Building Details

Building Size 3,000 SF

Year Built 1967

Construction Ranch-style

Listing Agency: Coldwell Banker Schmidt Family Of Companies

Listed By: Connie Clark Show Phone

Source: Cbcworldwide

Added: Oct 24 Last Checked: Oct 24 at 3:16PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Schmidt Family Of Companies

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Investment Insights

Based on property information with market context.

This remodeled ranch-style property contains approximately 3,000 square feet on 3.5 acres, with attached garages and a finished lower level featuring an egress window. Improvements include new electrical service, furnace, insulated windows, plumbing fixtures, flooring, and interior paint. The mixed-use zoning allows for commercial and residential use, and the property is adjacent to a Munson Affiliate Medical Clinic.

The site has 246 feet of frontage along M88 / State St. A survey is available, and the property may be divided.

Key Highlights

• Approximately 3,000 square feet on 3.5 acres
• 246 ft of frontage on M88 / State St
• Mixed‑use zoning for commercial and residential use

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,450

Cap Rate

8.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$669,000 $669.0K

Cap Rate 7%

$477,857 $477.9K

Cap Rate 9%

$371,667 $371.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$64.1K $21.36/SF

− Vacancy

−$8.3K −$2.78/SF

EGI

$55.7K $18.58/SF

− OpEx

−$22.3K −$7.43/SF

NOI

$33.4K $11.15/SF

Area

Antrim County, MI

Vacancy

13.00%

Lease Rate

$21.36 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$669,000

Cap Rate 7%

$477,857

Cap Rate 9%

$371,667

Alternative Uses

Best Use

Healthcare Medical

$477.9K

$418.1K – $557.5K (±1% cap)

NOI $33,450 @ 7.0% cap · market cap 8.36%

Second Best

Office B

$439.3K

$384.4K – $512.5K (±1% cap)

NOI $30,749 @ 7.0% cap · market cap 7.69%

Theoretical Best

Office A

$533.9K

$467.1K – $622.9K (±1% cap)

NOI $37,371 @ 7.0% cap · market cap 9.35%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Pharmacy Real Estate Agency Auto Repair Shop Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

148

Businesses Nearby

Explore this area Business Placement

Demographics for 49659, MI

6,670

Population

4,586

Households

1.5

Avg Household Size

44

Median Age

18%

College-Educated

89%

High-School Grad

175.0 sq mi

ZIP Area

38

Density / Sq Mi

$59,092

Median Household Income

$33,269

Median Earnings

$792

Median Rent

$141,700

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Updated ranch-style space includes a finished lower level and new 200-amp electrical service.

Where is this mixed-use property located?

The property is located at 415 W State Street Mancelona, MI.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Approximately 3,000 square feet on 3.5 acres; 246 ft of frontage on M88 / State St; Mixed‑use zoning for commercial and residential use