Corner Flex Space with
For Sale
$160,000
331 STEPHENSON AVE, Escanaba, MI 49829
Flexible commercial building with separate office suites, private entrances, bathrooms, garage space, and on-site parking.
Property Size1,096 SF
Price / SF$145.99
Days on Market13
Property Features for 331 STEPHENSON AVE
General Information
Standard status
Active
Size
1,096 SF
Property subtype
Industrial
Additional Details
Office Units
2
Amenities
Concrete, Carpet
Shingle
125150
Building Details
Year Built
1950
Listing Agency:
UPWARDS REAL ESTATE
(906) 399-5688
Listed By:
SAMANTHA KLEIKAMP · License #UPAR-6501435278
(906) 399-5688
Source:
Xome
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 30 at 2:35PM
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 UPWARDS REAL ESTATE
Investment Insights
Based on property information with market context.
This 1,096-square-foot flex property, built in 1950, combines two separately accessed office areas with a large garage. Each office has its own bathroom and entrance, while the interior includes concrete and carpeted surfaces. The garage provides additional space for storage, equipment, workspace, or business operations.
Situated at 331 Stephenson Ave in Escanaba, the property occupies five city lots at a busy intersection. On-site parking supports customer, employee, and client access. The configuration accommodates office, retail, service, showroom, shop, or related commercial uses.
Situated at 331 Stephenson Ave in Escanaba, the property occupies five city lots at a busy intersection. On-site parking supports customer, employee, and client access. The configuration accommodates office, retail, service, showroom, shop, or related commercial uses.
Key Highlights
- 1,096‑square‑foot flex property built in 1950
- Two office spaces, each with a private entrance and bathroom
- Large garage for storage, equipment, workspace, or operations
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
$11,245
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
7.03%
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%
$224,900
$224.9K
Cap Rate 7%
$160,643
$160.6K
Cap Rate 9%
$124,944
$124.9K
Market Conditions
NOI Build-Up for 1,096 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
$19.7K $18.00/SF
− Vacancy
−$4.7K −$4.32/SF
EGI
$15.0K $13.68/SF
− OpEx
−$3.7K −$3.42/SF
NOI
$11.2K $10.26/SF
Area
Delta County, MI
Vacancy
24.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$224,900
Cap Rate 7%
$160,643
Cap Rate 9%
$124,944
Alternative Uses
Best Use
Office B
$160.6K
$140.6K – $187.4K
NOI $11,245 @ 7.0% cap · market cap 7.03%
Second Best
Retail
$135.0K
$118.1K – $157.5K
NOI $9,448 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$214.6K
$187.7K – $250.3K
NOI $15,019 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
786
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
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?
Flex space - Flexible commercial building with separate office suites, private entrances, bathrooms, garage space, and on-site parking.
Where is this flex space located?
The property is located at 331 STEPHENSON AVE Escanaba, MI.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 1,096‑square‑foot flex property built in 1950; Two office spaces, each with a private entrance and bathroom; Large garage for storage, equipment, workspace, or operations
