Grocery Store with
For Sale
$135,000
208 Napoleon Road, Michigan Center, MI 49254
Commercial Sale, Michigan Center, MI
Property Size1,329 SF
Lot Size0.34 Acres
Price / SF$101.58
Days on Market53
Property Features for 208 Napoleon Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B-2 COM
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Subdivision
Centralia Subdivision
Elementary school district
Michigan Center
Middle school district
Michigan Center
High school district
Michigan Center
Directions
Napoleon Rd. To Broad St. Cheese Castle is on the corner
Standard status
Active
APN
923-14-38-120-919-41
Size
1,329 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOTS 466 467 AND 468 CENTRALIA SUBDIVISION SEC 9 T3S R1E
Tax Annual Amount
909
Legal Description
LOTS 466 467 AND 468 CENTRALIA SUBDIVISION SEC 9 T3S R1E
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
standing coolers
sinks
freezer
storage in basement
Building Details
Year built
1977
Floors in Building
1
Number of units
1
Building materials
Block, Concrete, Stucco, Brick
Roof type
Composition, Rubber
Listing Agency:
ERA Reardon Realty, L.L.C.
(517) 782-2996
Listed By:
GEORGE D COPP · License #6506044902
(517) 474-2372
Added: Aug 3
Changed: Sep 16
Last Checked: Sep 24 at 9:06AM
MLS# 26040181
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,329-square-foot grocery and convenience store property includes several standing coolers, sinks, a freezer, and a basement that provides additional storage. The building was constructed in 1977 and uses block, concrete, stucco, and brick construction materials. Forced-air heating and central air conditioning serve the interior, while the roof combines composition and rubber materials.
Located at 208 Napoleon Road in Michigan Center, the property sits on a 0.34-acre parcel and includes one bathroom. Cable is available. The existing refrigeration and plumbing-related improvements provide a physical foundation for a retail or food-oriented operation, subject to the buyer’s intended use and applicable requirements.
Located at 208 Napoleon Road in Michigan Center, the property sits on a 0.34-acre parcel and includes one bathroom. Cable is available. The existing refrigeration and plumbing-related improvements provide a physical foundation for a retail or food-oriented operation, subject to the buyer’s intended use and applicable requirements.
Key Highlights
- 1,329 SF grocery and convenience store property
- Several standing coolers, sinks, and a freezer included
- Basement provides additional storage space
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
$9,165
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
6.79%
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%
$183,300
$183.3K
Cap Rate 7%
$130,929
$130.9K
Cap Rate 9%
$101,833
$101.8K
Market Conditions
NOI Build-Up for 1,329 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
$15.9K $12.00/SF
− Vacancy
−$2.9K −$2.15/SF
EGI
$13.1K $9.85/SF
− OpEx
−$3.9K −$2.96/SF
NOI
$9.2K $6.90/SF
Area
Jackson County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$183,300
Cap Rate 7%
$130,929
Cap Rate 9%
$101,833
Alternative Uses
Best Use
Specialty Retail
$180.4K
$157.8K – $210.5K
NOI $12,627 @ 7.0% cap · market cap 9.35%
Second Best
Retail
$130.9K
$114.6K – $152.8K
NOI $9,165 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$212.2K
$185.6K – $247.5K
NOI $14,851 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 88%
Dining 12%
Shell
Shops & Services
9,446 visits/mo
0.1 miles
Dollar General
Shops & Services
7,232 visits/mo
0.4 miles
Citgo
Shops & Services
4,600 visits/mo
0.5 miles
Los Tres Amigos
Dining
2,578 visits/mo
0.1 miles
Dairy Queen
Dining
293 visits/mo
0.1 miles
Demographics for 49254, MI
3,163
Population
1,805
Households
1.8
Avg Household Size
44
Median Age
22%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
1,217
Density / Sq Mi
$73,750
Median Household Income
$50,923
Median Earnings
$1,038
Median Rent
$167,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Retail-ready building with refrigeration equipment, sinks, a freezer, and basement storage for merchandising or food-related use.
Where is this grocery and convenience store located?
The property is located at 208 Napoleon Road Michigan Center, 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: 1,329 SF grocery and convenience store property; Several standing coolers, sinks, and a freezer included; Basement provides additional storage space
