Flex Space with Retail
For Sale
$349,900
212 S Carpenter Avenue, Kingsford, MI 49802
COM/IND/BUS OPP, Kingsford, MI
Property Size5,000 SF
Lot Size1.34 Acres
Price / SF$69.98
Days on Market161
Property Features for 212 S Carpenter Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Offsite, Parking Lot
Security features
Security Lighting
Exterior features
Security Lighting, Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Corner Lot, Main Street, Office Park, D N R/ D E Q Approved, Storm Drains
Subdivision
Kingsford (22008)
Standard status
Active
Size
5,000 SF
Lot size
1.34 Acres
Taxes and HOA fees
Tax Annual Amount
11196
Utilities
Heating system
Wall Furnace, Forced Air
Cooling system
Ceiling Fan(s), Window Unit(s), Central Air
Water source
Public
Amenities
air conditioning
walk-in cooler
walk-in freezer
kitchen
his-and-her restrooms
Building Details
Year built
1940
Roof type
Metal
Listing Agency:
LEEDS REAL ESTATE
(906) 779-5333
Listed By:
LINDA PLUMLEY · License #UPAR
(906) 396-9737
Added: Apr 7
Changed: Sep 13
Last Checked: Sep 14 at 11:06PM
MLS# 50205628
Copyright © 2026 Upper Peninsula Association 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.
Investment Insights
Based on property information with market context.
This 5,000-square-foot flex property, built in 1940, combines a finished retail area with substantial back-of-house functionality. The front 2,500 square feet includes large windows, open floor space, a kitchen, walk-in cooler, air conditioning, and separate restrooms. At the rear, a heated 2,500-square-foot storage area offers high ceilings, double doors, and walk-in freezer space, along with a private office, half bath, and prep room.
The property fronts Carpenter Avenue (M-95) with 487 feet of frontage and two access points. A blacktopped parking lot includes security lighting, while two-pole advertising signs provide prominent on-site identification. Additional features include central air, forced-air and wall-furnace heating, wheelchair access with a ramp, a metal roof, and public water.
The property fronts Carpenter Avenue (M-95) with 487 feet of frontage and two access points. A blacktopped parking lot includes security lighting, while two-pole advertising signs provide prominent on-site identification. Additional features include central air, forced-air and wall-furnace heating, wheelchair access with a ramp, a metal roof, and public water.
Key Highlights
- 5,000‑square‑foot flex building with 2,500 square feet of retail and 2,500 square feet of heated storage
- 487 feet of frontage along Carpenter Avenue (M‑95)
- Two access points from M‑95 and a blacktopped parking lot with security lighting
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
$29,863
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
8.53%
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%
$597,260
$597.3K
Cap Rate 7%
$426,614
$426.6K
Cap Rate 9%
$331,811
$331.8K
Market Conditions
NOI Build-Up for 5,000 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
$36.8K $7.35/SF
− Vacancy
−$1.6K −$0.32/SF
EGI
$35.1K $7.03/SF
− OpEx
−$5.3K −$1.05/SF
NOI
$29.9K $5.97/SF
Area
Dickinson County, MI
Vacancy
4.40%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
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%
$597,260
Cap Rate 7%
$426,614
Cap Rate 9%
$331,811
Alternative Uses
Best Use
Retail
$644.4K
$563.9K – $751.8K
NOI $45,108 @ 7.0% cap · market cap 12.89%
Second Best
Warehouse
$426.6K
$373.3K – $497.7K
NOI $29,863 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$964.0K
$843.5K – $1.12M
NOI $67,478 @ 7.0% cap · market cap 19.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49802, MI
6,197
Population
2,768
Households
2.2
Avg Household Size
46
Median Age
26%
College-Educated
96%
High-School Grad
7.9 sq mi
ZIP Area
784
Density / Sq Mi
$61,067
Median Household Income
$37,633
Median Earnings
$861
Median Rent
$109,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building combining customer-facing space with heated storage and dedicated operational areas.
Where is this flex space located?
The property is located at 212 S Carpenter Avenue Kingsford, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 5,000‑square‑foot flex building with 2,500 square feet of retail and 2,500 square feet of heated storage; 487 feet of frontage along Carpenter Avenue (M‑95); Two access points from M‑95 and a blacktopped parking lot with security lighting
