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    Mixed-Use Property with Retail Spaces Title is generated by Realmo AI

    900 River, Ontonagon, MI 49953

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    Claim this Listing
    For Sale
    $399,000

    5 or More Units - Ontonagon, MI

    Property size:
    14,750 SF
    Lot size:
    1.64 Acres
    Price / SF:
    $27/SF
    Added:
    Feb 18, 2026
    Days on Market:
    90
    Last Refresh:
    May 19 at 10:06 am

    Property Features for 900 River

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Patio and Porch features
    Patio, Deck
    Interior features
    ADA Accessible, Internet Available, Electric Available, Living Quarters, Occupied, Telephone
    Exterior features
    Ada Accessible, Deck/Patio
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    41-401-001-00
    Size
    14,750 SF
    Lot size
    1.64 Acres

    Utilities

    Utilities
    Electricity Available, Phone Available
    Water front features
    Lake/River Access, Lake/River Access, River Frontage, Waterfront
    Water front
    1

    Building Details

    Year built
    1935
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    MARK COON

    Listing agent MARK COON

    Listing office RE/MAX DOUGLASS R.E.-H 320 SHELDEN AVENUE, Houghton, MI

    Listing date Feb 18, 2026

    MLS# 50199658 Listing URL

    Copyright © 2026 Upper Peninsula Association 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

    • Move‑in ready 2800 sq ft apartment with 3+ bedrooms and 2 full baths on the second level.
    • Convenient downtown location with plenty of parking.
    • 14 potential retail spaces and 3 baths on the lower level.
    • Adjacent to the Ontonagon River with waterfront features including Lake/River Access and River Frontage.
    • ADA Accessible interior and exterior.
    • Deck/Patio.

    Overview

    This mixed-use property offers a range of possibilities, featuring a move-in ready 2,800 square foot apartment on the second level, complete with 3 plus bedrooms and two full baths. The lower level provides 14 potential retail spaces and 3 baths. Situated in a convenient downtown location, the property benefits from ample parking. The property's location adjacent to the Ontonagon River could offer further potential for a new owner. The lot size is 1.64 acres and the building size is 14,750 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Natural Resource Conservation Government Healing Touch by ... Alternative Medicine Practice

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Ontonagon
    County
    Ontonagon
    State
    Michigan
    Longitude
    -89.322099
    Latitude
    46.874468

    Nearby Similar for Sale

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    • $134,000
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      Historic Ontonagon Retail Opportunity

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    • $134,000
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      Ontonagon Mixed-Use Development Opportunity

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property featuring a move-in ready apartment and retail spaces.
    Where is this mixed-use property located?
    The property is located at 900 River Ontonagon, MI.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Move‑in ready **2800 sq ft apartment with 3+ bedrooms and 2 full baths** on the second level.; Convenient downtown location with plenty of parking.; 14 potential retail spaces and 3 baths on the lower level.
    (906) 281-4197
    We can help!
    Listing Contact
    MARK COON
    Real Estate License ID: 6501389277
    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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