Remodeled Retail/Office
For Sale
$245,000
103 S Division Street, Bellaire, MI 49615
Remodeled commercial building on a high-traffic state highway with handicap accessibility, updated finishes, and on-site parking easement.
Property Size1,400 SF
Lot Size0.23 Acres
Price / SF$175
Days on Market203
Property Features for 103 S Division Street
General Information
Standard status
Active
Size
1,400 SF
Lot size
0.23 Acres
Property subtype
Industrial
Amenities
Central Air
3
Asphalt
50200
Building Details
Year Built
1960
Year Renovated
2012
Listing Agency:
(231) 360-0739
Listed By:
Keller Williams Northern Michigan
(231) 360-0739
Source:
Xome
Added: Jan 19
Changed: Aug 8
Last Checked: Aug 9 at 4:52AM
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 remodeled commercial building offers approximately 1,400 square feet of versatile space with plenty of natural light. Interior finishes include low-maintenance tile floors, and the exterior features vinyl siding. The property is handicap accessible and includes two bathrooms. A shed at the back of the building provides additional storage. The most recent use was as a Subway restaurant, and the layout is described as suitable for a range of businesses, including retail, office, salon, and gallery uses.
The property is located on a highly traveled state highway, M-88, in the Village of Bellaire. The parcel is described as 50’ x 200’ and includes an easement for parking and driveway access, supporting convenient entry and exit for customers and staff. The listing is for the real estate only, and the seller notes openness to Fox’s Pizza Den franchise options, including lease arrangements, if a tenant wants to work with that brand.
The property is located on a highly traveled state highway, M-88, in the Village of Bellaire. The parcel is described as 50’ x 200’ and includes an easement for parking and driveway access, supporting convenient entry and exit for customers and staff. The listing is for the real estate only, and the seller notes openness to Fox’s Pizza Den franchise options, including lease arrangements, if a tenant wants to work with that brand.
Key Highlights
- Remodeled 1,400 SF commercial building on highly traveled state highway M‑88 in the Village of Bellaire
- 50’ x 200’ parcel includes an easement for parking and driveway access
- Handicap accessible with two bathrooms
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
5.93%
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 5.93%
Second Best
Office B
$205.0K
$179.4K – $239.2K
NOI $14,349 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$249.1K
$218.0K – $290.7K
NOI $17,440 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Remodeled commercial building on a high-traffic state highway with handicap accessibility, updated finishes, and on-site parking easement.
Where is this retail space located?
The property is located at 103 S Division Street Bellaire, MI.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Remodeled 1,400 SF commercial building on highly traveled state highway M‑88 in the Village of Bellaire; 50’ x 200’ parcel includes an easement for parking and driveway access; Handicap accessible with two bathrooms
