Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    219 N Mitchell St Cadillac, MI 49601

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $370,000

    Fully leased commercial building in downtown Cadillac for sale.

    Lot size:
    0.22 Acres

    Property Features for 219 N Mitchell St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.22 Acres

    Building Details

    Year built
    1994

    We can help!

    Listing Contact
    Jaimie Fellows-Garno
    Jaimie Fellows-Garno
    Source: Elliman

    Listing Agency: City2Shore Real Estate Northern Michigan Listing Agent: Jaimie Fellows-Garno

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Cadillac Commercial Building Investment

    Located at 219 N Mitchell Street in downtown Cadillac, this commercial building presents a turn-key investment opportunity. Constructed in 1994, the one-story, Class C building provides nearly 8,000 square feet of space. The property features 71 feet of street frontage and an exterior loading dock, accommodating various retail or office uses. The building is currently fully leased to established tenants, generating monthly income with a proven rental history. The option exists to purchase the building alone, with the businesses continuing their operations. The property is designed with two separate lease units, offering flexibility for maintaining current tenancy, occupying one unit while leasing the other, or repositioning the layout. Situated on Cadillac’s main commercial corridor, the building benefits from foot traffic drawn by downtown shopping, dining, and community events. The walkable district includes specialty food shops, boutiques, and entertainment venues, enhancing visibility for tenants. This property offers the opportunity to increase returns through upgrades, rental rate adjustments, or rebranding efforts.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cadillac
    County
    Wexford
    State
    Michigan
    Longitude
    -85.400537
    Latitude
    44.251563

    Nearby Similar for Sale

    • $975,000
      12,135 SF

      Historic Kramer Building in Cadillac

      Iconic, income-producing mixed-use property in Cadillac's vibrant downtown.
      117 N Mitchell St, Cadillac, MI 49601
      View Details
    • $595,000
      6,850 SF

      Cadillac Commercial Property with Event Center

      Three buildings on 2.25 acres with event center.
      916 S Mitchell St, Cadillac, MI 49601
      View Details
    • $595,000
      6,850 SF

      Turnkey Restaurant, Retail, Event Center

      Three buildings on 2.25 acres with high visibility and expansion potential.
      916 S Mitchell St, Cadillac, MI 49601
      View Details
    • $774,000
      5,136 SF

      Turnkey Restaurant with Waterfront Views

      Profitable restaurant with waterfront views and seating for over 5000.
      2403 Sunnyside Dr, Cadillac, MI 49601
      View Details
    • $774,000
      5,136 SF

      Turnkey Restaurant with Waterfront Views

      Profitable restaurant with waterfront views and seating in Cadillac, MI.
      2403 Sunnyside Dr, Cadillac, MI 49601
      View Details
    • $850,000
      8,436 SF

      Cadillac Office Building on M-115

      Large office building in Cadillac West with flexible zoning.
      2604 Sunnyside Dr, Cadillac, MI 49601
      View Details
    • $309,900
      2,300 SF

      Well-Maintained Office Building in Cadillac

      Office building with nine private offices and ample storage.
      1200 S Mitchell St, Cadillac, MI 49601
      View Details
    • $370,000
      8,385 SF

      Prime Downtown Cadillac Retail Investment

      Fully leased retail building in Cadillac's thriving downtown corridor.
      219 N Mitchell St, Cadillac, MI 49601
      View Details
    • $845,000
      9,300 SF

      Operating Restaurant Business For Sale

      Fully renovated restaurant in Cadillac, MI, ready for new ownership.
      119 S Mitchell St, Cadillac, MI 49601
      View Details
    • $350,000
      3,300 SF

      Iconic General Store with Renovated Apartment

      Established convenience store and restaurant with a renovated 4-bedroom apartment.
      2020 E 24 Rd, Cadillac, MI 49601
      View Details
    • $2,350,000
      47,945 SF

      Mitchell Street Mall Investment Opportunity

      91% leased retail center with high cash-on-cash return potential.
      1508 N Mitchell St, Cadillac, MI 49601
      View Details
    • $300,000
      12,400 SF

      Historic Brick Building in Downtown

      12,400 SF historic building with redevelopment potential in Cadillac.
      107 N Mitchell St, Cadillac, MI 49601
      View Details

    FAQs

    What type of property is this?
    Storefront property - Fully leased commercial building in downtown Cadillac for sale.
    Where is this storefront property located?
    The property is located at 219 N Mitchell St Cadillac, MI.
    What is the asking price?
    The asking price for this property is $370,000.
    What are key features of this property?
    This property features: - Fully leased commercial building in downtown Cadillac, providing dependable monthly income from established tenants.; - Prime location on Cadillac's main commercial corridor with high foot traffic due to downtown shopping, dining, and community events.; - Versatile 8,000 sq ft space with 71 feet of street frontage and an exterior loading dock.
    (231) 920-6617
    Request Owner's contact information
    219 N Mitchell St Cadillac, MI 49601
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    219 N Mitchell St
    Cadillac, MI 49601
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    219 N Mitchell St Cadillac, MI 49601
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jaimie Fellows-Garno
    Jaimie Fellows-Garno
    (231) 920-6617 (231) 839-0077
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!