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    One-Story Office Building with Conference Room Title is generated by Realmo AI

    337 Brady Avenue, Caspian, MI 49915

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    For Sale
    $650,000

    COMMERCIAL - Caspian, MI

    Property size:
    10,206 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $63/SF
    Added:
    May 4, 2026
    Days on Market:
    33
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 337 Brady Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    Size
    10,206 SF
    Lot size
    0.27 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1988
    Roof type
    Shingle

    We can help!

    Listing Contact
    NICOLE HEBERT
    NICOLE HEBERT

    Listing agent NICOLE HEBERT License #UPAR

    Listing office KELLER WILLIAMS CLASSIC REALTY NW 107 N Fourth Avenue, Iron River, MI

    Listing date May 4, 2026

    MLS# 50210201

    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

    • One‑story commercial office building in Caspian, MI, built in 1988
    • Main floor has 5,134 sq ft of office space with numerous office rooms
    • Expansive basement adds 5,072 sq ft for storage or potential future development
    • Conference room, break room, and lounge room included
    • Central air, forced‑air heating, shingle roof, and parking lot
    • Public water; building is currently leased with the option to continue the lease

    Overview

    This one-story commercial office building offers a spacious, flexible layout with numerous office rooms suitable for individual workstations or team-based environments. The property includes well-maintained restrooms for employee and client convenience, plus dedicated spaces for meetings and day-to-day use, including a conference room, break room, and a lounge room. An expansive basement adds valuable storage capacity and may support future space expansion plans.

    Located at 337 Brady Avenue in Caspian, Michigan (Iron County), the building’s main level totals 5,134 square feet, with an additional 5,072 square feet in the basement. The property sits on approximately 0.27 acres.

    The building is currently being leased, and a potential buyer has the option to continue with the existing lease if they choose. For tenants and owners seeking an office environment with multiple private rooms and supportive common areas, the configuration is designed to accommodate a range of business operations while keeping meeting and staff spaces on-site. The added basement area provides practical back-of-house storage, which can be useful for organizations managing equipment, records, or other operational needs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Building Supply Hair Salon Auto Repair Shop Big Box & Wholesale Store Auto Parts Store HVAC Service Storage Facility Bar & Pub Discount Store Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Caspian
    County
    Iron
    State
    Michigan
    Longitude
    -88.626855
    Latitude
    46.062278

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    FAQs

    What type of property is this?
    Office building - One-story office building with multiple rooms, a conference room, break room, lounge, and substantial basement storage.
    Where is this office building located?
    The property is located at 337 Brady Avenue Caspian, MI.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: One‑story commercial office building in Caspian, MI, built in 1988; Main floor has 5,134 sq ft of office space with numerous office rooms; Expansive basement adds 5,072 sq ft for storage or potential future development
    (906) 284-0216
    We can help!
    Listing Contact
    NICOLE HEBERT
    NICOLE HEBERT
    Real Estate License ID: UPAR
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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.

    More about this property
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