Prime Commercial Space in
For Sale
$265,000
103 S Division St, Bellaire, MI 49615
Remodeled 1400 SF commercial space on a highly travelled highway.
Property Size1,400 SF
Lot Size0.23 Acres
Price / SF$189.29
Days on Market127
Property Features for 103 S Division St
General Information
Standard status
Active
Size
1,400 SF
Lot size
0.23 Acres
Property subtype
Commercial
Building Details
Year Built
1960
Listing Agency:
Keller Williams Northern Michigan
(231) 360-0739
Listed By:
Julia L Pietrowicz · License #6502372398
(231) 360-0739
Source:
Elliman
Added: Apr 26
Changed: Jul 10
Last Checked: Aug 30 at 1:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Northern Michigan
Investment Insights
Based on property information with market context.
This 1400 square feet commercial space is located on a highly travelled state highway, M-88, in the Village of Bellaire, the county seat of Antrim County and home of Shanty Creek Resort. The location offers exposure and easy entry and exit for a multitude of businesses. Remodeled around 2012, the building features natural light, low maintenance tile floors, and vinyl siding. It is handicap accessible, including the two bathrooms. Previously used as a Subway restaurant, it is suitable for retail, office, salon, gallery, or other business concepts. The parcel is 50x200, and there is an easement for parking and the driveway. A shed at the back of the building provides additional storage. The location has a walk score of 55, indicating it is somewhat walkable, and a bike score of 40, indicating it is somewhat bikeable.
Key Highlights
- Prime commercial space on highly travelled M‑88 in Bellaire.
- High‑traffic location near Shanty Creek Resort.
- Building remodeled around 2012.
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
$14,533
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
5.48%
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%
$290,660
$290.7K
Cap Rate 7%
$207,614
$207.6K
Cap Rate 9%
$161,478
$161.5K
Market Conditions
NOI Build-Up for 1,400 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
$21.7K $15.48/SF
− Vacancy
−$910 −$0.65/SF
EGI
$20.8K $14.83/SF
− OpEx
−$6.2K −$4.45/SF
NOI
$14.5K $10.38/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$290,660
Cap Rate 7%
$207,614
Cap Rate 9%
$161,478
Alternative Uses
Best Use
Retail
$207.6K
$181.7K – $242.2K
NOI $14,533 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$249.1K
$218.0K – $290.7K
NOI $17,440 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
34k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 42%
Dining 31%
Shops & Services 27%
Family Fare
Groceries
14,184 visits/mo
0.3 miles
McDonald's
Dining
9,270 visits/mo
0.1 miles
Marathon
Shops & Services
3,999 visits/mo
0.0 miles
BP
Shops & Services
3,024 visits/mo
0.2 miles
Huntington Bank
Shops & Services
2,057 visits/mo
0.3 miles
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Remodeled 1400 SF commercial space on a highly travelled highway.
Where is this storefront property located?
The property is located at 103 S Division St Bellaire, MI.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Prime commercial space on highly travelled M‑88 in Bellaire.; High‑traffic location near Shanty Creek Resort.; Building remodeled around 2012.
