Renovated Storefront with Commercial
New
For Sale
$189,900
393 Woodward Avenue, Kingsford, MI 49802
COM/IND/BUS OPP, Kingsford, MI
Property Size2,175 SF
Lot Size0.29 Acres
Price / SF$87.31
Days on Market5
Property Features for 393 Woodward Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Kingsford (22008)
Standard status
Active
Size
2,175 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3346
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
commercial kitchen
large storefront windows
Building Details
Year built
1947
Listing Agency:
STEPHENS REAL ESTATE
(906) 774-8570
Listed By:
CRAIG RECLA · License #UPAR
(906) 396-7112
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 21 at 12:06AM
MLS# 50218960
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.
This 2,175-square-foot storefront property was built in 1947 and has undergone major renovations in recent years. The interior includes a commercial kitchen with major appliances conveyed with the sale, along with large storefront windows that bring in natural light and provide space for product displays or customer entry. Forced-air heating and central air conditioning support year-round operation.
The property occupies 0.29 acres at 393 Woodward Avenue in Kingsford, Michigan, on a well-traveled street. Public water serves the building. Its existing retail-oriented frontage and kitchen infrastructure support continued commercial use without relying on a ground-up buildout.
The property occupies 0.29 acres at 393 Woodward Avenue in Kingsford, Michigan, on a well-traveled street. Public water serves the building. Its existing retail-oriented frontage and kitchen infrastructure support continued commercial use without relying on a ground-up buildout.
Key Highlights
- 2,175‑square‑foot storefront building on 0.29 acres
- Major renovations completed in recent years
- Commercial kitchen with major appliances included in the sale
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
$10,776
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
5.67%
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%
$215,520
$215.5K
Cap Rate 7%
$153,943
$153.9K
Cap Rate 9%
$119,733
$119.7K
Market Conditions
NOI Build-Up for 2,175 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
$16.0K $7.35/SF
− Vacancy
−$591 −$0.27/SF
EGI
$15.4K $7.08/SF
− OpEx
−$4.6K −$2.12/SF
NOI
$10.8K $4.95/SF
Area
Dickinson County, MI
Vacancy
3.70%
Lease Rate
$7.35 /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%
$215,520
Cap Rate 7%
$153,943
Cap Rate 9%
$119,733
Alternative Uses
Best Use
Specialty Retail
$345.6K
$302.4K – $403.2K
NOI $24,191 @ 7.0% cap · market cap 12.74%
Second Best
Retail
$280.3K
$245.3K – $327.0K
NOI $19,622 @ 7.0% cap · market cap 10.33%
Theoretical Best
Office A
$419.3K
$366.9K – $489.2K
NOI $29,353 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
31k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 31%
Home Improvements & Furnishings 12%
Groceries 3%
Kwik Trip
Shops & Services
9,119 visits/mo
0.2 miles
Burger King
Dining
5,640 visits/mo
0.3 miles
Family Dollar
Shops & Services
5,076 visits/mo
0.4 miles
SUBWAY
Dining
3,996 visits/mo
0.3 miles
Kingsford Ace
Home Improvements & Furnishings
3,816 visits/mo
0.3 miles
Demographics for 49802, MI
6,197
Population
2,768
Households
2.2
Avg Household Size
46
Median Age
26%
College-Educated
96%
High-School Grad
7.9 sq mi
ZIP Area
784
Density / Sq Mi
$61,067
Median Household Income
$37,633
Median Earnings
$861
Median Rent
$109,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - Updated retail building with customer-facing windows, restaurant infrastructure, and included commercial cooking equipment.
Where is this storefront property located?
The property is located at 393 Woodward Avenue Kingsford, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 2,175‑square‑foot storefront building on 0.29 acres; Major renovations completed in recent years; Commercial kitchen with major appliances included in the sale
