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    Paradise, MI Grocery Store Business Title is generated by Realmo AI

    8271 M-123, Paradise, MI 49768

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    For Sale
    $449,900

    Business - Paradise, MI

    Type:Business
    Property size:
    5,720 SF
    Price / SF:
    $78/SF
    Added:
    May 19, 2026
    Days on Market:
    8
    Last Refresh:
    May 26 at 2:06 pm

    Property Features for 8271 M-123

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Zoning
    Commercial
    Rooms
    Basement
    Parking features
    Parking Lot, Paved or Surfaced
    Interior features
    Handicap Access, Kitchen Area, Laundry Area, Living Quarters, Smoke Detectors, Storage
    Exterior features
    Highway Access, High Visibility, High Traffic Location, Handicap Access
    Basement Y/N
    1
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    016-222-045-00
    Size
    5,720 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3240

    Utilities

    Heating system
    Propane (Heating)

    Building Details

    Number of units
    2
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Jane Merrell

    Listing agent Jane Merrell License #6501437792

    Listing office RE/MAX NorthStar Realty 1411 Ashmun St., Sault Ste. Marie, MI

    Listing date May 19, 2026

    MLS# 26-294 Listing URL

    Copyright © 2026 Eastern Upper Peninsula 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.

    Overview

    This 5,720 square foot commercial property in Paradise, MI, presents a turnkey business opportunity as a grocery store, successfully operated by the current owners since 1995. The property serves locals, seasonal homeowners, and outdoor enthusiasts, and has established a loyal customer base and strong community reputation. It features extensive cooler and freezer capacity, a liquor license, included inventory, delivery access, and ample parking. An attached garage/storage space provides additional utility. The property also includes an attached 3-bedroom residence, offering potential for owner occupancy or short-term rental. Recent updates include a new roof membrane planned for 2025 and a newer refrigeration compressor. Growing tourism and expanding short-term rental activity are expected to continue driving strong traffic and future growth opportunities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Big Box & Wholesale Store Department Store Real Estate Agency Kitchen & Bath Showroom Food Market Grocery & Convenience Store Building Supply Computer & Electronic Repair Tech Support Center Travel Agency

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

    Location Insight

    • Map
    • Local Demand
    City
    Paradise
    County
    Chippewa
    State
    Michigan
    Longitude
    -85.1243
    Latitude
    46.6667

    FAQs

    What type of property is this?
    Grocery and convenience store - Turnkey grocery store in Michigan's Upper Peninsula.
    Where is this grocery and convenience store located?
    The property is located at 8271 M-123 Paradise, MI.
    What is the asking price?
    The asking price for this property is $449,900.
    (906) 748-1089
    We can help!
    Listing Contact
    Jane Merrell
    Real Estate License ID: 6501437792
    Request Owner's contact information
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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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