Retail Storefront with
For Sale
$239,900
6232 River St, Alanson, MI 49706
B-1-zoned commercial space includes an office, kitchenette, storage, and rear paved parking.
Property Size1,344 SF
Price / SF$178.50
Days on Market56
Property Features for 6232 River St
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Retail
Zoning
B-1
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Amenities
private office
kitchenette
storage area
two large safes
Building Details
Building Size
1,344 SF
Buildings
1
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Heidi Kresnak
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 29
Last Checked: Aug 29 at 3:43PM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This 1,344-square-foot retail storefront offers a compact commercial layout with a private office, kitchenette, storage area, and two safes. A drive-through window is part of the existing improvements, and the building previously operated as a bank.
The property is located at 6232 River St in downtown Alanson, near local businesses, residents, and visitors. It sits just off US-31 and is within walking distance of the Crooked River. A paved parking area behind the building supports customer and staff parking. B-1 zoning and the existing configuration provide a practical setting for retail, office, café, take-out, specialty-store, or service-oriented operations.
The property is located at 6232 River St in downtown Alanson, near local businesses, residents, and visitors. It sits just off US-31 and is within walking distance of the Crooked River. A paved parking area behind the building supports customer and staff parking. B-1 zoning and the existing configuration provide a practical setting for retail, office, café, take-out, specialty-store, or service-oriented operations.
Key Highlights
- 1,344‑square‑foot storefront at 6232 River St, Alanson, MI 49706
- B‑1 zoning supports a commercial storefront setting
- Existing drive‑through window provides convenient customer access
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
$13,952
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
5.82%
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%
$279,040
$279.0K
Cap Rate 7%
$199,314
$199.3K
Cap Rate 9%
$155,022
$155.0K
Market Conditions
NOI Build-Up for 1,344 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
$20.8K $15.48/SF
− Vacancy
−$874 −$0.65/SF
EGI
$19.9K $14.83/SF
− OpEx
−$6.0K −$4.45/SF
NOI
$14.0K $10.38/SF
Area
Emmet County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$279,040
Cap Rate 7%
$199,314
Cap Rate 9%
$155,022
Alternative Uses
Best Use
Retail
$199.3K
$174.4K – $232.5K
NOI $13,952 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$304.2K
$266.1K – $354.9K
NOI $21,291 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49706, MI
5,062
Population
2,893
Households
1.7
Avg Household Size
42
Median Age
22%
College-Educated
92%
High-School Grad
58.5 sq mi
ZIP Area
87
Density / Sq Mi
$63,573
Median Household Income
$37,105
Median Earnings
$943
Median Rent
$208,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Flowers by Melissa — 7722 US-31 Unit D, Alanson, MI 49706
Frequently Asked Questions
What type of property is this?
Storefront property - B-1-zoned commercial space includes an office, kitchenette, storage, and rear paved parking.
Where is this storefront property located?
The property is located at 6232 River St Alanson, MI.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 1,344‑square‑foot storefront at 6232 River St, Alanson, MI 49706; B‑1 zoning supports a commercial storefront setting; Existing drive‑through window provides convenient customer access
