Mixed-Use Property with Highway
New
For Sale
$379,000
615 Palms, Ishpeming, MI 49849
Two commercial buildings contain former fuel-service and car-wash facilities; the former station requires extensive repairs.
Property Size4,152 SF
Lot Size0.54 Acres
Price / SF$91.28
Days on Market7
Property Features for 615 Palms
General Information
Standard status
Active
Size
4,152 SF
Lot size
0.54 Acres
Property subtype
Mixed Use
Zoning
GC
Property Condition
Severity
Major Repairs Needed
Evidence
Former gas station will require extensive repair work.
Site & Location
Traffic Count
19,300 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Real Estate Included
Yes
Building Details
Buildings
2
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
Listed By:
Christina Gervasi · License #6501471339
(479) 321-2482
Source:
Cbcworldwide
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 28 at 4:39AM
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 REALTORS
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The 0.54-acre property has two commercial buildings totaling approximately 4,152 square feet: a former gas station and automotive service facility, plus a former car wash. The paved lot measures approximately 11,000 square feet. The former gas station needs extensive repair work, and buyers should assess building condition and suitability for their intended use.
The site sits at the US-41 and Palms Avenue roundabout, with 288 feet of highway frontage and reported daily traffic of 19,300 vehicles. Nearby national retailers and restaurant brands include Dollar General, McDonald's, Pizza Hut, Taco Bell, Little Caesars, and Family Dollar. The property is zoned General Commercial (GC) under the City of Ishpeming Zoning Ordinance. Five underground storage tank systems were removed in 2020, followed by soil excavation and groundwater monitoring through 2024; EGLE concurred with a recommendation to record an Approved Project Completion designation.
The site sits at the US-41 and Palms Avenue roundabout, with 288 feet of highway frontage and reported daily traffic of 19,300 vehicles. Nearby national retailers and restaurant brands include Dollar General, McDonald's, Pizza Hut, Taco Bell, Little Caesars, and Family Dollar. The property is zoned General Commercial (GC) under the City of Ishpeming Zoning Ordinance. Five underground storage tank systems were removed in 2020, followed by soil excavation and groundwater monitoring through 2024; EGLE concurred with a recommendation to record an Approved Project Completion designation.
Key Highlights
- Two commercial buildings total approximately 4,152 square feet
- 0.54‑acre site with approximately 11,000 square feet of paved lot area
- 288 feet of frontage on US‑41; reported traffic is 19,300 vehicles per day
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,403
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$548,060
$548.1K
Cap Rate 7%
$391,471
$391.5K
Cap Rate 9%
$304,478
$304.5K
Market Conditions
NOI Build-Up for 4,152 SF
Gross rent
$49.8K $12.00/SF
− Vacancy
−$6.0K −$1.44/SF
EGI
$43.8K $10.56/SF
− OpEx
−$16.4K −$3.96/SF
NOI
$27.4K $6.60/SF
Area
Marquette County, MI
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$548,060
Cap Rate 7%
$391,471
Cap Rate 9%
$304,478
Alternative Uses
Best Use
Specialty Retail
$821.5K
$718.8K – $958.4K
NOI $57,506 @ 7.0% cap · market cap 15.17%
Second Best
Retail
$727.9K
$636.9K – $849.3K
NOI $50,955 @ 7.0% cap · market cap 13.44%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,598 @ 7.0% cap · market cap 22.59%
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
Lease Details
19,300 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 78%
Dining 22%
Holiday Station Store
Shops & Services
15,634 visits/mo
0.1 miles
Family Dollar
Shops & Services
3,433 visits/mo
0.3 miles
Little Caesars Pizza
Dining
3,344 visits/mo
0.1 miles
Pizza Hut
Dining
2,187 visits/mo
0.2 miles
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial buildings contain former fuel-service and car-wash facilities; the former station requires extensive repairs.
Where is this mixed-use property located?
The property is located at 615 Palms Ishpeming, MI.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Two commercial buildings total approximately 4,152 square feet; 0.54‑acre site with approximately 11,000 square feet of paved lot area; 288 feet of frontage on US‑41; reported traffic is 19,300 vehicles per day
