Adult Foster Care Facility with
Palmer, MI 49871 Palmer, MI 49871
New
Palmer, MI, 49871
$345,000
For Sale
$345,000
COMMERCIAL - Palmer, MI
Property Size5,200 SF
Lot Size0.25 Acres
Price / SF$66.35
Days on Market6
Property Features
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 5,200 SF
- Lot size
- 0.25 Acres
Building Details
- Year built
- 1900
Listing Agency
NextHome Superior Living
(906) 250-2874
209 Gold Street, MI
Listed by
Stephanie Jones · License #6?5?0?6?0?3?5?7?0?3,PersonLicenseNumber
(906) 362-3823
Added: Jul 16 Updated: Jul 20 at 3:59 pm Checked: Jul 21 at 4:06 am
MLS# 50186436
Copyright © 2026 NextHome, Inc. 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 licensed adult foster care home is configured for flexible living arrangements and currently operates with all inspections and licenses current. The main level features six bedrooms and two full baths, along with generous common areas, a large kitchen, and accessible entries. An upper level provides a two-bedroom, one-bath private suite, suitable for live-in management or separate residence. The finished lower level includes an additional bedroom, office, and gathering space that can support multiple configurations.
Set on a corner lot with paved access and ample parking, the property is serviced by a 24x48 heated attached garage with 220 service. Appliances and furnishings are included, supporting a straightforward handover for new ownership or management.
The overall design supports continued care use and also accommodates other multi-living or hospitality concepts, including VRBO or bed-and-breakfast potential. Inspections and licenses are described as transferable with the LLC.
Set on a corner lot with paved access and ample parking, the property is serviced by a 24x48 heated attached garage with 220 service. Appliances and furnishings are included, supporting a straightforward handover for new ownership or management.
The overall design supports continued care use and also accommodates other multi-living or hospitality concepts, including VRBO or bed-and-breakfast potential. Inspections and licenses are described as transferable with the LLC.
Key Highlights
- Licensed adult foster care home with current, transferable inspections and licenses (operating under the LLC)
- Main level offers 6 bedrooms and 2 full baths plus a large kitchen and generous common areas
- Upper level includes a 2‑bedroom, 1‑bath private suite, suitable for live‑in management or separate residence
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $93.6k | $18.00 |
| − Vacancy | −$51.5k | −$9.90 |
| EGI | $42.1k | $8.10 |
| − OpEx | −$22.1k | −$4.25 |
| NOI | $20.0k | $3.85 |
5,200 SF · lease $18.00/SF/yr · vacancy 55.00% · expense 52.50%
Alternative Uses
Best Use
Apartment 5plus
$697.6K
$610.4K – $813.9K
NOI $48,834 @ 7.0% cap · market cap 14.15%
Second Best
Hotel Hospitality
$285.8K
$250.1K – $333.5K
NOI $20,007 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$973.5K
$851.8K – $1.14M
NOI $68,147 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Assisted living facilities
FAQs
What type of property is this?
Assisted living facility - Licensed adult foster care home with flexible multi-living layout and transferable inspections, plus heated attached garage and ample parking.
Where is this assisted living facility located?
The property is located at Palmer, MI.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Licensed adult foster care home with current, transferable inspections and licenses (operating under the LLC); Main level offers 6 bedrooms and 2 full baths plus a large kitchen and generous common areas; Upper level includes a 2‑bedroom, 1‑bath private suite, suitable for live‑in management or separate residence
