For Sale
$349,900
6998 Us2 Hwy, Gladstone, MI 49837
1,500 sq ft commercial building on 0.29 acres.
Property Size1,500 SF
Lot Size0.29 Acres
Price / SF$233.27
Days on Market144
Property Features for 6998 Us2 Hwy
General Information
Standard status
Active
Property type
Grocery and convenience stores, Other retail properties, Showrooms, Retail properties & Spaces
Size
1,500 SF
Net Rentable
1,500 SF
Total Parking Spaces
25
Elevators
No
Lot size
0.29 Acres
Investment Type
Owner User
Building Details
Year Built
1977
Buildings
1
Stories
1
Units
1
Listed By:
Ryan Gordon
(906) 774-8570
Added: Jun 10
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Review the available facts, identify missing information and prepare questions for the agent.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,724
Cap Rate
5.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$394,480
$394.5K
Cap Rate 7%
$281,771
$281.8K
Cap Rate 9%
$219,156
$219.2K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$27.0K $18.00/SF
− Vacancy
−$702 −$0.47/SF
EGI
$26.3K $17.53/SF
− OpEx
−$6.6K −$4.38/SF
NOI
$19.7K $13.15/SF
Area
Delta County, MI
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$394,480
Cap Rate 7%
$281,771
Cap Rate 9%
$219,156
Alternative Uses
Best Use
Specialty Retail
$281.8K
$246.6K – $328.7K
NOI $19,724 @ 7.0% cap · market cap 5.64%
Second Best
Retail
$184.7K
$161.6K – $215.5K
NOI $12,931 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$293.6K
$256.9K – $342.6K
NOI $20,555 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49837, MI
10,086
Population
4,488
Households
2.2
Avg Household Size
48
Median Age
24%
College-Educated
95%
High-School Grad
69.0 sq mi
ZIP Area
146
Density / Sq Mi
$65,905
Median Household Income
$35,156
Median Earnings
$782
Median Rent
$145,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - 1,500 sq ft commercial building on 0.29 acres.
Where is this grocery and convenience store located?
The property is located at 6998 Us2 Hwy Gladstone, MI.
What is the asking price?
The asking price for this property is $349,900.
