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    Palmer Multi-Use Commercial Property Title is generated by Realmo AI

    101 Kirkpatrick, Palmer, MI 49871

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    Claim this Listing
    For Sale
    Under Contract
    $345,000

    House - Palmer, MI

    Property size:
    5,200 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $66/SF
    Added:
    Aug 25, 2025
    Days on Market:
    262
    Last Refresh:
    May 13 at 1:06 am

    Property Features for 101 Kirkpatrick

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial,Residential
    Patio and Porch features
    Patio, Deck
    Interior features
    Cable Internet Installed, Cable TV Available, Cafe/Kitchen, Internet Available, Electric Available, Furniture, Gas Available, Living Quarters Attached, Occupied
    Exterior features
    Deck/Patio
    Standard status
    Active Under Contract
    APN
    52-13-206-006-00
    Size
    5,200 SF
    Lot size
    0.25 Acres

    Utilities

    Utilities
    Cable Available, Electricity Available
    Cooling system
    Ceiling Fan(s)

    Building Details

    Year built
    1900
    Building materials
    Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    STEPHANIE JONES

    Listing agent STEPHANIE JONES

    Listing office NEXTHOME SUPERIOR LIVING 209 Gold Street, Marquette, MI

    Listing date Aug 25, 2025

    MLS# 50186436 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

    • Licensed adult foster care home with transferable licenses and current inspections, offering immediate business opportunity.
    • Flexible commercial zoning suitable for various ventures: adult foster care, multi‑living, VRBO/B&B.
    • Includes furnishings and appliances for a smooth transition and minimal start‑up time.
    • Spacious layout: 6 bedrooms, 2 baths on main level; 2‑bed, 1‑bath private upper suite; finished lower level with bedroom, office, and gathering space.
    • Heated 24x48 attached garage with 220 service for storage, workshop, or operational conversion.
    • Excellent location: high visibility corner lot on M‑35, close to Marquette, Ishpeming, Negaunee, and future DNR trail access.

    Overview

    Located 15 minutes southwest of Marquette, this Palmer property offers residential comfort with business potential. Owned and maintained by the same family for nearly four decades, it currently operates as a licensed adult foster care home, with transferable licenses. Its design and commercial zoning make it suited for continued care operations, multi-living arrangements, short-term rentals, or a bed-and-breakfast. The main level includes six bedrooms, two full baths, generous common areas, a large kitchen, and accessible entries. The upper level features a two-bedroom, one-bath private suite, ideal for live-in management or a separate residence. The finished lower level adds an additional bedroom, office, and gathering space that supports various configurations, from staff quarters to guest accommodations or independent living space. A 24x48 heated attached garage with 220 service offers utility for storage or workshop use. Appliances and furnishings are included. Situated on a 0.25-acre corner lot along M-35, it provides visibility, paved access, and ample parking. Palmer's location offers access to Marquette, Ishpeming, and Negaunee, close to Northern Michigan University, major employers, and regional healthcare centers. The Michigan DNR’s new trail expansion will reach Palmer in 2026, one block from the property, bringing traffic from snowmobilers and outdoor recreation enthusiasts. The property size is 5200 square feet. It is zoned for commercial and residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Assisted living facilities

    Map

    City
    Palmer
    County
    Macomb
    State
    Michigan
    Longitude
    -87.593096
    Latitude
    46.441574

    Nearby Similar for Sale

    • $345,000
      5,200 SF

      Palmer Multi-Living Commercial Opportunity

      Expansive property with business potential near Marquette, Michigan.
      101 Kirkpatrick Avenue, Palmer, MI 49871
      View Details
    • $89,900
      7,320 SF

      Versatile Commercial/Industrial Building in Palmer

      Almost 8,000 sqft building suitable for storage or income generation.
      101 Simpson, Palmer, MI 49871
      View Details

    FAQs

    What type of property is this?
    Assisted living facility - Expansive property with business potential near Marquette, Michigan.
    Where is this assisted living facility located?
    The property is located at 101 Kirkpatrick Palmer, MI.
    What is the asking price?
    The asking price for this property is $345,000.
    What are key features of this property?
    This property features: Licensed adult foster care home with transferable licenses and current inspections, offering immediate business opportunity.; Flexible commercial zoning suitable for various ventures: adult foster care, multi‑living, VRBO/B&B.; Includes furnishings and appliances for a smooth transition and minimal start‑up time.
    (906) 362-3823
    We can help!
    Listing Contact
    STEPHANIE JONES
    Real Estate License ID: 6?5?0?6?0?3?5?7?0?3,PersonLicenseNumber
    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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