Building Details

Year built 1991

Roof type Shingle

Listing Agency: SELECT REALTY S***@aol.com Show Phone

Listed By: HAYDEN DRURY Show Phone

Added: Aug 6 Last Checked: Aug 9 at 7:06PM

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MLS# 50217613

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.

Located at 303 Bensinger Street in Big Bay, this 780-square-foot storefront property occupies a 0.25-acre parcel and is zoned Mixed Use, Commercial, Resi. The 1991 building includes an open retail area, two private offices, one restroom, and hardwood flooring. A covered front porch, patio, wheelchair-accessible ramp, parking lot, public water, and shingle roof support the property’s customer-facing function. Seasonal views of Lake Independence are also present.

The property is in downtown Big Bay and currently houses Huron Mountain Ice Cream. Its existing layout can support continuation of that operation or adaptation for another commercial concept. Heating is provided by forced air, with central air conditioning added alongside a new forced-air furnace in 2024.

Key Highlights

• 780 square feet on a 0.25‑acre parcel
• Mixed Use,Commercial,Resi zoning
• Open retail area with two private offices and one restroom

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

$9,572

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

3.20%

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%

$191,440 $191.4K

Cap Rate 7%

$136,743 $136.7K

Cap Rate 9%

$106,356 $106.4K

Market Conditions

NOI Build-Up for 780 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

$14.0K $18.00/SF

− Vacancy

−$365 −$0.47/SF

EGI

$13.7K $17.53/SF

− OpEx

−$4.1K −$5.26/SF

NOI

$9.6K $12.27/SF

Area

Marquette County, MI

Vacancy

2.60%

Lease Rate

$18.00 /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%

$191,440

Cap Rate 7%

$136,743

Cap Rate 9%

$106,356

Alternative Uses

Best Use

Retail

$136.7K

$119.7K – $159.5K (±1% cap)

NOI $9,572 @ 7.0% cap · market cap 3.20%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$229.7K

$201.0K – $268.0K (±1% cap)

NOI $16,080 @ 7.0% cap · market cap 5.38%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

41

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 49808, MI

349

Population

439

Households

0.8

Avg Household Size

57

Median Age

31%

College-Educated

96%

High-School Grad

173.8 sq mi

ZIP Area

2

Density / Sq Mi

$49,063

Median Household Income

$11,765

Median Earnings

$254,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Storefront property - Downtown commercial storefront with flexible retail space, offices, accessible entry, and updated mechanical systems.

Where is this storefront property located?

The property is located at 303 Bensinger Street Big Bay, MI.

What is the asking price?

The asking price for this property is $299,000.

What are key features of this property?

This property features: 780 square feet on a 0.25‑acre parcel; Mixed Use,Commercial,Resi zoning; Open retail area with two private offices and one restroom