Storefront with Large Street
For Sale
$110,000
813 Delta Avenue, Gladstone, MI 49837
COMMERCIAL - Gladstone, MI
Property Size1,480 SF
Lot Size0.09 Acres
Price / SF$74.32
Days on Market117
Property Features for 813 Delta Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Off Street
Lot features
Main Street
Subdivision
Gladstone (21015)
Standard status
Active
Size
1,480 SF
Lot size
0.09 Acres
Utilities
Heating system
Forced Air, Space Heater
Water source
Public
Amenities
original tin ceilings
walk-in safe
restroom
shed
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS NORTHERN MICHIGAN · Keller Williams Realty
(231) 947-8200
Listed By:
CRYSTAL BARR BERGLUND · License #6502388666
(906) 360-2948
Added: Apr 27
Changed: Aug 4
Last Checked: Aug 21 at 3:06AM
MLS# 50205595
Copyright © 2026 Upper Peninsula Association of Realtors. 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 commercial property at 813 Delta Avenue in Gladstone, MI includes a street-level storefront and an upstairs one-bedroom apartment. The storefront features large windows facing Delta Ave, original tin ceilings, a walk-in safe, and a restroom. The upstairs apartment is currently rented for $750 per month plus utilities.
Access to the apartment is supported by a plowed alley, providing year-round access to ample parking for the upstairs unit. A shed on site offers additional storage, and utilities are separate for each unit.
The building has been used as an antique store for many decades. Store inventory and fixtures may be purchased for an additional $10,000 if a buyer is interested.
Access to the apartment is supported by a plowed alley, providing year-round access to ample parking for the upstairs unit. A shed on site offers additional storage, and utilities are separate for each unit.
The building has been used as an antique store for many decades. Store inventory and fixtures may be purchased for an additional $10,000 if a buyer is interested.
Key Highlights
- Commercial building on busy main street in Gladstone with a storefront and large windows facing Delta Ave
- Main level features original tin ceilings, a walk‑in safe, and a restroom
- Upstairs includes a 1‑bedroom apartment currently rented for $750/month plus utilities
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
$9,084
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
8.26%
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%
$181,680
$181.7K
Cap Rate 7%
$129,771
$129.8K
Cap Rate 9%
$100,933
$100.9K
Market Conditions
NOI Build-Up for 1,480 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
$17.8K $12.00/SF
− Vacancy
−$1.2K −$0.84/SF
EGI
$16.5K $11.16/SF
− OpEx
−$7.4K −$5.02/SF
NOI
$9.1K $6.14/SF
Area
Delta County, MI
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$181,680
Cap Rate 7%
$129,771
Cap Rate 9%
$100,933
Alternative Uses
Best Use
Retail
$182.3K
$159.5K – $212.6K
NOI $12,758 @ 7.0% cap · market cap 11.60%
Second Best
Apartment 5plus
$129.8K
$113.6K – $151.4K
NOI $9,084 @ 7.0% cap · market cap 8.26%
Theoretical Best
Office A
$289.7K
$253.5K – $338.0K
NOI $20,280 @ 7.0% cap · market cap 18.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
21k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Groceries 41%
Holiday Station Store
Shops & Services
9,355 visits/mo
0.2 miles
Pat's Foods
Groceries
8,791 visits/mo
0.2 miles
Wild Bill's Tobacco
Shops & Services
1,263 visits/mo
0.1 miles
Advance Auto Parts
Shops & Services
1,016 visits/mo
0.1 miles
Iversons Home Center
Shops & Services
857 visits/mo
0.2 miles
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Storefront retail space with large windows and an upstairs one-bedroom apartment, each with separate utilities and year-round alley access.
Where is this storefront property located?
The property is located at 813 Delta Avenue Gladstone, MI.
What is the asking price?
The asking price for this property is $110,000.
What are key features of this property?
This property features: Commercial building on busy main street in Gladstone with a storefront and large windows facing Delta Ave; Main level features original tin ceilings, a walk‑in safe, and a restroom; Upstairs includes a 1‑bedroom apartment currently rented for $750/month plus utilities
