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    Bellaire Commercial/Industrial Opportunity Title is generated by Realmo AI

    732 E Cayuga, Bellaire, MI 49615

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    For Sale
    $289,000

    Commercial/Industrial - Bellaire, MI

    Property size:
    2,400 SF
    Lot size:
    0.46 Acres
    Price / SF:
    $120/SF
    Added:
    Feb 10, 2026
    Days on Market:
    96
    Last Refresh:
    May 17 at 6:06 am

    Property Features for 732 E Cayuga

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Rooms
    Basement
    Interior features
    Air-Conditioning, Ample Parking, Patio/Deck
    Basement Y/N
    1
    Standard status
    Active
    APN
    05-41-030-002-15
    Size
    2,400 SF
    Lot size
    0.46 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1920
    Floors in Building
    2
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Adam Boyce
    Adam Boyce

    Listing agent Adam Boyce

    Listing office Pat O'Brien & Associates - Charlevoix 701 S. Bridge St., Charlevoix, MI

    Listing date Feb 10, 2026

    MLS# 478684 Listing URL

    Copyright © 2026 Northern Michigan 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 location in the heart of Bellaire, Michigan, with high visibility and foot traffic.
    • Versatile commercial building suitable for retail, office, or live‑work space.
    • Unfinished 1,200 sq. ft. upper level offers income potential as an apartment or short‑term rental.
    • Proximity to Craven Park, Chain of Lakes, Lake Bellaire, Torch Lake, and Shanty Creek Resort.
    • All essential utilities available: village water, sewer, natural gas, electric, and cable internet.
    • Main level features approximately 1,200 sq. ft. of finished space with a welcoming front porch.

    Overview

    Located in the heart of Bellaire, Michigan, this commercial building offers an exceptional business opportunity. The property, situated in the vibrant Village of Bellaire, is suitable for a retail shop, boutique, or professional office space. A welcoming front porch enhances the appeal of this prime location, which is across the street from Craven Park. The main level provides approximately 1,200 square feet of finished space, ideal for showcasing products or hosting customers. The upper level, also approximately 1,200 square feet, is unfinished and presents an opportunity for additional income or live-work convenience through conversion into an apartment or short-term rental. Village water, sewer, natural gas, electric, and cable internet are available. Bellaire is near the Chain of Lakes, Lake Bellaire, and Torch Lake. The ski slopes of Shanty Creek Resort are just five minutes away. The property sits on a 0.46-acre lot. The property's total size is 2,400 square feet. This location benefits from year-round tourism, making it suitable for a small business or investment property.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $276.8K
    NOI $24,914 @ 9.00% cap · cautious / downside scenario
    Moderate
    $355.9K
    NOI $24,914 @ 7.00% cap · market / base-case scenario
    Aggressive
    $498.3K
    NOI $24,914 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $37.2k $15.48
    − Vacancy −$1.6k −$0.65
    EGI $35.6k $14.83
    − OpEx −$10.7k −$4.45
    NOI $24.9k $10.38
    2,400 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $355.9K
    $311.4K – $415.2K (±1% cap)
    NOI $24,914 @ 7.0% cap · market cap 8.62%
    Second Best
    Mixed Use
    $289.3K
    $253.1K – $337.5K (±1% cap)
    NOI $20,250 @ 7.0% cap · market cap 7.01%
    Theoretical Best
    Office A
    $427.1K
    $373.7K – $498.3K (±1% cap)
    NOI $29,897 @ 7.0% cap · market cap 10.34%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cousin's Quilt Shop ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellaire
    County
    Antrim
    State
    Michigan
    Longitude
    -85.19625
    Latitude
    44.974906

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    FAQs

    What type of property is this?
    Storefront property - Well-maintained commercial building in Bellaire, Michigan, with retail and residential potential.
    Where is this storefront property located?
    The property is located at 732 E Cayuga Bellaire, MI.
    What is the asking price?
    The asking price for this property is $289,000.
    What are key features of this property?
    This property features: Prime location in the heart of Bellaire, Michigan, with high visibility and foot traffic.; Versatile commercial building suitable for retail, office, or live‑work space.; Unfinished 1,200 sq. ft. upper level offers income potential as an apartment or short‑term rental.
    (231) 330-5035
    We can help!
    Listing Contact
    Adam Boyce
    Adam Boyce
    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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