Storefront Building with Snowmobile Trail
For Sale
$650,000
6420 & 6406 E Gill Road, Carp Lake, MI 49718
Commercial/Industrial, Carp Lake, MI
Property Size2,400 SF
Price / SF$270.83
Days on Market132
Property Features for 6420 & 6406 E Gill Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
EC B-2
Elementary school district
Pellston
Middle school district
Pellston
High school district
Pellston
Directions
US 31 North to Carp Lake. Turn left at the blinking light. Property will be on the left.
Subdivision
Carp Lake
Standard status
Active
APN
03-06-15-200-002 & 039
Size
2,400 SF
Taxes and HOA fees
Tax Description
COM 33 FT S & 55 FT E OF NW COR OF NE 1/4, S 120 FT, E 56 FT TO W LN OF RR, TH NE'LY ALG SD RR 141 F
Legal Description
COM 33 FT S & 55 FT E OF NW COR OF NE 1/4, S 120 FT, E 56 FT TO W LN OF RR, TH NE'LY ALG SD RR 141 F
Utilities
Heating system
Electric (Heating), Natural Gas, Wood, Baseboard
Water source
Well
Amenities
direct access to snowmobile trail
mini-split
Building Details
Year built
2021
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate - HS
(231) 526-9800
Listed By:
Erin DeFrain
(231) 420-1394
Added: Apr 12
Changed: Aug 19
Last Checked: Aug 21 at 1:06PM
MLS# 478973
Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale retail package includes a well-known Carp Lake General Store storefront building totaling approximately 2,400 SF. The wood-frame building is designed for efficient retail use and features a shingle roof, with heating options including wood, electric (heating), baseboard, and natural gas. Water service is provided by a well. The property is zoned EC B-2, supporting a variety of commercial and mixed-use opportunities.
The offering also includes an adjacent parcel with a recently renovated rental cabin. The cabin is described as fully equipped for 1–2 occupants and includes a mini-split and essential amenities, along with a historic barn. The store building has excellent highway visibility and direct access to the snowmobile trail.
The sale is for real estate only; the existing business, liquor license, equipment, and inventory are owned separately and are available for purchase separately. The property is offered as a package, and the adjacent parcel will not be sold on its own, though the store building may be purchased separately.
The offering also includes an adjacent parcel with a recently renovated rental cabin. The cabin is described as fully equipped for 1–2 occupants and includes a mini-split and essential amenities, along with a historic barn. The store building has excellent highway visibility and direct access to the snowmobile trail.
The sale is for real estate only; the existing business, liquor license, equipment, and inventory are owned separately and are available for purchase separately. The property is offered as a package, and the adjacent parcel will not be sold on its own, though the store building may be purchased separately.
Key Highlights
- Approximately 2,400 SF Carp Lake General Store storefront building designed for retail use
- Zoned EC B‑2 with highway visibility and direct access to the snowmobile trail
- Wood‑frame construction with shingle roof; heating includes wood, electric baseboard, and natural gas
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
$24,914
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
3.83%
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%
$498,280
$498.3K
Cap Rate 7%
$355,914
$355.9K
Cap Rate 9%
$276,822
$276.8K
Market Conditions
NOI Build-Up for 2,400 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
$37.2K $15.48/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$35.6K $14.83/SF
− OpEx
−$10.7K −$4.45/SF
NOI
$24.9K $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%
$498,280
Cap Rate 7%
$355,914
Cap Rate 9%
$276,822
Alternative Uses
Best Use
Retail
$355.9K
$311.4K – $415.2K
NOI $24,914 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$543.1K
$475.3K – $633.7K
NOI $38,020 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49718, MI
691
Population
688
Households
1
Avg Household Size
55
Median Age
24%
College-Educated
90%
High-School Grad
44.2 sq mi
ZIP Area
16
Density / Sq Mi
$44,712
Median Household Income
$23,162
Median Earnings
$950
Median Rent
$183,500
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.
Frequently Asked Questions
What type of property is this?
Storefront property - Zoned EC B-2, this wood-frame storefront building includes direct snowmobile trail access and a separately usable adjacent rental cabin parcel.
Where is this storefront property located?
The property is located at 6420 & 6406 E Gill Road Carp Lake, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Approximately 2,400 SF Carp Lake General Store storefront building designed for retail use; Zoned EC B‑2 with highway visibility and direct access to the snowmobile trail; Wood‑frame construction with shingle roof; heating includes wood, electric baseboard, and natural gas
