Remodeled Party Store with
For Sale
$299,900
52062 Duncan Avenue, Hubbell, MI 49945
Remodeled party store with an upstairs apartment, private deck, and multiple refrigerated fixtures for daily operations.
Property Size2,259 SF
Price / SF$132.76
Days on Market243
Property Features for 52062 Duncan Avenue
General Information
Standard status
Active
Size
2,259 SF
Additional Details
Business Included
Yes
Amenities
private deck
Listing Agency:
NORTHERN MICHIGAN LAND BROKERS - H
(906) 281-3825
Listed By:
JEREMY ROWE · License #UPAR
(906) 281-3825
Source:
Exprealty
Added: Dec 12, 2025
Changed: Jul 30
Last Checked: Aug 11 at 12:35PM
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 NORTHERN MICHIGAN LAND BROKERS - H
Investment Insights
Based on property information with market context.
This remodeled party store includes a customer-facing retail setup plus living space upstairs. The current owner has remodeled the store and installed new coolers. The upstairs apartment provides living space, with additional attic space suitable for a bedroom or storage, and a private deck off the apartment.
The property is located at 52062 Duncan Avenue in Hubbell, MI, on 3 lots for plenty of parking and convenient customer access. The store also comes with a package of refrigeration and in-store equipment, including 2 stand-up freezers, a chest freezer, an ice cream display freezer, a commercial glass door refrigerator, and major appliances such as a washer, dryer, refrigerator, and dishwasher.
With approximately 2,259 SF of property size, the layout supports a retail party store operation combined with on-site living space.
The property is located at 52062 Duncan Avenue in Hubbell, MI, on 3 lots for plenty of parking and convenient customer access. The store also comes with a package of refrigeration and in-store equipment, including 2 stand-up freezers, a chest freezer, an ice cream display freezer, a commercial glass door refrigerator, and major appliances such as a washer, dryer, refrigerator, and dishwasher.
With approximately 2,259 SF of property size, the layout supports a retail party store operation combined with on-site living space.
Key Highlights
- Remodeled party store with new coolers installed
- Upstairs apartment with private deck plus attic space for a bedroom or storage
- Located on 3 lots for plenty of parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,699
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$433,980
$434.0K
Cap Rate 7%
$309,986
$310.0K
Cap Rate 9%
$241,100
$241.1K
Market Conditions
NOI Build-Up for 2,259 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$35.2K $15.60/SF
− Vacancy
−$6.3K −$2.79/SF
EGI
$28.9K $12.81/SF
− OpEx
−$7.2K −$3.20/SF
NOI
$21.7K $9.61/SF
Area
Houghton County, MI
Vacancy
17.90%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$433,980
Cap Rate 7%
$309,986
Cap Rate 9%
$241,100
Alternative Uses
Best Use
Specialty Retail
$310.0K
$271.2K – $361.7K
NOI $21,699 @ 7.0% cap · market cap 7.24%
Second Best
Retail
$287.1K
$251.2K – $335.0K
NOI $20,097 @ 7.0% cap · market cap 6.70%
Theoretical Best
Multifamily LT 5
$27.93M
$24.44M – $32.59M
NOI $1,955,250 @ 7.0% cap · market cap 651.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 49945, MI
2,650
Population
2,247
Households
1.2
Avg Household Size
51
Median Age
25%
College-Educated
92%
High-School Grad
149.0 sq mi
ZIP Area
18
Density / Sq Mi
$52,866
Median Household Income
$32,168
Median Earnings
$495
Median Rent
$142,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Remodeled party store with an upstairs apartment, private deck, and multiple refrigerated fixtures for daily operations.
Where is this grocery and convenience store located?
The property is located at 52062 Duncan Avenue Hubbell, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Remodeled party store with new coolers installed; Upstairs apartment with private deck plus attic space for a bedroom or storage; Located on 3 lots for plenty of parking
