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Automotive Service Shop with Two Doors
For Sale
$215,000

101 Seventh Avenue, Norway, MI 49870

COM/IND/BUS OPP, Norway, MI

Property Size1,458 SF
Lot Size0.15 Acres
Price / SF$147.46
Days on Market662

Property Features for 101 Seventh Avenue

General Information

Property type Commercial Sale
Property subtype Other
Subdivision Norway (22011)
Standard status Active
Size 1,458 SF
Lot size 0.15 Acres

Taxes and HOA fees

Tax Annual Amount 1984

Utilities

Water source Public

Amenities

Newer Roof
Radiant Heating

Building Details

Year built 1960
Listing Agency: LEEDS REAL ESTATE
Listed By: KIMBERLY WEBB · License #6501341251
Added: Dec 5, 2024 Changed: Sep 3 Last Checked: Sep 28 at 1:06AM
MLS# 50162731

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.

Investment Insights

Based on property information with market context.

This automotive service property contains 1,458 square feet on a 0.15-acre parcel in Norway, Michigan. Built in 1960, the facility includes two overhead doors, radiant heating, hoists, welders, and other service equipment. A newer roof is also in place, and the property is served by public water.

The site is located at 101 Seventh Avenue in ZIP Code 49870. The seller is willing to remain temporarily to assist with training and operational transition for the next owner.

Key Highlights

  • 1,458‑square‑foot automotive service facility
  • Two overhead doors support vehicle service operations
  • Radiant heating throughout the work environment

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
$13,153
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
6.12%
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%
$263,060 $263.1K
Cap Rate 7%
$187,900 $187.9K
Cap Rate 9%
$146,144 $146.1K
Market Conditions
NOI Build-Up for 1,458 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
$21.0K $14.40/SF
− Vacancy
−$2.2K −$1.51/SF
EGI
$18.8K $12.89/SF
− OpEx
−$5.6K −$3.87/SF
NOI
$13.2K $9.02/SF
Area
Dickinson County, MI
Vacancy
10.50%
Lease Rate
$14.40 /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%
$263,060
Cap Rate 7%
$187,900
Cap Rate 9%
$146,144

Alternative Uses

Best Use
Retail
$187.9K
$164.4K – $219.2K (±1% cap)
NOI $13,153 @ 7.0% cap · market cap 6.12%
Second Best
Industrial
$103.2K
$90.3K – $120.4K (±1% cap)
NOI $7,224 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$281.1K
$246.0K – $328.0K (±1% cap)
NOI $19,677 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

M & D Automotive Auto Repair Shop

Suggested Use

Top Pick Real Estate Agency HVAC Service Hair Salon Plumbing Service (Bike/Boat/Book/etc) Store Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2
Service bays
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access

Location Intelligence

Trade Area within ½ mile

242
Businesses Nearby
Well-served
Demand for This Use

Demographics for 49870, MI

3,343
Population
1,649
Households
2
Avg Household Size
44
Median Age
22%
College-Educated
94%
High-School Grad
57.8 sq mi
ZIP Area
58
Density / Sq Mi
$55,795
Median Household Income
$40,478
Median Earnings
$789
Median Rent
$100,600
Median Home Value
Check the figures for this property Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics

Market

Vacancy Rate% for Retail in Midwest region

8% 2020
7.3% 2021
6.5% 2022
6% 2023
5.7% 2024
6.3% 2025
Rey
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Similar Off Market Nearby

  • Saginaw Street Automotive — 402 Saginaw St, Norway, MI 49870
  • M & D Automotive — 101 7th Ave, Norway, MI 49870
  • Krist Oil Co — 625 Brown St, Norway, MI 49870
  • Brians Auto Body — 515 7th ave, norway, mi 49870
  • Norway auto body — 515 7th Ave, Norway, MI 49870

Frequently Asked Questions

What type of property is this?
Auto shop - Equipped facility with radiant heat, hoists, welders, and public water service.
Where is this auto shop located?
The property is located at 101 Seventh Avenue Norway, MI.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 1,458‑square‑foot automotive service facility; Two overhead doors support vehicle service operations; Radiant heating throughout the work environment
More about this property
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