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    Versatile Mixed-Use Property on M-22 Title is generated by Realmo AI

    4990 Main Street, Onekama, MI 49675

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    Claim this Listing
    For Sale
    $349,000

    COMMERCIAL - Onekama, MI

    Type:Retail
    Property size:
    3,500 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $99/SF
    Added:
    Apr 19, 2026
    Days on Market:
    41
    Last Refresh:
    May 29 at 4:06 pm

    Property Features for 4990 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1
    Interior features
    Broadband
    Standard status
    Active
    APN
    51-41-050-010-00
    Size
    3,500 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    VILLAGE OF ONEKAMA PART OF LOTS 1 + 2, COM AT SE COR LOT 1, NW'LY ALG N LI OF MAIN ST TO PT ON S LI LOT 2, 71.90 FT, TH
    Tax Annual Amount
    5560

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Well
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1930
    Floors in Building
    1
    Number of units
    3
    Building materials
    Concrete, Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Virginia M Pelton
    Virginia M Pelton

    Listing agent Virginia M Pelton License #6501323236

    Listing office CENTURY 21 Northland 466 1st Street, Manistee, MI

    Listing date Apr 19, 2026

    MLS# 26016474

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime M‑22 location in Onekama, offering high visibility and traffic.
    • Versatile mixed‑use property with commercial storefront and 3‑bedroom home.
    • Ideal for live/work setup, rental income, or business investment.
    • Proximity to both Portage Lake and Lake Michigan ('Two Lake Town').
    • Walking distance to Portage Lake Park, restaurants, and cafes.
    • Garage and workshop space for storage, hobbies, or business expansion.

    Overview

    Located in the village of Onekama, this mixed-use property offers visibility and potential. Situated in the heart of ''Two Lake Town,'' it is known for its proximity to both Portage Lake and Lake Michigan. The property features a commercial storefront with exposure to seasonal and year-round traffic along M-22. Behind the retail space is a 3-bedroom home suitable for owner occupancy, long-term rental, or short-term vacation income. A garage and additional workshop space provide flexibility for storage, hobbies, or business expansion. The property is within walking distance to Portage Lake Park, the Glenwood Restaurant, the Blue Slipper Tavern, Lake & Latte cafe, and Amigos Mexican Cafe. It is a short drive to the Historic Portage Point Inn and the public beach at Lake Michigan. The lot size is 0.16 acres and the property size is 3500 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Groomery Pet Grooming Service

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Kitchen & Bath Showroom Bar & Pub HVAC Service Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Onekama
    County
    Manistee
    State
    Michigan
    Longitude
    -86.20272
    Latitude
    44.363185

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial storefront and residential space on M-22.
    Where is this mixed-use property located?
    The property is located at 4990 Main Street Onekama, MI.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: Prime M‑22 location in Onekama, offering high visibility and traffic.; Versatile mixed‑use property with commercial storefront and 3‑bedroom home.; Ideal for live/work setup, rental income, or business investment.
    (231) 690-0852
    We can help!
    Listing Contact
    Virginia M Pelton
    Virginia M Pelton
    Real Estate License ID: 6501323236
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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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