Multi-Tenant Retail and Office
For Sale
Contact for pricing
72 E Stephenson Avenue, Gwinn, MI 49841
Multi-space building on a busy business corridor, suited for retail or office use with tenants already in place.
Property Size1,288 SF
Price / SF$201.86
Days on Market67
Property Features for 72 E Stephenson Avenue
General Information
Standard status
Active
Size
1,288 SF
Total Parking Spaces
15
Property subtype
Retail
Zoning
Mixed Use
Investment Type
Value Add
Additional Details
Business Included
Yes
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX 1st Realty
(906) 225-1136
Listed By:
Dave Mingay · License #6505420592
Source:
Crexi
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 9 at 12:46PM
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 RE/MAX 1st Realty
Investment Insights
Based on property information with market context.
This versatile commercial building is configured as multiple rental spaces that can be leased individually or combined, supporting a range of office, retail, and service-based uses. The property includes space currently occupied by independent tenants. The sale does not include the current business name “Knight’s Pawn,” its products/supplies, or personal property.
The building is situated on a highly-trafficked business corridor with visibility and accessibility designed for customer-facing activity. It is located at 72 E Stephenson Avenue in Gwinn, Michigan.
For buyers, the property can serve either as an investment or an owner-occupant opportunity. While the current tenants are occupying the spaces, there are no active leases in place for them, meaning any future occupancy will be established by the new owner. The flexible layout and multi-space setup make the building practical for users who want to tailor space to their needs, whether operating a single business in the full building or staging tenants across multiple units.
The building is situated on a highly-trafficked business corridor with visibility and accessibility designed for customer-facing activity. It is located at 72 E Stephenson Avenue in Gwinn, Michigan.
For buyers, the property can serve either as an investment or an owner-occupant opportunity. While the current tenants are occupying the spaces, there are no active leases in place for them, meaning any future occupancy will be established by the new owner. The flexible layout and multi-space setup make the building practical for users who want to tailor space to their needs, whether operating a single business in the full building or staging tenants across multiple units.
Key Highlights
- Multi‑space commercial building with multiple rental spaces occupied by independent tenants
- Tenants occupy the spaces, and there are no active leases in place for the existing tenants
- Spaces can be leased individually or combined to fit different office, retail, or service needs
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
$15,807
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
6.08%
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%
$316,140
$316.1K
Cap Rate 7%
$225,814
$225.8K
Cap Rate 9%
$175,633
$175.6K
Market Conditions
NOI Build-Up for 1,288 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
$23.2K $18.00/SF
− Vacancy
−$603 −$0.47/SF
EGI
$22.6K $17.53/SF
− OpEx
−$6.8K −$5.26/SF
NOI
$15.8K $12.27/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$316,140
Cap Rate 7%
$225,814
Cap Rate 9%
$175,633
Alternative Uses
Best Use
Retail
$225.8K
$197.6K – $263.5K
NOI $15,807 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$379.3K
$331.9K – $442.6K
NOI $26,553 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49841, MI
7,193
Population
3,847
Households
1.9
Avg Household Size
41
Median Age
24%
College-Educated
96%
High-School Grad
227.6 sq mi
ZIP Area
32
Density / Sq Mi
$61,337
Median Household Income
$34,437
Median Earnings
$731
Median Rent
$150,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Gwinn Floral & Gifts — 21 E Stephenson Ave #9148, Gwinn, MI 49841
Frequently Asked Questions
What type of property is this?
Storefront property - Multi-space building on a busy business corridor, suited for retail or office use with tenants already in place.
Where is this storefront property located?
The property is located at 72 E Stephenson Avenue Gwinn, MI.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Multi‑space commercial building with multiple rental spaces occupied by independent tenants; Tenants occupy the spaces, and there are no active leases in place for the existing tenants; Spaces can be leased individually or combined to fit different office, retail, or service needs
