Party Store, Gas Station,
For Sale
Contact for pricing
Pending
11380 NE Starvation Lake Road NE, Mancelona, MI 49659
Thriving business with gas, store, and RV hookups near lake.
Property Size1,380 SF
Days on Market163
Property Features for 11380 NE Starvation Lake Road NE
General Information
Standard status
Pending
Size
1,380 SF
Property subtype
Special Purpose
Building Details
Year Built
1949
Listing Agency:
CENTURY 21 Curran & Oberski
(989) 889-1205
Listed By:
Jonathan Dixon · License #MI 6501428214
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 24 at 10:49AM
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 CENTURY 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This property presents an excellent business opportunity, featuring a thriving party store, gas station, and four RV full hookup sites. The RV sites currently have two long-term rentals and offer limitless earning potential. The store sells retail food items, liquor, beer/wine, lottery, propane, cut wood, and gasoline. Recent updates include an ATM, upgraded coolers and freezer, a metal roof, newer electrical system, a newer 5'' well, a three-tank septic system, an upgraded POS system, and a security system. The property also features a full kitchen with a prep area for making pizzas and sandwiches, upgraded gas pumps, and a newer tank system, along with a generator hookup. All licenses will transfer with the sale, pending State approval. The property is located within walking distance of Starvation Lake and the Hideaway Bar, and is near the Blue Bear Snowmobile Trail. This piece of N. Michigan history is ready for a new owner. The property size is 1380 square feet.
Key Highlights
- Thriving party store and gas station business with diverse revenue streams.
- Four RV full hookup sites providing additional income potential.
- Recent upgrades including ATM, coolers/freezer, metal roof, electrical, well, septic system, POS and security system.
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
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Thriving business with gas, store, and RV hookups near lake.
Where is this gas station located?
The property is located at 11380 NE Starvation Lake Road NE 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: Thriving party store and gas station business with diverse revenue streams.; Four RV full hookup sites providing additional income potential.; Recent upgrades including ATM, coolers/freezer, metal roof, electrical, well, septic system, POS and security system.
