Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Remodeled Commercial Property in Munising Title is generated by Realmo AI

    408 Mill Street, Munising, MI 49862

    View on Map
    Claim this Listing
    For Sale
    $325,000

    COMMERCIAL - Munising, MI

    Property size:
    4,763 SF
    Lot size:
    0.02 Acres
    Price / SF:
    $68/SF
    Added:
    Dec 3, 2025
    Days on Market:
    169
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 408 Mill Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Security features
    Security Lighting
    Exterior features
    Fenced Yard, Security Lighting, Wheelchair Access, Fence Owned
    Fencing
    Fenced
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    Size
    4,763 SF
    Lot size
    0.02 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    9531

    Utilities

    Heating system
    Forced Air
    Cooling system
    Wall/Window Unit(s), Central Air
    Water source
    Public

    Building Details

    Year built
    2021
    Roof type
    Shingle

    We can help!

    Listing Contact
    JOANN CARLSON

    Listing agent JOANN CARLSON License #UPAR

    Listing office BIG C REALTY-M 1614 Sand Point Road, MUNISING, MI

    Listing date Dec 3, 2025

    MLS# 50195562

    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

    • Recently remodeled in 2021 with a 2600 sq. ft. addition, totaling 4700+ sq. ft.
    • Prime location: 3 blocks from downtown Munising, just off M‑28 on Mill St.
    • Commercial zoning allows for multiple uses.
    • Great visibility and ample parking.
    • Fiber Optic Internet available.
    • Central Air and Forced Air Heating.

    Overview

    This commercial property in Munising was recently remodeled in 2021, which included a new 2,600-square-foot addition, creating a total area of over 4,700 square feet. The property is zoned commercial, allowing for multiple uses. It is located just off M-28 on Mill St., approximately three blocks from the center of downtown Munising, offering great visibility and ample parking. The lot size is 0.02 acres.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Munising
    County
    Alger
    State
    Michigan
    Longitude
    -86.648759
    Latitude
    46.40771

    Nearby Similar for Sale

    • $399,000
      1,300 SF

      Munising Commercial Property For Sale

      High-visibility commercial property in Munising, Michigan, with restaurant and living quarters.
      209 E Superior Street, Munising, MI 49862
      View Details
    • $399,000
      4,800 SF

      Versatile Commercial Building in Munising

      Adaptable commercial building with potential for mixed-use opportunities.
      Munising, MI 49862
      View Details
    • $1,295,000

      Turnkey Motel and Cabins Business

      Commercial property with motel, cabins, and home near Munising.
      E9454 Michigan 28, Munising, MI 49862
      View Details
    • $382,102
      2,411 SF

      Highway M-28 Commercial Property

      Versatile commercial building on Highway M-28 in Munising, Michigan.
      601 West Munising Avenue, Munising, MI 49862,
      View Details
    • $374,900
      2,411 SF

      Highway M-28 Commercial Building

      2,400+ sq ft building near Lake Superior.
      601 W Munising, Munising, MI 49862
      View Details
    • $270,000
      1,890 SF

      Munising Flower Shop with Offices

      Established flower shop with leased office space for sale.
      109 Cherry, Munising, MI 49862
      View Details

    FAQs

    What type of property is this?
    Retail space - Recently remodeled commercial property with ample parking and great visibility.
    Where is this retail space located?
    The property is located at 408 Mill Street Munising, MI.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Recently remodeled in 2021 with a **2600 sq. ft. addition, totaling 4700+ sq. ft.**; **Prime location:** 3 blocks from downtown Munising, just off M‑28 on Mill St.; Commercial zoning allows for multiple uses.
    (906) 202-0465
    We can help!
    Listing Contact
    JOANN CARLSON
    Real Estate License ID: UPAR
    Learn More
    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
    408 Mill Street, Munising, MI 49862
    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!