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    Houghton Lake Waterfront Commercial Property Title is generated by Realmo AI

    8848 State Avenue, Houghton Lake, MI 48629

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    Claim this Listing
    For Sale
    $425,000

    COMMERCIAL - Houghton Lake, MI

    Type:Retail
    Property size:
    2,880 SF
    Lot size:
    0.32 Acres
    Price / SF:
    $147/SF
    Added:
    May 22, 2026
    Days on Market:
    16
    Last Refresh:
    Jun 6 at 10:06 am

    Property Features for 8848 State Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    C-W
    Parking features
    Parking Lot
    Basement
    Crawl Space
    Standard status
    Active
    APN
    006-120-010-1000
    Size
    2,880 SF
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Description
    1111/1533 1111/1532 970/1799 L951/P2607 L833/P6 L383/P502 234 LOTS 10, 11 & 12 BEBEE SUBD SPLIT/COMBINED ON 11/22/2019 FROM 006-120-010-0000, 006-120-011-0000;
    Tax Annual Amount
    3706

    Utilities

    Water source
    Well
    Water front
    1

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Laura Corpe
    Laura Corpe

    Listing agent Laura Corpe License #6501426430

    Listing office KW Northern Michigan Team Partners 4556 W Higgins Lake Dr, Roscommon, MI

    Listing date May 22, 2026

    MLS# 201840270

    Copyright © 2026 Water Wonderland 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.

    HighLights

    • 138 feet of canal frontage with direct access to Houghton Lake
    • Zoned commercial waterfront offering versatile possibilities like motels, retail shops, restaurants, and single‑family dwellings
    • Existing commercial gift store in operation
    • Five rented boat slips providing immediate income
    • Residential living quarters included, ideal for owner‑operator
    • Located on the desirable southwest side of Houghton Lake

    Overview

    The iconic Navajo Trading Post in Houghton Lake is available. This unique commercial/residential waterfront property is located on the southwest side of Houghton Lake and offers potential for investors, entrepreneurs, or those looking to live and work in one location. Zoned commercial waterfront, the property features 138 feet of canal frontage with direct access to Houghton Lake. All five boat slips are currently rented for the season. As one of the oldest buildings in Houghton Lake, this spacious 2,880 square-foot property offers flexibility for commercial opportunities. Permitted uses include motels, retail shops, restaurants, and single-family dwellings. Special exception uses may include condominiums, microbreweries, and marinas. The rear portion of the building is currently utilized as residential living quarters and storage space, creating an opportunity for an owner-operator setup. The property is located in Houghton Lake, MI 48629, Roscommon County, on a lot of 0.32 acres.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $40.4k $14.04
    − Vacancy −$11.2k −$3.89
    EGI $29.2k $10.15
    − OpEx −$7.3k −$2.54
    NOI $21.9k $7.61
    2,880 SF · lease $14.04/SF/yr · vacancy 27.70% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $313.2K
    $274.1K – $365.4K (±1% cap)
    NOI $21,926 @ 7.0% cap · market cap 5.16%
    Second Best
    Retail
    $297.9K
    $260.7K – $347.6K (±1% cap)
    NOI $20,854 @ 7.0% cap · market cap 4.91%
    Theoretical Best
    Office A
    $474.0K
    $414.7K – $553.0K (±1% cap)
    NOI $33,178 @ 7.0% cap · market cap 7.81%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Auto Parts Store Pharmacy Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Houghton Lake
    County
    Roscommon
    State
    Michigan
    Longitude
    -84.791844
    Latitude
    44.33612

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    FAQs

    What type of property is this?
    Retail space - Iconic commercial/residential property with waterfront access and endless potential.
    Where is this retail space located?
    The property is located at 8848 State Avenue Houghton Lake, MI.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: 138 feet of canal frontage with direct access to Houghton Lake; Zoned commercial waterfront offering versatile possibilities like motels, retail shops, restaurants, and single‑family dwellings; Existing commercial gift store in operation
    (989) 387-8067
    We can help!
    Listing Contact
    Laura Corpe
    Laura Corpe
    Real Estate License ID: 6501426430
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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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