Gas Station and Car Wash
New
For Sale
$379,000
615 Palms Avenue, Ishpeming, MI 49849
COM/IND/BUS OPP, Ishpeming, MI
Property Size4,152 SF
Lot Size0.54 Acres
Price / SF$91.28
Days on Market1
Property Features for 615 Palms Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Ishpeming (52013)
Standard status
Active
Size
4,152 SF
Lot size
0.54 Acres
Utilities
Water source
Public
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
CHRISTINA GERVASI · License #6501471339
(479) 321-2482
Added: Oct 15
Last Checked: Oct 15 at 9:06PM
MLS# 50225022
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
The 0.54-acre property contains two commercial buildings totaling approximately 4,152 square feet: a former gas station and automotive service facility, plus a former car wash. An approximately 11,000-square-foot paved lot serves the site. Building condition, functionality, and suitability for a proposed use require independent evaluation.
Located at the US-41 and Palms Avenue roundabout in Ishpeming, the property has 288 feet of highway frontage. Reported traffic is 19,300 vehicles per day. Nearby national retailers and restaurant brands include Dollar General, McDonald’s, Pizza Hut, Taco Bell, Little Caesars, and Family Dollar. The site is zoned General Commercial (GC) under the City of Ishpeming Zoning Ordinance.
Five underground storage tank systems were removed in 2020, and approximately 232.5 tons of petroleum-impacted soil were excavated. Groundwater monitoring from 2020 through 2024 showed declining contaminant concentrations. The final 2024 sampling results were below referenced risk-based screening levels and site-specific vapor intrusion criteria; in September 2024, EGLE concurred with the recommendation to record an Approved Project Completion designation.
Located at the US-41 and Palms Avenue roundabout in Ishpeming, the property has 288 feet of highway frontage. Reported traffic is 19,300 vehicles per day. Nearby national retailers and restaurant brands include Dollar General, McDonald’s, Pizza Hut, Taco Bell, Little Caesars, and Family Dollar. The site is zoned General Commercial (GC) under the City of Ishpeming Zoning Ordinance.
Five underground storage tank systems were removed in 2020, and approximately 232.5 tons of petroleum-impacted soil were excavated. Groundwater monitoring from 2020 through 2024 showed declining contaminant concentrations. The final 2024 sampling results were below referenced risk-based screening levels and site-specific vapor intrusion criteria; in September 2024, EGLE concurred with the recommendation to record an Approved Project Completion designation.
Key Highlights
- Two commercial buildings totaling approximately 4,152 square feet
- 0.54‑acre site with approximately 11,000 square feet of paved lot
- 288 feet of frontage on US‑41; reported traffic is 19,300 vehicles per day
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,490
Cap Rate
6.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$469,800
$469.8K
Cap Rate 7%
$335,571
$335.6K
Cap Rate 9%
$261,000
$261.0K
Market Conditions
NOI Build-Up for 4,152 SF
Gross rent
$37.4K $9.00/SF
− Vacancy
−$3.8K −$0.92/SF
EGI
$33.6K $8.08/SF
− OpEx
−$10.1K −$2.42/SF
NOI
$23.5K $5.66/SF
Area
Marquette County, MI
Vacancy
10.20%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$469,800
Cap Rate 7%
$335,571
Cap Rate 9%
$261,000
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.
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Property Analytics
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Current Use
Lease Details
19,300 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
92
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
0.1 miles
Little Caesars Pizza
Dining
3,344 visits/mo
0.1 miles
Pizza Hut
Dining
2,187 visits/mo
0.1 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Gas station - At a US-41 roundabout, the site combines former fuel, automotive service, and car wash facilities under GC zoning.
Where is this gas station located?
The property is located at 615 Palms Avenue 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 totaling approximately 4,152 square feet; 0.54‑acre site with approximately 11,000 square feet of paved lot; 288 feet of frontage on US‑41; reported traffic is 19,300 vehicles per day
