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    Mixed-Use Commercial Building with Potential Title is generated by Realmo AI

    307 Quincy Street, Hancock, MI 49930

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    Claim this Listing
    For Sale
    Under Contract
    $300,000

    COMMERCIAL - Hancock, MI

    Property size:
    4,950 SF
    Lot size:
    0.04 Acres
    Price / SF:
    $60/SF
    Added:
    Jan 19, 2026
    Days on Market:
    123
    Last Refresh:
    May 22 at 2:06 am

    Property Features for 307 Quincy Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Size
    4,950 SF
    Lot size
    0.04 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    1903

    We can help!

    Listing Contact
    MELISSA MAKI
    MELISSA MAKI

    Listing agent MELISSA MAKI License #6506043229

    Listing office COLDWELL BANKER SCHMIDT REALTORS 407 S Lakeshore Blvd Suite A, MARQUETTE, MI

    Listing date Jan 19, 2026

    MLS# 50197820

    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

    • Fully equipped, ready‑to‑operate bar with included liquor license.
    • Income‑producing property with both commercial (bar) and residential (3‑bedroom apartment) spaces.
    • Enjoy waterfront views of the Portage Canal.
    • Residential apartment features updated kitchen and hardwood floors.
    • Basement provides ample storage space.
    • Third‑floor ballroom offers redevelopment potential for event space or studio.

    Overview

    This mixed-use commercial building presents an opportunity to own an income-producing property. The first floor features a fully equipped bar, previously a successful establishment with a loyal customer base. The bar includes all equipment needed for immediate operation and a functional kitchen designed for pub-style fare. A valuable liquor license is included in the sale. The basement provides ample storage space to support bar operations. The second floor offers a residential apartment, suitable for an owner-occupant or as an additional income stream. The unit includes three bedrooms, a full bathroom, an updated kitchen, and hardwood floors. The third floor, once an elegant ballroom, is currently in need of some TLC, and presents an opportunity to restore it. This expansive space boasts views of the Portage Canal, making it suited for future event space, studio use, or creative redevelopment. The property is located in Hancock, MI. The lot size is 0.04 acres and the property size is 4950 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    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
    Hancock
    County
    Houghton
    State
    Michigan
    Longitude
    -88.583837
    Latitude
    47.126749

    Nearby Similar for Sale

    • $300,000

      Mixed-Use Building with Liquor License

      Income-producing mixed-use property with bar, apartment, and redevelopment potential.
      307 Quincy Hancock, MI 49930
      View Details
    • $194,900

      Hancock Mixed-Use Property for Sale

      Mixed-use property with B-2 zoning, suitable for business or residential.
      209 Montezuma, Hancock, MI 49930
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Income-producing property with bar, apartment, and ballroom space.
    Where is this mixed-use property located?
    The property is located at 307 Quincy Street Hancock, MI.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: Fully equipped, ready‑to‑operate bar with included liquor license.; Income‑producing property with both commercial (bar) and residential (3‑bedroom apartment) spaces.; Enjoy waterfront views of the Portage Canal.
    (906) 231-0694
    We can help!
    Listing Contact
    MELISSA MAKI
    MELISSA MAKI
    Real Estate License ID: 6506043229
    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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