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    Historic Mixed-Use Income Opportunity Title is generated by Realmo AI

    323 W Wright Avenue, Shepherd, MI 48883

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    For Sale
    $489,000

    Retail Store,Bed & Breakfast - Shepherd, MI

    Property size:
    5,200 SF
    Lot size:
    0.68 Acres
    Price / SF:
    $94/SF
    Added:
    Mar 21, 2026
    Days on Market:
    63
    Last Refresh:
    May 22 at 6:06 am

    Property Features for 323 W Wright Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Residential,Commercial
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4
    Standard status
    Active
    Size
    5,200 SF
    Lot size
    0.68 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1876
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Dave Feger

    Listing agent Dave Feger

    Listing office EXP REALTY LLC 39555 Orchard Hill Place, Troy, MI

    Listing date Mar 21, 2026

    MLS# 1943141 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.

    HighLights

    • Prime Main Street location in a desirable area with high visibility and foot traffic.
    • Mixed‑use property with existing cash flow from retail and short‑term rentals (Airbnb).
    • Flexible configuration with potential for conversion to multifamily, student housing, or expanded commercial space.
    • Over 5000 sq ft of finished space, including a mostly finished lower floor with separate entrance.
    • Includes a vacant side lot with yardage and a large parking lot.
    • Close proximity to Central Michigan University (CMU), Soaring Eagle Casino & Resort, Alma College, restaurants, and a family‑friendly park.

    Overview

    This historic mixed-use building, with over 5000 finished square feet, presents an income opportunity in Central Michigan. The property is currently configured for retail and short-term rental use. The main floor features an operating retail/wellness shop. The upper floors contain two fully functional and furnished Airbnb rental units. The lower floor is mostly finished and includes a separate basement entrance. Previously used as four separate apartment rentals, the property offers options to convert back to traditional multifamily, student housing, or expanded commercial space. The property includes an open vacant side lot with yardage and a large parking lot area. The location is adjacent to a family-friendly park, directly across from restaurants and thriving businesses, within 10 minutes of Central Michigan University (CMU), less than 10 minutes from Soaring Eagle Casino & Resort, and with convenient access to Alma College. The property is located on Main Street in Shepherd, MI, and sits on a 0.68-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Michigan Maple Power ... Landscaping KBS Mortgage Solutions Loan Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Auto Repair Shop Hair Salon Pharmacy Department Store Skin Care Clinic Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Shepherd
    County
    Isabella
    State
    Michigan
    Longitude
    -84.695664
    Latitude
    43.524002

    Nearby Similar for Sale

    • $175,000
      3,612 SF

      Unique Corner-Lot Industrial Building

      Versatile industrial building with living quarters and artistic flair.
      5496 W Isabella Road, Shepherd, MI 48883
      View Details
    • $489,000
      5,000 SF

      Historic Mixed-Use Income Opportunity

      Rare mixed-use property with retail and short-term rental income.
      323 W Wright Ave, Shepherd, MI 48883
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail and short-term rental income.
    Where is this mixed-use property located?
    The property is located at 323 W Wright Avenue Shepherd, MI.
    What is the asking price?
    The asking price for this property is $489,000.
    What are key features of this property?
    This property features: Prime Main Street location in a desirable area with high visibility and foot traffic.; Mixed‑use property with existing cash flow from retail and short‑term rentals (Airbnb).; Flexible configuration with potential for conversion to multifamily, student housing, or expanded commercial space.
    (989) 965-3075
    We can help!
    Listing Contact
    Dave Feger
    Real Estate License ID: 6501398110
    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.

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