Convenience Store With Fuel
New
For Sale
$500,000
3703 County 416 20th Road, Gladstone, MI 49837
COM/IND/BUS OPP, Gladstone, MI
Property Size3,432 SF
Lot Size0.84 Acres
Price / SF$145.69
Days on Market5
Property Features for 3703 County 416 20th Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot
Lot features
Corner Lot, Rural
Subdivision
Escanaba Twp (21009)
Standard status
Active
Size
3,432 SF
Lot size
0.84 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3926
Utilities
Heating system
Oil, Hot Water(Heating)
Water source
Well
Amenities
High-speed Spectrum Internet
natural gas
Building Details
Year built
1982
Roof type
Shingle
Listing Agency:
KEY REALTY DELTA COUNTY LLC
(906) 233-7455
Listed By:
JAMIE BEAVER · License #6502370675
(906) 399-9033
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 21 at 2:06AM
MLS# 50218902
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 3703 County 416 20th Road in Gladstone, this commercial property combines an operating convenience store with fuel service and residential space. The business sells groceries, household items, ice, lottery products, adult beverages, propane tank exchanges, and other convenience goods, with unleaded gasoline and diesel pumps on site. The store operates seven days a week with four part-time employees.
The 3,432-square-foot property includes two rented 2-bedroom upper-level apartments and a third 2-bedroom apartment on the main floor currently used for office functions, storage, and kitchen preparation. A 25x23 detached garage provides additional storage and includes a concrete floor and power. The site covers 0.84 acres and has a parking lot, spacious yard, wood shed, well water, and a shingle roof. The property is zoned Commercial and was built in 1982. Updates include windows installed within the past 3-5 years, except for two windows, updated garage doors, and a roof approximately 14 years old.
The 3,432-square-foot property includes two rented 2-bedroom upper-level apartments and a third 2-bedroom apartment on the main floor currently used for office functions, storage, and kitchen preparation. A 25x23 detached garage provides additional storage and includes a concrete floor and power. The site covers 0.84 acres and has a parking lot, spacious yard, wood shed, well water, and a shingle roof. The property is zoned Commercial and was built in 1982. Updates include windows installed within the past 3-5 years, except for two windows, updated garage doors, and a roof approximately 14 years old.
Key Highlights
- 3,432‑square‑foot commercial property on 0.84 acres
- Unleaded gasoline and diesel fuel pumps on site
- Two rented 2‑bedroom upper‑level apartments
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
$45,127
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
9.03%
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%
$902,540
$902.5K
Cap Rate 7%
$644,671
$644.7K
Cap Rate 9%
$501,411
$501.4K
Market Conditions
NOI Build-Up for 3,432 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
$61.8K $18.00/SF
− Vacancy
−$1.6K −$0.47/SF
EGI
$60.2K $17.53/SF
− OpEx
−$15.0K −$4.38/SF
NOI
$45.1K $13.15/SF
Area
Delta County, MI
Vacancy
2.60%
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%
$902,540
Cap Rate 7%
$644,671
Cap Rate 9%
$501,411
Alternative Uses
Best Use
Specialty Retail
$644.7K
$564.1K – $752.1K
NOI $45,127 @ 7.0% cap · market cap 9.03%
Second Best
Retail
$422.7K
$369.8K – $493.1K
NOI $29,586 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$671.8K
$587.9K – $783.8K
NOI $47,029 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49837, MI
10,086
Population
4,488
Households
2.2
Avg Household Size
48
Median Age
24%
College-Educated
95%
High-School Grad
69.0 sq mi
ZIP Area
146
Density / Sq Mi
$65,905
Median Household Income
$35,156
Median Earnings
$782
Median Rent
$145,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Commercial operation includes apartments, fuel service, and a detached garage for storage.
Where is this grocery and convenience store located?
The property is located at 3703 County 416 20th Road Gladstone, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3,432‑square‑foot commercial property on 0.84 acres; Unleaded gasoline and diesel fuel pumps on site; Two rented 2‑bedroom upper‑level apartments
