Two-Story Mixed-Use Commercial
For Sale
$289,000
732 E Cayuga Street, Bellaire, MI 49615
COMMERCIAL - Bellaire, MI
Property Size2,400 SF
Lot Size0.46 Acres
Price / SF$120.42
Days on Market180
Property Features for 732 E Cayuga Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Window features
Wood Frames
Elementary school district
Bellaire
Middle school district
Bellaire
High school district
Bellaire
Directions
From 88/S Division, Travel East on E Cayuga and building will be on the Right, just before Fairground Rd
Subdivision
Kearney
Standard status
Active
APN
05-41-030-002-15
Size
2,400 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Description
PARCEL B..COM AT THE NE COR OF SEC 30; TH S 00 DEG W 33 FT ALG E SEC LINE TO S LINE OF E CAYUGA.....
Legal Description
PARCEL B..COM AT THE NE COR OF SEC 30; TH S 00 DEG W 33 FT ALG E SEC LINE TO S LINE OF E CAYUGA.....
Utilities
Heating system
Natural Gas, Forced Air
Amenities
front porch
Building Details
Year built
1920
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Pat O'Brien & Associates - Charlevoix
(231) 547-7701
Listed By:
Adam Boyce
(231) 330-5035
Added: Feb 20
Changed: Aug 4
Last Checked: Aug 19 at 3:06AM
MLS# 478684
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.
Investment Insights
Based on property information with market context.
This well-maintained commercial building offers approximately 1,200 square feet of finished space on the main level, with an additional approximately 1,200 square feet on the upper level that remains unfinished and ready for customization. The property includes a welcoming front porch and is listed for real estate only.
The building is located in Bellaire, Michigan at 732 E Cayuga Street, within the Village of Bellaire. Craven Park is located across the street.
Service availability includes village water and sewer, as well as natural gas, electric, and cable internet for modern operation. Zoning is listed as Commercial.
The building is located in Bellaire, Michigan at 732 E Cayuga Street, within the Village of Bellaire. Craven Park is located across the street.
Service availability includes village water and sewer, as well as natural gas, electric, and cable internet for modern operation. Zoning is listed as Commercial.
Key Highlights
- Commercial building in Bellaire, MI, built in 1920 with wood‑frame construction
- Main level offers approx. 1,200 sq. ft. of finished space for retail or office use
- Upper level has approx. 1,200 sq. ft. of unfinished space with potential to convert for additional income
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
$24,914
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
8.62%
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%
$498,280
$498.3K
Cap Rate 7%
$355,914
$355.9K
Cap Rate 9%
$276,822
$276.8K
Market Conditions
NOI Build-Up for 2,400 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
$37.2K $15.48/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$35.6K $14.83/SF
− OpEx
−$10.7K −$4.45/SF
NOI
$24.9K $10.38/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$498,280
Cap Rate 7%
$355,914
Cap Rate 9%
$276,822
Alternative Uses
Best Use
Retail
$355.9K
$311.4K – $415.2K
NOI $24,914 @ 7.0% cap · market cap 8.62%
Second Best
Office B
$351.4K
$307.5K – $410.0K
NOI $24,599 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$427.1K
$373.7K – $498.3K
NOI $29,897 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Explore this area
Business Placement
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Two-level commercial building with finished main floor and unfinished upper level on a village lot near Craven Park.
Where is this office units located?
The property is located at 732 E Cayuga Street 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: Commercial building in Bellaire, MI, built in 1920 with wood‑frame construction; Main level offers approx. 1,200 sq. ft. of finished space for retail or office use; Upper level has approx. 1,200 sq. ft. of unfinished space with potential to convert for additional income
