Remodeled Convenience Store
For Sale
$650,000
1505 Bridge Street, Charlevoix, MI 49720
Remodeled 2,176 SF convenience store building with interior restroom, storage, and extensive included food service equipment.
Property Size2,176 SF
Price / SF$298.71
Days on Market35
Property Features for 1505 Bridge Street
General Information
Standard status
Active
Size
2,176 SF
Property subtype
Commercial
Building Details
Building Size
2,176 SF
Year Built
1972
Listing Agency:
REMAX Right Choice
(810) 686-8667
Listed By:
Michael J Davidson · License #122148
Source:
Eliterealtymi
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 22 at 10:20AM
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 REMAX Right Choice
Investment Insights
Based on property information with market context.
This sale offering includes a 2,176-square-foot commercial building that was formerly operated as a gas station and convenience store. The interior has been freshly remodeled, and the property is set up for day-to-day service with a functional floor plan, ample storage, and an interior restroom. A video surveillance system is included.
The sale also comes with an extensive inventory of business equipment, including commercial coolers, an ice machine, soda fountain equipment, hot dog cookers, display shelving, and a newer cash register system, among other items.
The property’s layout and existing infrastructure provide flexibility for a range of retail and food-oriented uses, subject to applicable approvals, including a convenience market, specialty retail, café, deli, gourmet food shop, beverage center, or related concepts.
The sale also comes with an extensive inventory of business equipment, including commercial coolers, an ice machine, soda fountain equipment, hot dog cookers, display shelving, and a newer cash register system, among other items.
The property’s layout and existing infrastructure provide flexibility for a range of retail and food-oriented uses, subject to applicable approvals, including a convenience market, specialty retail, café, deli, gourmet food shop, beverage center, or related concepts.
Key Highlights
- 2,176 SF commercial building at 1505 Bridge Street, Charlevoix, with freshly remodeled interior
- Includes extensive food service equipment: commercial coolers, ice machine, soda fountain equipment, and hot dog cookers
- On‑site equipment also includes display shelving and a newer cash register system
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
$27,198
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
4.18%
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%
$543,960
$544.0K
Cap Rate 7%
$388,543
$388.5K
Cap Rate 9%
$302,200
$302.2K
Market Conditions
NOI Build-Up for 2,176 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
$41.8K $19.20/SF
− Vacancy
−$2.9K −$1.34/SF
EGI
$38.9K $17.86/SF
− OpEx
−$11.7K −$5.36/SF
NOI
$27.2K $12.50/SF
Area
Charlevoix County, MI
Vacancy
7.00%
Lease Rate
$19.20 /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%
$543,960
Cap Rate 7%
$388,543
Cap Rate 9%
$302,200
Alternative Uses
Best Use
Retail
$388.5K
$340.0K – $453.3K
NOI $27,198 @ 7.0% cap · market cap 4.18%
Second Best
Specialty Retail
$372.6K
$326.1K – $434.8K
NOI $26,085 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$440.5K
$385.4K – $513.9K
NOI $30,833 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
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
- Family Fare Supermarket — 111 M-66, Charlevoix, MI 49720
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Remodeled 2,176 SF convenience store building with interior restroom, storage, and extensive included food service equipment.
Where is this grocery and convenience store located?
The property is located at 1505 Bridge Street Charlevoix, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,176 SF commercial building at 1505 Bridge Street, Charlevoix, with freshly remodeled interior; Includes extensive food service equipment: commercial coolers, ice machine, soda fountain equipment, and hot dog cookers; On‑site equipment also includes display shelving and a newer cash register system
