Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Gwinn, MI Commercial Opportunity Title is generated by Realmo AI

    407 First Street, Gwinn, MI 49841

    View on Map
    Claim this Listing
    New
    For Sale
    $199,000

    COMMERCIAL - Gwinn, MI

    Property size:
    9,562 SF
    Lot size:
    1.16 Acres
    Price / SF:
    $20/SF
    Added:
    May 22, 2026
    Days on Market:
    1
    Last Refresh:
    May 22 at 2:06 pm

    Property Features for 407 First Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    9,562 SF
    Lot size
    1.16 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    1956
    Roof type
    Shingle

    We can help!

    Listing Contact
    FRED GOVERN
    FRED GOVERN

    Listing agent FRED GOVERN License #6501449926

    Listing office SELECT REALTY 2363 US41 W, Marquette, MI

    Listing date May 22, 2026

    MLS# 50208595

    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

    • Large office/retail space: 9562 sq ft
    • Ample parking with over 25 spots
    • Prime Commercial Investment Opportunity
    • Close proximity to general aviation and commercial airport
    • Located at the old K.I. Sawyer Air Force Base in Gwinn, MI
    • Priced at $199,000

    Overview

    Located in Gwinn, Marquette County, Michigan, at the old K.I. Sawyer Air Force Base, this commercial property offers a prime investment opportunity. The property features 9562 square feet of one-story office or retail space. There are over 25 parking spots available. The property is situated in close proximity to both general aviation and a commercial airport. The lot size is 1.16 acres. The property is being sold as is.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel HVAC Service Furniture & Home Goods Car Rental Facility Daycare Center Veterinary Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Gwinn
    County
    Marquette
    State
    Michigan
    Longitude
    -87.406321
    Latitude
    46.395563

    Nearby Similar for Sale

    • $399,000
      18,674 SF

      Gwinn Commercial Investment Opportunity

      18,000+ sq ft commercial property in Marquette County, Michigan.
      420 5th Street, Gwinn, MI 49841
      View Details
    • $450,000
      38,997 SF

      Former School Building on 19+ Acres

      Partially remodeled former school with multi-family potential on 19+ acres.
      530 Mitchell Street, Gwinn, MI 49841
      View Details
    • $450,000
      38,997 SF

      Former School Building on 19 Acres

      Partially remodeled former school building with immense potential on 19.38 acres.
      530 Mitchell Street, Gwinn, MI 49841
      View Details
    • $750,000
      7,263 SF

      Turnkey Hospitality Opportunity Near Airport

      Updated inn near airport with outdoor amenities and trail access.
      190 E M - 35 Highway, Gwinn, MI 49841
      View Details
    • $750,000
      7,263 SF

      Turnkey Hospitality Opportunity in Gwinn

      Updated motel near airport and trails, ready for new owner.
      190 E M - 35 Highway, Gwinn, MI 49841
      View Details
    • $169,000
      2,212 SF

      Well-Maintained Duplex in Gwinn, MI

      Side-by-side duplex with strong rental history and reliable tenants.
      637 & 639 Valkyrie Street, Gwinn, MI 49841
      View Details
    • $145,000
      3,417 SF

      Former Store in Little Lake

      Former store with highway frontage in Little Lake, Michigan.
      1673 E M-35 Highway, Gwinn, MI 49841
      View Details
    • $2,690,000
      55,200 SF

      Established Storage Facilities Investment Package

      Three storage facilities with 192 units and outdoor storage.
      115 M-553 Highway, Gwinn, MI 49841
      View Details
    • $625,000
      15,010 SF

      Spacious Commercial Building on M35

      15,000+ sq ft retail/storage on 1.1 acres in Gwinn.
      105 W M35 Highway, Gwinn, MI 49841
      View Details

    FAQs

    What type of property is this?
    Office units - 9562 sq ft office/retail space with ample parking.
    Where is this office units located?
    The property is located at 407 First Street Gwinn, MI.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Large office/retail space: 9562 sq ft; Ample parking with over 25 spots; Prime Commercial Investment Opportunity
    (906) 458-4346
    We can help!
    Listing Contact
    FRED GOVERN
    FRED GOVERN
    Real Estate License ID: 6501449926
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    407 First Street, Gwinn, MI 49841
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!