Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Grand Marais Commercial Business Opportunity Title is generated by Realmo AI

    14284 N Lake Avenue, Grand Marais, MI 49839

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $1,250,000

    COMMERCIAL - Grand Marais, MI

    Property size:
    3,088 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $404/SF
    Added:
    Feb 1, 2024
    Days on Market:
    840
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 14284 N Lake Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Exterior features
    In Ground Tank
    Standard status
    Active Under Contract
    Size
    3,088 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    8547

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1963
    Roof type
    Metal

    We can help!

    Listing Contact
    NICOLE DARROW

    Listing agent NICOLE DARROW License #UPAR

    Listing office BIG LAKE REAL ESTATE N14249 Lake Avenue PO Box 142, Grand Marais, MI

    Listing date Feb 1, 2024

    MLS# 50132523

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Crucial business providing essential services to residents and tourists.
    • Prime location on the Crazy 8's Trail System, attracting snowmobilers and ATV enthusiasts.
    • Downtown location within walking distance of Woodland Park Campground and local residences.
    • Building improvements and upgraded operating equipment.
    • Includes gas station and marketplace.
    • Unobstructed view of the bay.

    Overview

    This commercial property in Grand Marais, Michigan, presents an exceptional business opportunity. The Bayshore Market and Gas Station is a crucial business, providing essential services to year-round residents and a growing tourist population. As a marketplace, it serves as a vital location for gas, groceries, beer, wine, liquor, DNR licenses, and automotive needs, making it an anchor for the community. During the winter months, it becomes a prime stop for snowmobilers exploring the Crazy 8's Trail System. The increasing popularity of ATVs has expanded the customer base. Its downtown location allows for a quick and easy walk for campers staying at the nearby 168-site Woodland Park Campground, along with local residents. The property has undergone several building improvements along with upgraded operating equipment. The property size is 3088 square feet and the lot size is 0.2 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gas stations

    Map

    City
    Grand Marais
    County
    Alger
    State
    Michigan
    Longitude
    -85.984569
    Latitude
    46.672024

    FAQs

    What type of property is this?
    Gas station - Market and gas station serving residents and tourists in Grand Marais.
    Where is this gas station located?
    The property is located at 14284 N Lake Avenue Grand Marais, MI.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Crucial business providing essential services to residents and tourists.; Prime location on the Crazy 8's Trail System, attracting snowmobilers and ATV enthusiasts.; Downtown location within walking distance of Woodland Park Campground and local residences.
    (906) 202-0035
    We can help!
    Listing Contact
    NICOLE DARROW
    Real Estate License ID: UPAR
    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
    14284 N Lake Avenue, Grand Marais, MI 49839
    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!