Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    302 Cedar St Kalkaska, MI 49646-5115
    Back to Search
    Property profile & analytics

    302 Cedar St Kalkaska, MI 49646-5115

    View on Map
    • Commercial real estate
    Off-Market
    Last Sale Jul 1, 2025
    $525,000
    Property ID
    US43-3062955
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $525,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kalkushka Lounge / Bar & Pub

    Property Details for 302 Cedar St

    Property type
    Commercial real estate
    APN
    041-727-011-00
    APU
    4172701100

    Description

    This exceptional investment opportunity presents a fully operational, licensed adult-use cannabis provisioning center and consumption lounge in Kalkaska, Michigan. Located at 302 S Cedar St, this 9,000 square foot historical brick building boasts a prime corner lot in the downtown area. The first floor, meticulously renovated to meet current standards, houses a 2,575 square foot provisioning center and a 2,770 square foot consumption lounge, both equipped with a specialized air filtration system. The property also includes a dry basement, ideal for additional storage, offering significant operational advantages. The asking price is $650,000, translating to $72.22 per square foot. A significant feature is the inclusion of existing operating licenses, making this a truly turnkey operation. The second floor, comprising 4,500 square feet of vacant space, presents a substantial opportunity for future expansion or development, allowing for increased revenue streams or alternative uses. This property offers a unique blend of established business and significant growth potential in a thriving market. The property is situated in Kalkaska County, Michigan, zip code 49646.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kalkaska
    County
    Kalkaska
    State
    Michigan
    Longitude
    -85.1779
    Latitude
    44.7321
    CBSA code
    45900
    CBSA name
    TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,629
    $0.00
    $0.00
    $319,000
    -
    $0.00
    $0.00
    $638,000

    Comparable in this City

    • Value Estimation by Request
      4.09 Acres

      506 Cedar St

      COMMERCIAL (GENERAL) • 4.09 Acres
      506 Cedar St, Kalkaska, MI 49646-9453
      View Details
    • Value Estimation by Request

      302 Dresden St

      COMMERCIAL (GENERAL)
      302 Dresden St, Kalkaska, MI 49646-8590
      View Details
    • Value Estimation by Request
      1.59 Acres

      3500 Inwood Cir

      COMMERCIAL (GENERAL) • 1.59 Acres
      3500 Inwood Cir, Kalkaska, MI 49646-8486
      View Details
    • Value Estimation by Request
      5.39 Acres

      265 Lk Vly SE Rd

      COMMERCIAL (GENERAL) • 5.39 Acres
      265 Lk Vly SE Rd, Kalkaska, MI 49646-8559
      View Details
    • Value Estimation by Request
      38.00 Acres

      2538 M 72nd E

      COMMERCIAL (GENERAL) • 38.00 Acres
      2538 M 72nd E, Kalkaska, MI 49646-9779
      View Details
    • Value Estimation by Request

      1030 M 72nd E

      COMMERCIAL (GENERAL)
      1030 M 72nd E, Kalkaska, MI 49646-9778
      View Details

    Similar Nearby for Sale

    • $2,900,000
      31,000 SF

      Kalkaska Warehouse with Office Space

      31,000+ sqft warehouse with offices in Kalkaska, Michigan.
      210 Park Dr W, Kalkaska, MI 49646
      View Details
    • $350,000
      160.00 Acres

      Kalkaska 160-Acre Recreational Land Parcel

      160 acres near town, ideal for recreation or hunting.
      00 Shady Ln, Kalkaska, MI 49646
      View Details
    • $55,000
      10.00 Acres

      Kalkaska Land Parcel For Sale

      10 acre parcel with utilities near Traverse City and Grayling.
      936 Motz Rd SW, Kalkaska, MI 49646
      View Details
    • $59,000
      2.51 Acres

      Kalkaska Vacant Land Near Lake

      Spacious 2.51-acre lot near Manistee Lake with utilities.
      5 NE Manistee Rdg Dr NE, Kalkaska, MI 49646
      View Details
    • Contact for pricing
      2.37 Acres

      Buildable Land in Blue Heron

      2.37 acre corner parcel near lakes and streams.
      31 SE Blue Heron Dr, Kalkaska, MI 49646
      View Details

    Similar Nearby for Lease

    • $2,700 /Mo
      1,645 SF

      Kalkaska Commercial Space For Lease

      Versatile 1,600 sq ft commercial space in Kalkaska, Michigan.
      786 S Cedar St, Kalkaska, MI 49646
      View Details
    • Contact for pricing

      Retail Space in Kalkaska

      Retail space for rent in a community-focused Kalkaska location.
      705 N Cedar St, Kalkaska, MI 49646
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    302 Cedar St
    Kalkaska, MI 49646-5115
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    302 Cedar St, Kalkaska, MI, 49646
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!