Renovated Storefront Property with
For Sale
$189,900
393 Woodward Ave, Kingsford, MI 49802
Modernized commercial space with prominent windows and an equipped kitchen ready for retail, restaurant, or other customer-facing use.
Property Size2,175 SF
Price / SF$87.31
Days on Market11
Property Features for 393 Woodward Ave
General Information
Standard status
Active
Size
2,175 SF
Property subtype
Retail - Free Standing Bldg
Zoning
Commercial
Amenities
commercial kitchen
large storefront windows
natural light
Building Details
Building Size
2,175 SF
Year Built
1947
Year Renovated
2020
Stories
1
Listing Agency:
Stephens Real Estate
(906) 774-8570
Listed By:
Ryan Gordon · License #6502420131
Source:
Commercialcafe
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 30 at 12:55PM
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 2,175-square-foot storefront property at 393 Woodward Ave includes a modernized interior and a commercial kitchen with major appliances conveyed in the sale. Significant renovations have been completed in recent years, providing updated infrastructure for a customer-oriented commercial operation.
Large storefront windows bring natural light into the space and create display frontage along Woodward Ave in Kingsford, Michigan. The existing kitchen improvements and open storefront presentation support continued retail or restaurant use, as well as other commercial concepts requiring visible customer access and food-service infrastructure.
Large storefront windows bring natural light into the space and create display frontage along Woodward Ave in Kingsford, Michigan. The existing kitchen improvements and open storefront presentation support continued retail or restaurant use, as well as other commercial concepts requiring visible customer access and food-service infrastructure.
Key Highlights
- 2,175‑square‑foot commercial building at 393 Woodward Ave
- Commercial kitchen with major appliances included in the sale
- Major renovations completed in recent years
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
$10,776
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
5.67%
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%
$215,520
$215.5K
Cap Rate 7%
$153,943
$153.9K
Cap Rate 9%
$119,733
$119.7K
Market Conditions
NOI Build-Up for 2,175 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
$16.0K $7.35/SF
− Vacancy
−$591 −$0.27/SF
EGI
$15.4K $7.08/SF
− OpEx
−$4.6K −$2.12/SF
NOI
$10.8K $4.95/SF
Area
Dickinson County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
30.00%
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%
$215,520
Cap Rate 7%
$153,943
Cap Rate 9%
$119,733
Alternative Uses
Best Use
Specialty Retail
$345.6K
$302.4K – $403.2K
NOI $24,191 @ 7.0% cap · market cap 12.74%
Second Best
Retail
$280.3K
$245.3K – $327.0K
NOI $19,622 @ 7.0% cap · market cap 10.33%
Theoretical Best
Office A
$419.3K
$366.9K – $489.2K
NOI $29,353 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
31k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 31%
Home Improvements & Furnishings 12%
Groceries 3%
Kwik Trip
Shops & Services
9,119 visits/mo
0.2 miles
Burger King
Dining
5,640 visits/mo
0.3 miles
Family Dollar
Shops & Services
5,076 visits/mo
0.4 miles
SUBWAY
Dining
3,996 visits/mo
0.3 miles
Kingsford Ace
Home Improvements & Furnishings
3,816 visits/mo
0.3 miles
Demographics for 49802, MI
6,197
Population
2,768
Households
2.2
Avg Household Size
46
Median Age
26%
College-Educated
96%
High-School Grad
7.9 sq mi
ZIP Area
784
Density / Sq Mi
$61,067
Median Household Income
$37,633
Median Earnings
$861
Median Rent
$109,300
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?
Storefront property - Modernized commercial space with prominent windows and an equipped kitchen ready for retail, restaurant, or other customer-facing use.
Where is this storefront property located?
The property is located at 393 Woodward Ave Kingsford, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 2,175‑square‑foot commercial building at 393 Woodward Ave; Commercial kitchen with major appliances included in the sale; Major renovations completed in recent years
