Storefront Property with Retail
For Sale
$135,000
202 N Williams Street, Mancelona, MI 49659
Step-free access and an updated bathroom support retail or office use.
Property Size694 SF
Price / SF$194.52
Days on Market9
Property Features for 202 N Williams Street
General Information
Standard status
Active
Size
694 SF
Property subtype
Industrial
Site & Location
Frontage
300 ft
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
Ground
Amenities
Window/Wall Unit
3
Metal, Asphalt
3253030738
Building Details
Year Built
1980
Buildings
1
Listing Agency:
EXIT Northern Shores Realty-ER
(231) 342-5991
Listed By:
Vickie Smith
(231) 342-5991
Source:
Xome
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 10:44PM
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 EXIT Northern Shores Realty-ER
Investment Insights
Based on property information with market context.
This 694-square-foot storefront property was built in 1980 and is being offered with the main floor cleared for a new configuration. The space has step-free access, an updated bathroom with improved accessibility, and a window or wall unit. The current condition supports retail or office use, while a connected trailer is optionally available for additional space or storage.
The property fronts US-131 in downtown Mancelona, Michigan, with 300 feet of frontage between M-88 and M-66. Its position along the highway places the building within an area described as benefiting from local recreational tourism. The address is 202 N Williams Street.
The property fronts US-131 in downtown Mancelona, Michigan, with 300 feet of frontage between M-88 and M-66. Its position along the highway places the building within an area described as benefiting from local recreational tourism. The address is 202 N Williams Street.
Key Highlights
- 694 SF main‑floor storefront
- 300 feet of frontage on US‑131 between M‑88 and M‑66
- Step‑free access throughout the building
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
$7,204
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
5.34%
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%
$144,080
$144.1K
Cap Rate 7%
$102,914
$102.9K
Cap Rate 9%
$80,044
$80.0K
Market Conditions
NOI Build-Up for 694 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
$10.7K $15.48/SF
− Vacancy
−$451 −$0.65/SF
EGI
$10.3K $14.83/SF
− OpEx
−$3.1K −$4.45/SF
NOI
$7.2K $10.38/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$144,080
Cap Rate 7%
$102,914
Cap Rate 9%
$80,044
Alternative Uses
Best Use
Retail
$102.9K
$90.1K – $120.1K
NOI $7,204 @ 7.0% cap · market cap 5.34%
Second Best
Office B
$101.6K
$88.9K – $118.6K
NOI $7,113 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$123.5K
$108.1K – $144.1K
NOI $8,645 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49659, MI
6,670
Population
4,586
Households
1.5
Avg Household Size
44
Median Age
18%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
38
Density / Sq Mi
$59,092
Median Household Income
$33,269
Median Earnings
$792
Median Rent
$141,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Bella Flowers & Designs — 558 W State St, Mancelona, MI 49659
Frequently Asked Questions
What type of property is this?
Storefront property - Step-free access and an updated bathroom support retail or office use.
Where is this storefront property located?
The property is located at 202 N Williams Street Mancelona, MI.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 694 SF main‑floor storefront; 300 feet of frontage on US‑131 between M‑88 and M‑66; Step‑free access throughout the building
