Adult Foster Care Residence with
101 Kirkpatrick Avenue Palmer, MI 49871
101 Kirkpatrick Avenue, Palmer, MI, 49871
$345,000
For Sale
$345,000
Commercial Sale, Other - Palmer, MI
Property Size5,200 SF
Lot Size0.25 Acres
Price / SF$66.35
Days on Market328
Property Features for 101 Kirkpatrick Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 5,200 SF
- Lot size
- 0.25 Acres
Building Details
- Year built
- 1900
- Architectural style
- Other
Listing Agency
NextHome Superior Living
(906) 250-2874
209 Gold Street, MI
Listed by
Stephanie Jones · License #6?5?0?6?0?3?5?7?0?3,PersonLicenseNumber
(906) 362-3823
Added: Aug 25, 2025 Checked: Jul 18 at 9:06 am
MLS# 50186436
Listing URL
Copyright © 2026 NextHome, Inc. 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 property operates as a licensed adult foster care home and is currently set up with multi-living functionality across three levels. The main level includes six bedrooms and two full baths, along with generous common areas and a large kitchen, with accessible entries. The upper level features a two-bedroom, one-bath private suite, which may support live-in management or a separate residence. The finished lower level adds an additional bedroom, office, and gathering space that can support multiple configuration options.
A 24x48 heated attached garage with 220 service provides additional utility for storage, workshop use, or potential conversion to operational space. The home sits on a corner lot along M-35 with paved access and ample parking, supporting visibility for ongoing use.
Appliances and furnishings are included, and the property’s licenses and inspections are described as current and transferable with the LLC. Located in Palmer, the property is positioned for convenient access to Marquette, Ishpeming, and Negaunee.
A 24x48 heated attached garage with 220 service provides additional utility for storage, workshop use, or potential conversion to operational space. The home sits on a corner lot along M-35 with paved access and ample parking, supporting visibility for ongoing use.
Appliances and furnishings are included, and the property’s licenses and inspections are described as current and transferable with the LLC. Located in Palmer, the property is positioned for convenient access to Marquette, Ishpeming, and Negaunee.
Key Highlights
- Licensed adult foster care home with current inspections and licenses that are transferable with the LLC
- Main level features 6 bedrooms and 2 full baths plus large kitchen and generous common areas
- Upper level includes a 2‑bedroom, 1‑bath private suite for live‑in management or separate residence
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $93.6k | $18.00 |
| − Vacancy | −$51.5k | −$9.90 |
| EGI | $42.1k | $8.10 |
| − OpEx | −$22.1k | −$4.25 |
| NOI | $20.0k | $3.85 |
5,200 SF · lease $18.00/SF/yr · vacancy 55.00% · expense 52.50%
Alternative Uses
Best Use
Apartment 5plus
$697.6K
$610.4K – $813.9K
NOI $48,834 @ 7.0% cap · market cap 14.15%
Second Best
Hotel Hospitality
$285.8K
$250.1K – $333.5K
NOI $20,007 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$973.5K
$851.8K – $1.14M
NOI $68,147 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Assisted living facilities
FAQs
What type of property is this?
Assisted living facility - Licensed adult foster care home offering multi-living space plus a 24x48 heated attached garage with 220 service.
Where is this assisted living facility located?
The property is located at 101 Kirkpatrick Avenue 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 current inspections and licenses that are transferable with the LLC; Main level features 6 bedrooms and 2 full baths plus large kitchen and generous common areas; Upper level includes a 2‑bedroom, 1‑bath private suite for live‑in management or separate residence
