Automotive Service Shop with Two
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
(906) 779-5333
Listed By:
KIMBERLY WEBB · License #6501341251
(906) 396-9422
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.
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
NOI $13,153 @ 7.0% cap · market cap 6.12%
Second Best
Industrial
$103.2K
$90.3K – $120.4K
NOI $7,224 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$281.1K
$246.0K – $328.0K
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
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
Explore this area
Business Placement
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
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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
