Storefront with Covered
For Sale
$299,000
303 Bensinger Street, Big Bay, MI 49808
COM/IND/BUS OPP, Big Bay, MI
Property Size780 SF
Lot Size0.25 Acres
Price / SF$383.33
Days on Market51
Property Features for 303 Bensinger Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use,Commercial,Resi
Zoning description
Mixed Use, Commercial, Residential
Parking features
Parking Lot
Patio and Porch features
Patio
Exterior features
Deck/Patio, Wheelchair Access
Accessibility
Accessible Approach with Ramp
Subdivision
Powell Twp (52023)
Standard status
Active
Size
780 SF
Lot size
0.25 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
wheelchair-accessible ramp
seasonal views of Lake Independence
Building Details
Year built
1991
Roof type
Shingle
Listing Agency:
SELECT REALTY
(906) 228-2772
Listed By:
HAYDEN DRURY
(906) 360-5100
Added: Aug 6
Changed: Sep 3
Last Checked: Sep 25 at 9:06AM
MLS# 50217613
Copyright © 2026 Upper Peninsula Association 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 780-square-foot storefront property was built in 1991 and includes an open main retail area, two private offices, one restroom, and hardwood flooring. A covered front porch with patio space and an accessible ramp serves the customer entrance. The building also has forced-air heating, central air conditioning installed in 2024, a shingle roof, public water, and a parking lot.
Located at 303 Bensinger Street in Big Bay, the property carries Mixed Use, Commercial, Resi zoning and offers seasonal views of Lake Independence. The existing building is associated with Huron Mountain Ice Cream, while the interior layout can accommodate continued retail use or a different commercial concept.
Located at 303 Bensinger Street in Big Bay, the property carries Mixed Use, Commercial, Resi zoning and offers seasonal views of Lake Independence. The existing building is associated with Huron Mountain Ice Cream, while the interior layout can accommodate continued retail use or a different commercial concept.
Key Highlights
- 780 square feet on a 0.25‑acre lot
- Mixed Use, Commercial, Resi zoning
- Open retail area with 2 private offices and 1 restroom
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
$9,572
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
3.20%
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%
$191,440
$191.4K
Cap Rate 7%
$136,743
$136.7K
Cap Rate 9%
$106,356
$106.4K
Market Conditions
NOI Build-Up for 780 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
$14.0K $18.00/SF
− Vacancy
−$365 −$0.47/SF
EGI
$13.7K $17.53/SF
− OpEx
−$4.1K −$5.26/SF
NOI
$9.6K $12.27/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$191,440
Cap Rate 7%
$136,743
Cap Rate 9%
$106,356
Alternative Uses
Best Use
Retail
$136.7K
$119.7K – $159.5K
NOI $9,572 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$229.7K
$201.0K – $268.0K
NOI $16,080 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49808, MI
349
Population
439
Households
0.8
Avg Household Size
57
Median Age
31%
College-Educated
96%
High-School Grad
173.8 sq mi
ZIP Area
2
Density / Sq Mi
$49,063
Median Household Income
$11,765
Median Earnings
$254,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building with open retail space, private offices, accessible entry, and mixed-use zoning.
Where is this storefront property located?
The property is located at 303 Bensinger Street Big Bay, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 780 square feet on a 0.25‑acre lot; Mixed Use, Commercial, Resi zoning; Open retail area with 2 private offices and 1 restroom
