Retail Condominium with Office
For Sale
$169,900
317 CENTER AVE, Bay City, MI 48708
Two-level commercial condominium with open-plan space, a private office area, and finished lower-level work areas.
Property Size1,720 SF
Price / SF$98.78
Days on Market301
Property Features for 317 CENTER AVE
General Information
Standard status
Active
Size
1,720 SF
Property subtype
Industrial
Amenities
Central Air
3
Rubber
Building Details
Year Built
1884
Listing Agency:
Berkshire Hathaway HomeServices, Bay City
(989) 928-0880
Listed By:
Hechlik Group
(989) 928-0880
Source:
Xome
Added: Oct 26, 2025
Changed: Aug 22
Last Checked: Aug 22 at 7:29AM
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 Berkshire Hathaway HomeServices, Bay City
Investment Insights
Based on property information with market context.
This retail condominium contains 1,720 square feet across a main level and finished lower level. The primary floor includes a formal entry, a private office area, and an open layout that can be configured for retail, professional office, or studio use. Central air is installed, and the property was built in 1884.
The lower level adds approximately 1,320 sq. ft. of finished space, including large conference areas and adaptable workspaces. A waterproofing system is also in place. The condominium is located on Center Avenue in downtown Bay City, within a maintained condominium development.
The lower level adds approximately 1,320 sq. ft. of finished space, including large conference areas and adaptable workspaces. A waterproofing system is also in place. The condominium is located on Center Avenue in downtown Bay City, within a maintained condominium development.
Key Highlights
- 1,720‑square‑foot commercial condominium
- Approximately 1,320 sq. ft. of finished lower‑level space
- Main level features an open layout, formal entry, and private office area
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
$12,714
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
7.48%
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%
$254,280
$254.3K
Cap Rate 7%
$181,629
$181.6K
Cap Rate 9%
$141,267
$141.3K
Market Conditions
NOI Build-Up for 1,720 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
$20.6K $12.00/SF
− Vacancy
−$2.5K −$1.44/SF
EGI
$18.2K $10.56/SF
− OpEx
−$5.4K −$3.17/SF
NOI
$12.7K $7.39/SF
Area
Bay County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$254,280
Cap Rate 7%
$181,629
Cap Rate 9%
$141,267
Alternative Uses
Best Use
Office B
$233.5K
$204.3K – $272.5K
NOI $16,347 @ 7.0% cap · market cap 9.62%
Second Best
Retail
$181.6K
$158.9K – $211.9K
NOI $12,714 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$311.4K
$272.5K – $363.3K
NOI $21,796 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
Explore this area
Business Placement
Demographics for 48708, MI
25,860
Population
12,625
Households
2
Avg Household Size
41
Median Age
17%
College-Educated
89%
High-School Grad
29.1 sq mi
ZIP Area
889
Density / Sq Mi
$50,216
Median Household Income
$31,978
Median Earnings
$703
Median Rent
$98,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Two-level commercial condominium with open-plan space, a private office area, and finished lower-level work areas.
Where is this retail space located?
The property is located at 317 CENTER AVE Bay City, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 1,720‑square‑foot commercial condominium; Approximately 1,320 sq. ft. of finished lower‑level space; Main level features an open layout, formal entry, and private office area
