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    14990 & 14978 State Street Hillman, MI 49746

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    For Sale
    $200,000

    Gas station and convenience store for sale in Hillman, Michigan.

    Type:Commercial/Industrial
    Property size:
    2,935 SF
    Added:
    Dec 3, 2024
    Days on Market:
    501
    Last Refresh:
    Apr 17 at 12:43 am

    Property Features for 14990 & 14978 State Street

    General Information

    Standard status
    Active
    Size
    2,935 SF
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    Diane L McMurphy

    Listing agent Diane L McMurphy License #6502396968

    Listing office United Country Great Lakes Realty & Auction

    Listing date Dec 3, 2024

    Source Exitrealty

    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 United Country Great Lakes Realty & Auction

    Overview

    Turnkey Gas Station Opportunity

    This turnkey gas station and convenience store is available for purchase and presents a business opportunity with consistent growth. The property is located in the vibrant downtown area of Hillman, Michigan, which generates substantial traffic. The station offers both gas and diesel fuel, as well as LP gas. The convenience store includes beer and wine sales, a deli, lottery, EBT, hunting and fishing licenses, a walk-in cooler, an ATM, a can crusher, a key machine, and an ice machine. The Sunoco franchise agreement is active until 2027. The Village of Hillman is located approximately 20 miles west of Alpena. The village has a campground on the Thunder Bay River which flows right through town. There are lots of businesses in Hillman including the Thunder Bay Resort which offers Elk Drawn sleigh rides with a gourmet dinner. The property size is 2935 square feet. Inventory will be sold separately.
    Location Intelligence

    Current Use by Public Records

    Hilltop Mini Mart Grocery & Convenience Store Sunoco Gas Station Gas Station

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hillman
    County
    Montmorency
    State
    Michigan
    Longitude
    -83.900677
    Latitude
    45.058326

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    • $200,000
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      Turnkey Gas Station Opportunity

      Gas station and convenience store for sale in Hillman, Michigan.
      14990 & 14978 State Street, Hillman, MI 49746
      View Details
    • $200,000
      2,935 SF

      Turnkey Gas Station Opportunity

      Gas station and convenience store for sale in Hillman, Michigan.
      14990 & 14978 State Street, Hillman, MI 49746
      View Details

    FAQs

    What type of property is this?
    Gas station - Gas station and convenience store for sale in Hillman, Michigan.
    Where is this gas station located?
    The property is located at 14990 & 14978 State Street Hillman, MI.
    What is the asking price?
    The asking price for this property is $200,000.
    What are key features of this property?
    This property features: Turnkey gas station and convenience store business with consistent growth.; Located in Hillman, MI, a vibrant downtown area with high traffic.; Diverse revenue streams: gas, diesel, LP, beer & wine, deli, lotto, EBT, hunting & fishing licenses.
    (989) 306-0372
    We can help!
    Listing Contact
    Diane L McMurphy
    Real Estate License ID: 6502396968
    Learn More
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    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
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