Two-Room Office Building Corner
For Sale
$395,000
56638 Calumet Avenue, Calumet, MI 49913
Office building on a corner lot with three entrances, parking access from two roads, and two main rooms with shared amenities.
Property Size1,332 SF
Price / SF$296.55
Days on Market289
Property Features for 56638 Calumet Avenue
General Information
Standard status
Active
Size
1,332 SF
Taxes and HOA fees
Annual Taxes
$1,298
Listing Agency:
CENTURY 21 AFFILIATED
Listed By:
KRISTINE WEIDNER (JUKURI) · License #6502319714
(906) 281-1848
Source:
Exprealty
Added: Nov 21, 2025
Changed: Aug 27
Last Checked: Sep 5 at 2:30PM
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 CENTURY 21 AFFILIATED
Investment Insights
Based on property information with market context.
The property is a commercial office building originally built in 1982 with an addition completed in 2000. The interior includes two main rooms that can be used as open space or divided into separate offices, supported by a restroom, storage room, and mechanical room. There are three entrances to the building, including the front foyer. Additional space includes an attic area that provides some storage. The building has a metal roof and natural gas forced air with central air; the roof is approximately 18+/- years old and the HVAC is approximately 13+/- years old.
The site is a corner lot at a high-traffic 4-way stoplight intersection along US Highway 41 (Calumet Avenue), with frontage at the intersection of US41, 6th Street Extension and Lake Linden Avenue. The paved parking lot provides access from both US41 and Lake Linden Avenue.
The property is subject to a Michigan Department of Transportation carpool parking lot contract, with terms available for buyer review after prequalification/preapproval/proof of funds and a signed non-disclosure agreement. The parcel is also subject to a utility easement. Showings are by appointment only.
The site is a corner lot at a high-traffic 4-way stoplight intersection along US Highway 41 (Calumet Avenue), with frontage at the intersection of US41, 6th Street Extension and Lake Linden Avenue. The paved parking lot provides access from both US41 and Lake Linden Avenue.
The property is subject to a Michigan Department of Transportation carpool parking lot contract, with terms available for buyer review after prequalification/preapproval/proof of funds and a signed non-disclosure agreement. The parcel is also subject to a utility easement. Showings are by appointment only.
Key Highlights
- Commercial office building on a corner lot at the US‑41 (Calumet Avenue)/6th Street Extension/Lake Linden Avenue intersection
- Two main rooms (approx. 27x19 and 29x17) that could be configured as separate spaces or used as‑is
- Three building entrances, including a front foyer, plus one restroom, storage room, and mechanical room
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
$13,210
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
3.34%
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%
$264,200
$264.2K
Cap Rate 7%
$188,714
$188.7K
Cap Rate 9%
$146,778
$146.8K
Market Conditions
NOI Build-Up for 1,332 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
$22.7K $17.04/SF
− Vacancy
−$5.1K −$3.82/SF
EGI
$17.6K $13.22/SF
− OpEx
−$4.4K −$3.31/SF
NOI
$13.2K $9.92/SF
Area
Houghton County, MI
Vacancy
22.40%
Lease Rate
$17.04 /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%
$264,200
Cap Rate 7%
$188,714
Cap Rate 9%
$146,778
Alternative Uses
Best Use
Office B
$188.7K
$165.1K – $220.2K
NOI $13,210 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$16.47M
$14.41M – $19.21M
NOI $1,152,897 @ 7.0% cap · market cap 291.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 49913, MI
7,218
Population
3,990
Households
1.8
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
75.5 sq mi
ZIP Area
96
Density / Sq Mi
$50,469
Median Household Income
$31,667
Median Earnings
$678
Median Rent
$92,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building on a corner lot with three entrances, parking access from two roads, and two main rooms with shared amenities.
Where is this office building located?
The property is located at 56638 Calumet Avenue Calumet, MI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Commercial office building on a corner lot at the US‑41 (Calumet Avenue)/6th Street Extension/Lake Linden Avenue intersection; Two main rooms (approx. 27x19 and 29x17) that could be configured as separate spaces or used as‑is; Three building entrances, including a front foyer, plus one restroom, storage room, and mechanical room
