Retail Storefront with Pole
For Sale
$349,900
6998 U.S 2, Gladstone, MI 49837
Open-concept retail building with pole sign, ample parking, and included fixtures and licenses for continued operation.
Property Size1,500 SF
Lot Size0.29 Acres
Price / SF$233.27
Days on Market95
Property Features for 6998 U.S 2
General Information
Standard status
Active
Size
1,500 SF
Lot size
0.29 Acres
Property subtype
Free Standing Building
Additional Details
Business Included
Yes
Liquor License
Yes
Listing Agency:
Stephens Real Estate
(906) 774-8570
Listed By:
Ryan Gordon · License #6502420131
(906) 774-8570
Source:
Thebrokerlist
Added: May 28
Changed: Aug 16
Last Checked: Aug 30 at 12:51PM
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 Stephens Real Estate
Investment Insights
Based on property information with market context.
This open-concept retail storefront building is offered for sale with included fixtures and business licenses described in the public remarks. The property has operated previously as a party store and includes a pole sign. The site sits on a 0.29-acre lot and offers ample parking, with easy access and high traffic exposure per the seller’s description.
The listing information also states the available licenses include food, lottery, Sunday sales, SDD, and SDM, positioning the space as turnkey for an operator seeking to continue or start a licensed business. The building is approximately 1,500 square feet, and the remarks note room to expand on the lot.
For buyers or tenants evaluating a small retail footprint with direct visibility and prepared buildout, this property provides a complete package as presented in the offering materials.
The listing information also states the available licenses include food, lottery, Sunday sales, SDD, and SDM, positioning the space as turnkey for an operator seeking to continue or start a licensed business. The building is approximately 1,500 square feet, and the remarks note room to expand on the lot.
For buyers or tenants evaluating a small retail footprint with direct visibility and prepared buildout, this property provides a complete package as presented in the offering materials.
Key Highlights
- 1,500 SF open‑concept commercial building on a 0.29‑acre lot
- Pole sign on the property with high traffic exposure
- Ample parking and easy access
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
$19,724
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
5.64%
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%
$394,480
$394.5K
Cap Rate 7%
$281,771
$281.8K
Cap Rate 9%
$219,156
$219.2K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$702 −$0.47/SF
EGI
$26.3K $17.53/SF
− OpEx
−$6.6K −$4.38/SF
NOI
$19.7K $13.15/SF
Area
Delta County, MI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$394,480
Cap Rate 7%
$281,771
Cap Rate 9%
$219,156
Alternative Uses
Best Use
Specialty Retail
$281.8K
$246.6K – $328.7K
NOI $19,724 @ 7.0% cap · market cap 5.64%
Second Best
Retail
$184.7K
$161.6K – $215.5K
NOI $12,931 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$293.6K
$256.9K – $342.6K
NOI $20,555 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49837, MI
10,086
Population
4,488
Households
2.2
Avg Household Size
48
Median Age
24%
College-Educated
95%
High-School Grad
69.0 sq mi
ZIP Area
146
Density / Sq Mi
$65,905
Median Household Income
$35,156
Median Earnings
$782
Median Rent
$145,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pat's Foods IGA — 409 N 9th St, Gladstone, MI 49837
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Open-concept retail building with pole sign, ample parking, and included fixtures and licenses for continued operation.
Where is this grocery and convenience store located?
The property is located at 6998 U.S 2 Gladstone, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,500 SF open‑concept commercial building on a 0.29‑acre lot; Pole sign on the property with high traffic exposure; Ample parking and easy access
