Grocery Store With Gas
For Sale
Under Contract
$328,500
11380 NE Starvation Lake Road, Mancelona, MI 49659
COMMERCIAL - Mancelona, MI
Property Size1,380 SF
Price / SF$238.04
Days on Market320
Property Features for 11380 NE Starvation Lake Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Parking Lot
Basement
Partial
Accessibility
Accessible Approach with Ramp
Subdivision
T28N R5W
Directions
At the intersection of 571 and Starvation Lake Road go east 5 miles. Store is on the south side of the road.
Standard status
Active Under Contract
APN
002-005-032-00
Size
1,380 SF
Taxes and HOA fees
Tax Description
A PART OF GOVT LOT 2 SEC 5 T28N-R5W DESC AS COM AT AT THE NE COR OF GOVT LOT 2 ALSO BEING THE CENTER OF SEC 5 TH N 87 DEG 53'00''W 904.8 FT ALG THE N LI OF GOVT LOT 2 TH S 00 DEG 44'00''E 296.61 FT TH S 89 DEG 14'00''E 66.02 FT TO THE POB SD POINT ALSO B
Tax Annual Amount
2071
Legal Description
A PART OF GOVT LOT 2 SEC 5 T28N-R5W DESC AS COM AT AT THE NE COR OF GOVT LOT 2 ALSO BEING THE CENTER OF SEC 5 TH N 87 DEG 53'00''W 904.8 FT ALG THE N LI OF GOVT LOT 2 TH S 00 DEG 44'00''E 296.61 FT TH S 89 DEG 14'00''E 66.02 FT TO THE POB SD POINT ALSO B
Utilities
Sewer type
Septic Tank
Water source
Well
Amenities
ATM
metal roof
newer electrical
newer 5'' well
three tank septic system
security system
full kitchen
generator hookup
Listing Agency:
Century 21 Curran & Oberski Northville
(735) 464-6400
Listed By:
Jonathan Dixon · License #6501428214
(810) 488-9996
Added: Sep 26, 2025
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 201837288
Copyright © 2026 Water Wonderland Board 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.
Investment Insights
Based on property information with market context.
This 1,380 SF commercial property combines a grocery and convenience store with gasoline service and four RV sites equipped with full hookups. Retail offerings include food items, liquor, beer and wine, lottery products, SNAP benefits, propane, and cut wood. The building also contains a full kitchen and preparation area for pizzas and sandwiches.
Recent improvements include upgraded coolers and freezer equipment, a metal roof, newer electrical, a newer 5'' well, a three-tank septic system, upgraded POS and security systems, upgraded gas pumps, and a newer tank system. Additional features include an ATM, generator hookup, parking lot, and an accessible approach with ramp. The property is within walking distance of Starvation Lake and the Hideaway Bar. All licenses are intended to transfer with the sale, subject to State approval.
Recent improvements include upgraded coolers and freezer equipment, a metal roof, newer electrical, a newer 5'' well, a three-tank septic system, upgraded POS and security systems, upgraded gas pumps, and a newer tank system. Additional features include an ATM, generator hookup, parking lot, and an accessible approach with ramp. The property is within walking distance of Starvation Lake and the Hideaway Bar. All licenses are intended to transfer with the sale, subject to State approval.
Key Highlights
- 1,380 SF grocery and convenience store with gasoline service
- Four RV full hookup sites, including two long‑term occupancies
- Retail sales include food, liquor, beer/wine, lottery, SNAP, propane, and cut wood
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
$15,349
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
4.67%
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%
$306,980
$307.0K
Cap Rate 7%
$219,271
$219.3K
Cap Rate 9%
$170,544
$170.5K
Market Conditions
NOI Build-Up for 1,380 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
$21.4K $15.48/SF
− Vacancy
−$897 −$0.65/SF
EGI
$20.5K $14.83/SF
− OpEx
−$5.1K −$3.71/SF
NOI
$15.3K $11.12/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$306,980
Cap Rate 7%
$219,271
Cap Rate 9%
$170,544
Alternative Uses
Best Use
Specialty Retail
$219.3K
$191.9K – $255.8K
NOI $15,349 @ 7.0% cap · market cap 4.67%
Second Best
Retail
$204.7K
$179.1K – $238.8K
NOI $14,326 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$245.6K
$214.9K – $286.5K
NOI $17,191 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49659, MI
6,670
Population
4,586
Households
1.5
Avg Household Size
44
Median Age
18%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
38
Density / Sq Mi
$59,092
Median Household Income
$33,269
Median Earnings
$792
Median Rent
$141,700
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Grocery and convenience store - Commercial property combines retail food sales, fuel service, a full kitchen, and RV sites with full hookups.
Where is this grocery and convenience store located?
The property is located at 11380 NE Starvation Lake Road Mancelona, MI.
What is the asking price?
The asking price for this property is $328,500.
What are key features of this property?
This property features: 1,380 SF grocery and convenience store with gasoline service; Four RV full hookup sites, including two long‑term occupancies; Retail sales include food, liquor, beer/wine, lottery, SNAP, propane, and cut wood
