Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Commercial Space in Bellaire Title is generated by Realmo AI

    103 S Division St, Bellaire, MI 49615

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $265,000

    Remodeled 1400 SF commercial space on a highly travelled highway.

    Type:Commercial
    Property size:
    1,400 SF
    Lot size:
    0.23 Acres
    Price / SF:
    $189/SF
    Added:
    Apr 26, 2026
    Days on Market:
    27
    Last Refresh:
    Apr 26 at 12:52 am

    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

    We can help!

    Listing Contact
    Julia L Pietrowicz
    Julia L Pietrowicz

    Listing agent Julia L Pietrowicz License #6502372398

    Listing office Keller Williams Northern Michigan

    Listing date Apr 26, 2026

    Source Elliman

    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

    HighLights

    • Prime commercial space on highly travelled M‑88 in Bellaire.
    • High‑traffic location near Shanty Creek Resort.
    • Building remodeled around 2012.
    • Handicap accessible with two bathrooms.
    • Suitable for various business types.
    • Includes easement for parking and driveway, plus a storage shed.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $173.0K
    NOI $15,571 @ 9.00% cap · cautious / downside scenario
    Moderate
    $222.4K
    NOI $15,571 @ 7.00% cap · market / base-case scenario
    Aggressive
    $311.4K
    NOI $15,571 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $21.7k $15.48
    − Vacancy −$910 −$0.65
    EGI $20.8k $14.83
    − OpEx −$5.2k −$3.71
    NOI $15.6k $11.12
    1,400 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $222.4K
    $194.6K – $259.5K (±1% cap)
    NOI $15,571 @ 7.0% cap · market cap 5.88%
    Second Best
    Retail
    $207.6K
    $181.7K – $242.2K (±1% cap)
    NOI $14,533 @ 7.0% cap · market cap 5.48%
    Theoretical Best
    Office A
    $249.1K
    $218.0K – $290.7K (±1% cap)
    NOI $17,440 @ 7.0% cap · market cap 6.58%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Subway Take-out & Catering

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellaire
    County
    Antrim
    State
    Michigan
    Longitude
    -85.198254
    Latitude
    44.974843

    Nearby Similar for Sale

    • $265,000
      1,400 SF

      Restaurant/Retail Space in Bellaire, MI

      Prime commercial space in Bellaire, suitable for various businesses.
      103 S Division Street, Bellaire, MI 49615
      View Details
    • $289,000
      2,400 SF

      Bellaire Commercial/Industrial Opportunity

      Well-maintained commercial building in Bellaire, Michigan, with retail and residential potential.
      732 E Cayuga, Bellaire, MI 49615
      View Details
    • $1,600,000
      3,776 SF

      Established Tree Service Business

      Thriving tree service business with land, buildings, and equipment.
      220 Birch Street, Bellaire, MI 49615
      View Details
    • $184,900
      2,000 SF

      Bellaire Storage Unit with Upgrades

      High-quality, upgraded storage unit near Bellaire, Michigan.
      7464 Geronimo Trail, Bellaire, MI 49615
      View Details
    • $105,900
      594 SF

      Furnished Hotel Unit on Golf Course

      Modern, fully furnished hotel unit with golf course view.
      2400 Troon South, Kearney Township Antrim, MI 49615
      View Details
    • $229,000
      1,569 SF

      1,569 SF Office Building For Sale

      1,569 SF office building on 0.43 acres near downtown.
      114 S Division Street, Bellaire, MI 49615
      View Details

    FAQs

    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.
    (231) 360-0739
    We can help!
    Listing Contact
    Julia L Pietrowicz
    Julia L Pietrowicz
    Real Estate License ID: 6502372398
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    103 S Division St, Bellaire, MI 49615
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!