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    Gladstone Versatile Storage/Industrial Space Title is generated by Realmo AI

    406 Railway Avenue, Gladstone, MI 49837

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    Claim this Listing
    For Lease
    $2,000/Mo $9 SF/Yr (calc)

    COMMERCIAL - Gladstone, MI

    Property size:
    2,450 SF
    Added:
    Nov 5, 2025
    Days on Market:
    198
    Last Refresh:
    May 22 at 1:06 am

    Property Features for 406 Railway Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Size
    2,450 SF

    Utilities

    Heating system
    Space Heater

    Building Details

    Year built
    1986
    Roof type
    Metal

    We can help!

    Listing Contact
    JAMIE BEAVER
    JAMIE BEAVER

    Listing agent JAMIE BEAVER License #6502370675

    Listing office KEY REALTY DELTA COUNTY LLC 928 N Lincoln Road, Escanaba, MI

    Listing date Nov 5, 2025

    MLS# 50193637

    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

    • Versatile 2450 sqft open‑span layout suitable for business operations or storage.
    • Includes use of an enclosed loading dock and two overhead doors (10 ft. and 12 ft.).
    • Located in a 301 Industrial Zone, providing flexibility for multiple uses.
    • Well‑maintained metal pole building with concrete floors.
    • Power and heat maintained to 50 degrees F during winter months.
    • Lease options are negotiable.

    Overview

    This 2450 sqft space is a well-maintained metal pole building featuring concrete floors, power, and heat maintained to 50 degrees F during winter months. The large open-span layout is ideal for a variety of uses, from business operations to storage. It includes the use of an enclosed loading dock and two overhead doors (10 ft. and 12 ft.) for easy access. Located in a 301 Industrial Zone, this property provides flexibility for multiple uses. The property is located in Gladstone, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Similar Places Nearby

    • Twist Catering and Events — 824 Delta Ave, Gladstone, MI 49837

    Location Insight

    • Map
    • Local Demand
    City
    Gladstone
    County
    Delta
    State
    Michigan
    Longitude
    -87.015369
    Latitude
    45.849908

    FAQs

    What type of property is this?
    Flex space - 2450 sqft storage/industrial space with loading dock and overhead doors.
    Where is this flex space located?
    The property is located at 406 Railway Avenue Gladstone, MI.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: Versatile **2450 sqft open‑span layout** suitable for business operations or storage.; Includes use of an enclosed loading dock and **two overhead doors (10 ft. and 12 ft.)**.; Located in a 301 Industrial Zone, providing flexibility for multiple uses.
    (906) 399-9033
    We can help!
    Listing Contact
    JAMIE BEAVER
    JAMIE BEAVER
    Real Estate License ID: 6502370675
    Learn More
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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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