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    Downtown Manistique Commercial Building For Sale Title is generated by Realmo AI

    239 S Cedar Street, Manistique, MI 49854

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    For Sale
    $240,000

    COMMERCIAL - Manistique, MI

    Property size:
    6,200 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $38/SF
    Added:
    Mar 9, 2026
    Days on Market:
    75
    Last Refresh:
    May 22 at 3:06 am

    Property Features for 239 S Cedar Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    6,200 SF
    Lot size
    0.15 Acres

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Roof type
    Shingle

    We can help!

    Listing Contact
    TRAVIS WOOD
    TRAVIS WOOD

    Listing agent TRAVIS WOOD License #6501433914

    Listing office GROVER REAL ESTATE 771 E Lakeshore Drive, Manistique, MI

    Listing date Mar 9, 2026

    MLS# 50201103

    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.

    HighLights

    • Prime downtown location with high visibility, across from the Lake Effect Arts Center and surrounded by shops and restaurants.
    • Turnkey business opportunity with established craft, fabric, and flower shop.
    • Spacious interior with over 6,000 sq ft (+ full basement) offering flexible retail layout and ample storage.
    • Convenient parking with curbside spaces and a municipal lot, plus front and rear entrances.
    • Updated high‑efficiency forced‑air furnace and replaced roof for low maintenance.
    • Historic features including cast iron support beams and original tin ceiling.

    Overview

    Located in downtown Manistique, this commercial building offers a high-visibility storefront. The property is situated directly across from the Lake Effect Arts Center and is surrounded by shops, restaurants, and local gathering spots. The building features both front and rear entrances. The interior space measures over 6,000 square feet, with a full basement included. The building currently houses a craft and fabric store, along with a full-service flower shop. The Ben Franklin portion offers a variety of merchandise alongside the fabric and craft offerings, while the Flower Shop diversifies the business with plants, decor, and bouquets. An updated high-efficiency forced-air furnace keeps the interior warm. The roof has been replaced. Historic features include cast iron support beams and the original tin ceiling, which is intact beneath the drop ceiling on the main floor and still visible in the basement. The interior store area is open, providing flexibility for retail layout and merchandising. The full basement provides space for storage or additional operational needs. Convenient parking is available with curbside spaces along Cedar Street as well as a municipal lot directly behind the building. The lot size is 0.15 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Similar Places Nearby

    • Flowers by Jodi — 176 River St, Manistique, MI 49854

    Location Insight

    • Map
    • Local Demand
    City
    Manistique
    County
    Schoolcraft
    State
    Michigan
    Longitude
    -86.246314
    Latitude
    45.962953

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    FAQs

    What type of property is this?
    Storefront property - Turnkey business opportunity in a high-visibility downtown location.
    Where is this storefront property located?
    The property is located at 239 S Cedar Street Manistique, MI.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: Prime downtown location with high visibility, across from the Lake Effect Arts Center and surrounded by shops and restaurants.; Turnkey business opportunity with established craft, fabric, and flower shop.; Spacious interior with over 6,000 sq ft (+ full basement) offering flexible retail layout and ample storage.
    (906) 450-5080
    We can help!
    Listing Contact
    TRAVIS WOOD
    TRAVIS WOOD
    Real Estate License ID: 6501433914
    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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