Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Property in Downtown Ontonagon Title is generated by Realmo AI

    900 River Street, Ontonagon, MI 49953

    View on Map
    Claim this Listing
    For Sale
    $399,000

    COMMERCIAL - Ontonagon, MI

    Property size:
    14,750 SF
    Lot size:
    1.64 Acres
    Price / SF:
    $27/SF
    Added:
    Feb 18, 2026
    Days on Market:
    93
    Last Refresh:
    May 22 at 1:06 pm

    Property Features for 900 River Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Patio and Porch features
    Patio
    Exterior features
    Deck/Patio
    Standard status
    Active
    Size
    14,750 SF
    Lot size
    1.64 Acres

    Utilities

    Heating system
    Oil
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    1935
    Roof type
    Asphalt
    Additional Structures
    Gazebo

    We can help!

    Listing Contact
    MARK COON

    Listing agent MARK COON License #6501389277

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

    Listing date Feb 18, 2026

    MLS# 50199658

    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.
    • 14 potential retail spaces and 3 baths on the lower level.
    • Convenient downtown location.
    • Plenty of parking.
    • Adjacent to the Ontonagon River.
    • 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. The apartment includes 3 plus bedrooms and two full baths. The lower level contains 14 potential retail spaces and 3 baths. Situated in a convenient downtown location, the property provides ample parking. The property is adjacent to the Ontonagon River, potentially creating additional opportunities for a new owner. The lot size is 1.64 acres, and the property size is 14,750 square feet.
    Property Profile 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

    • $469,000
      5,000 SF

      Downtown Ontonagon Commercial Building

      Newer construction, 5,000 SF commercial building in downtown Ontonagon.
      429 River Street, Ontonagon, MI 49953
      View Details
    • $299,000
      4,000 SF

      Ontonagon Commercial Property Near Trails

      Commercial property in Ontonagon, near trails and amenities.
      111 S Steel Street, Ontonagon, MI 49953
      View Details
    • $134,000
      9,800 SF

      Ontonagon Commercial Building For Sale

      9800 sq ft commercial building in Ontonagon, Michigan.
      425 River Street, Ontonagon, MI 49953
      View Details
    • $134,000
      9,800 SF

      Ontonagon Mixed-Use Development Opportunity

      9800 sq ft mixed-use property in Ontonagon's business district.
      425 River, Ontonagon, MI 49953
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Move-in ready apartment with retail space in downtown location.
    Where is this mixed-use property located?
    The property is located at 900 River Street 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.; 14 potential retail spaces and 3 baths on the lower level.; Convenient downtown location.
    (906) 281-4197
    We can help!
    Listing Contact
    MARK COON
    Real Estate License ID: 6501389277
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    900 River Street, Ontonagon, MI 49953
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!