Mixed-Use Retail and Office
For Sale
$289,000
732 E Cayuga St, Bellaire, MI 49615
Well-maintained two-level commercial building with finished main space and an unfinished upper level in Bellaire.
Property Size2,400 SF
Price / SF$120.42
Days on Market50
Property Features for 732 E Cayuga St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Retail
Additional Details
Utilities to Site
Yes
Building Details
Building Size
2,400 SF
Stories
2
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Hans Palma
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 17
Last Checked: Aug 23 at 2:30AM
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.
Well-maintained commercial building in the Village of Bellaire offering flexible space for retail, boutique use, or a professional office. The main level provides approximately 1,200 sq. ft. of finished space suitable for showcasing products or hosting customers. An additional upper level of approximately 1,200 sq. ft. is unfinished and ready for conversion to suit a tenant’s needs, including potential for income or live-work use.
A welcoming front porch provides an inviting exterior entry, and the property sits across from Craven Park. Public utilities including village water, sewer, natural gas, electric, and cable internet are available to support modern operations.
The offering is for real estate only and includes access to both completed and unfinished areas within a single building, providing options for buyers seeking a small-scale retail or office footprint with room to expand or customize the upper level.
A welcoming front porch provides an inviting exterior entry, and the property sits across from Craven Park. Public utilities including village water, sewer, natural gas, electric, and cable internet are available to support modern operations.
The offering is for real estate only and includes access to both completed and unfinished areas within a single building, providing options for buyers seeking a small-scale retail or office footprint with room to expand or customize the upper level.
Key Highlights
- Well‑maintained two‑level commercial building in the Village of Bellaire with versatile space for retail or a professional office
- Main level offers approximately 1,200 sq. ft. of finished space for customers or product display
- Upper level is approximately 1,200 sq. ft. and unfinished, ready to customize for additional use or living space
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
8.62%
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
Antrim 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 8.62%
Second Best
Office B
$351.4K
$307.5K – $410.0K
NOI $24,599 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$427.1K
$373.7K – $498.3K
NOI $29,897 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Explore this area
Business Placement
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained two-level commercial building with finished main space and an unfinished upper level in Bellaire.
Where is this retail space located?
The property is located at 732 E Cayuga St Bellaire, MI.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Well‑maintained two‑level commercial building in the Village of Bellaire with versatile space for retail or a professional office; Main level offers approximately 1,200 sq. ft. of finished space for customers or product display; Upper level is approximately 1,200 sq. ft. and unfinished, ready to customize for additional use or living space
