furnace was replaced in 2018. An extra lot and storage building are available. The additional lot is approximately 105x132, providing ample parking. The storage building is estimated to be 25x70. Store shelving will be removed or can be purchased separately. With the additional parking, this property could be suitable for a gym, church, meeting place, restaurant, or retail/office space. The lot size is 0.11 acres. The zoning is Commercial 201.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    David L. Snyder, ... Pharmacy

    Suggested Use

    Real Estate Agency Law Firm Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Pharmacy Gym & Fitness Center Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lincoln
    County
    Alcona
    State
    Michigan
    Longitude
    -83.411089
    Latitude
    44.682554

    Nearby Similar for Sale

    • $165,000
      5,150 SF

      Lincoln, MI Commercial Opportunity

      Vacant retail store with parking and storage building for sale.
      301 & 307 S Second Street, Lincoln, MI 48742
      View Details
    • $105,000
      3,200 SF

      Lincoln Commercial Building For Sale

      Versatile commercial building suitable for various business opportunities.
      483 E Traverse Bay State Road, Lincoln, MI 48742
      View Details
    • $165,000
      5,150 SF

      Retail

      301 2nd St, Lincoln, MI 48742
      View Details

    FAQs

    What type of property is this?
    Storefront property - 3400 sq ft commercial building with extra lot.
    Where is this storefront property located?
    The property is located at 301 S Second Street Lincoln, MI.
    What is the asking price?
    The asking price for this property is $115,000.
    What are key features of this property?
    This property features: Large 3400 sq ft building suitable for various uses like a gym, church, restaurant, or retail/office.; Extra lot (105x132 approx.) provides ample parking.; Additional storage building (25x70 approx.) included.
    (989) 657-2856
    We can help!
    Listing Contact
    Lisa Timm
    Lisa Timm
    Real Estate License ID: 6502127329
    Learn More
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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
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