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    Versatile Commercial Building in Palmer Title is generated by Realmo AI

    101 Simpson Avenue, Palmer, MI 49871

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    Claim this Listing
    For Sale
    $89,900

    COMMERCIAL - Palmer, MI

    Property size:
    7,320 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $12/SF
    Added:
    Jul 7, 2025
    Days on Market:
    319
    Last Refresh:
    May 21 at 10:06 pm

    Property Features for 101 Simpson Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Off Street
    Standard status
    Active
    Size
    7,320 SF
    Lot size
    0.34 Acres

    Utilities

    Heating system
    Oil
    Water source
    Public

    Building Details

    Year built
    1890
    Roof type
    Rubber

    We can help!

    Listing Contact
    TERRY TINCKNELL

    Listing agent TERRY TINCKNELL License #6501456140

    Listing office KELLER WILLIAMS NORTHERN MICHIGAN 830 E Front Street Suite 110, Traverse City, MI

    Listing date Jul 7, 2025

    MLS# 50180828

    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

    • Expansive 8,000 sq ft building suitable for diverse storage needs.
    • Income‑producing potential through storage space rentals.
    • Centralized location in Marquette County with easy access to Marquette, Negaunee, and Gwinn.
    • Large garage door with side‑street access for easy loading and unloading.
    • Historical significance and versatile past as a former hub for Cleveland Cliffs employees/families.
    • Unique building features including tin ceilings, walk‑in cooler, and lunch counter.

    Overview

    This almost 8,000 square-foot commercial building in Palmer, MI, presents a storage opportunity or potential income-producing rental. The building has functioned as a grocery and department store, laundromat, diner, and post office, and most recently was used for storage. Features include tin ceilings, a walk-in cooler, a large garage door with side-street access, a lunch counter, and a basement. The building is being sold "as is" and utilities have been disconnected. The HVAC system is inoperable and will need to be replaced. A new rubber roof was completed in the late 1980's. Situated in a centralized location in Marquette County, the property is near Marquette, Negaunee, and Gwinn. The lot size is 0.34 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Map

    City
    Palmer
    County
    Macomb
    State
    Michigan
    Longitude
    -87.5929
    Latitude
    46.438678

    Nearby Similar for Sale

    • $345,000
      5,200 SF

      Palmer Multi-Use Commercial Opportunity

      Expansive property with business potential near Marquette, Michigan.
      101 Kirkpatrick Avenue, Palmer, MI 49871
      View Details
    • $345,000
      5,200 SF

      Palmer Commercial Property with Business Potential

      Expansive property suitable for care, rental, or redevelopment.
      101 Kirkpatrick Avenue, Palmer, MI 49871
      View Details

    FAQs

    What type of property is this?
    Self storage facility - Almost 8,000 sqft building suitable for storage or other commercial
    Where is this self storage facility located?
    The property is located at 101 Simpson Avenue Palmer, MI.
    What is the asking price?
    The asking price for this property is $89,900.
    What are key features of this property?
    This property features: Expansive 8,000 sq ft building suitable for diverse storage needs.; Income‑producing potential through storage space rentals.; Centralized location in Marquette County with easy access to Marquette, Negaunee, and Gwinn.
    (906) 869-1672
    We can help!
    Listing Contact
    TERRY TINCKNELL
    Real Estate License ID: 6501456140
    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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