Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    226 Deer Manistique, MI 49854

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $269,000

    Large commercial building with showroom, office space, and apartments.

    Type:Industrial
    Property size:
    9,000 SF
    Added:
    Oct 3, 2023
    Days on Market:
    931
    Last Refresh:
    Apr 1 at 8:52 pm

    Property Features for 226 Deer

    General Information

    Standard status
    Active
    Size
    9,000 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1946

    We can help!

    Listing Contact
    DAVID MUXLOW

    Listing agent DAVID MUXLOW

    Listing office GROVER REAL ESTATE

    Listing date Oct 3, 2023

    Source Xome

    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 GROVER REAL ESTATE

    Overview

    Manistique Commercial Building with Apartments

    This large commercial building is located on the west side of Manistique. The current interior layout features a mostly open plan, providing a large showroom space suitable for various business opportunities. The layout includes areas designated for shipping and receiving, office space, and multiple entries. The expansive open area allows for customized build-outs to meet specific business needs. The building encompasses approximately 9,000 square feet on the main level. Additionally, the property includes two upper-level apartments that are currently rented. Parking is available on two sides of the building, with vehicle access provided on all sides. This property presents an opportunity for entrepreneurial ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Showrooms

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Manistique
    County
    Schoolcraft
    State
    Michigan
    Longitude
    -86.253583
    Latitude
    45.963239

    Nearby Similar for Sale

    • $240,000
      6,200 SF

      Historic Downtown Manistique Storefront

      Turnkey business opportunity in a high-visibility location.
      239 S Cedar, Manistique, MI 49854
      View Details
    • $250,000
      2,500 SF

      Manistique Commercial/Industrial Opportunity

      Prime corner lot with high visibility and business potential.
      192 River, Manistique, MI 49854
      View Details
    • $300,000
      1,000 SF

      Waterfront Commercial Property in Manistique

      High-exposure waterfront commercial property in a charming lakefront town.
      103 W Lakeshore, Manistique, MI 49854
      View Details
    • $185,000
      4,080 SF

      Manistique Commercial Building with Parking

      Versatile 4,000 SF commercial building in Manistique, Michigan.
      127 Chippewa, Manistique, MI 49854
      View Details
    • $217,500
      1,200 SF

      Established Flower Shop Opportunity

      Turnkey flower shop with inventory in Manistique, Michigan.
      176 River, Manistique, MI 49854
      View Details
    • $415,000
      4,000 SF

      Historic Tavern with Resort Liquor License

      Established tavern near Kitch-iti-kipi with expansion potential.
      1263 M149, Manistique, MI 49854
      View Details
    • $269,000
      9,000 SF

      Manistique Commercial Building with Apartments

      Large commercial building with showroom, office space, and rental apartments.
      226 Deer, Manistique, MI 49854
      View Details
    • $645,000
      19,650 SF

      Manistique Office Building For Sale

      Contemporary office building in Manistique, reconstructed in 2020.
      220 S Maple, Manistique, MI 49854
      View Details
    • $2,304,000

      Retail Property Near Lake Michigan

      Freestanding retail property with excellent visibility and accessibility.
      717 E Lakeshore Dr, Manistique, MI
      View Details
    • $645,000
      19,650 SF

      Contemporary Office Building in Manistique

      Like-new, reconstructed office building near downtown Manistique and Lake Michigan.
      220 S Maple, Manistique, MI 49854
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Large commercial building with showroom, office space, and apartments.
    Where is this mixed-use property located?
    The property is located at 226 Deer Manistique, MI.
    What is the asking price?
    The asking price for this property is $269,000.
    What are key features of this property?
    This property features: Large 9,000 sq ft commercial building with open showroom space.; Two upper‑level apartments provide rental income.; Parking available on two sides of the building with vehicle access on all sides.
    (906) 341-2131
    We can help!
    Listing Contact
    DAVID MUXLOW
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!