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    168 S Ontario ST De Tour Village, MI 49725

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    For Sale
    $257,300

    Apartments - De Tour Village, MI

    Property size:
    2,950 SF
    Price / SF:
    $87/SF
    Added:
    May 4, 2026
    Days on Market:
    3
    Last Refresh:
    May 6 at 8:06 pm

    Property Features for 168 S Ontario ST

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    041-722-010-00
    Size
    2,950 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1074

    Building Details

    Year built
    1970
    Floors in Building
    2
    Number of units
    3
    Building materials
    Stone
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Jarvis

    Listing agent Jeff Jarvis License #6501430252

    Listing office Key Realty One 903 Ashmun, Sault Ste. Marie, MI

    Listing date May 4, 2026

    MLS# 25-481 Listing URL

    Copyright © 2026 Eastern Upper Peninsula Board 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

    • Thriving business with a 33% revenue increase since 2024
    • High customer satisfaction: 4.9‑star rating on Google and Facebook
    • Fully updated business with new equipment and expanded menu including ice cream, breakfast, bakery, smoothies, and espresso
    • Includes two on‑site apartments for owner or rental income
    • Located in DeTour Village, a high‑traffic tourist destination with over 400,000 annual visitors
    • Prime location: Directly across from gas station and next to farmer's market

    Overview

    Thriving Apartments in De Tour Village

    This property presents an opportunity to expand your portfolio with a thriving, fully updated business located in De Tour Village, Michigan, situated on the eastern tip of the Upper Peninsula. The business has undergone upgrades since 2024, resulting in a 33% increase in revenue. Enhancements include the addition of hand-scooped specialty ice cream, daily breakfast service, fresh bakery items, smoothies, and espresso. The property features new indoor and outdoor seating, a new beverage cooler for canned and bottled drinks, two retail freezers, and a retail cooler for grab-and-go items. It has a 4.9-star rating on both Google and Facebook, reflecting a loyal and growing customer base. The property includes two on-site apartments and private parking. It is located directly across from a gas station and next to the seasonal farmer's market. De Tour Village has a population of approximately 300, with over 400,000 visitors passing through annually on their way to Drummond Island. The property size is 2950 square feet and is zoned for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bakehouse Bistro Cafe & Coffee Shop

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Hotel & Motel Department Store Food Market Grocery & Convenience Store Bar & Pub Spa & Massage Center Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    De Tour Village
    County
    Chippewa
    State
    Michigan
    Longitude
    -83.901798
    Latitude
    45.989728

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    FAQs

    What type of property is this?
    Grocery and convenience store - Updated business with apartments in Michigan's Upper Peninsula.
    Where is this grocery and convenience store located?
    The property is located at 168 S Ontario ST De Tour Village, MI.
    What is the asking price?
    The asking price for this property is $257,300.
    What are key features of this property?
    This property features: Thriving business with a 33% revenue increase since 2024; High customer satisfaction: 4.9‑star rating on Google and Facebook; Fully updated business with new equipment and expanded menu including ice cream, breakfast, bakery, smoothies, and espresso
    (906) 464-0123
    We can help!
    Listing Contact
    Jeff Jarvis
    Real Estate License ID: 6501430252
    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.

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