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    Foundation Realty

    3282 N Adrian Hwy, Adrian, MI 49221
    (517) 266-8888
    Web Site
    Size: 10+ agents

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    Property Types

    • Land
    • Commercial Sale
    • Residential Multi Family

    Listings

    For Sale (25)

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    Tecumseh Vacant Land Parcel
    $65,000
    4.00 Acres

    Tecumseh Vacant Land Parcel

    Four-acre wooded parcel near Tecumseh, suitable for building or recreation.

    6000 Occidental Rd, Tecumseh, MI 49286
    View details
    Cleared Corner Lot Near Water
    $100,000
    1.00 Acre

    Cleared Corner Lot Near Water

    One-acre vacant land ready for construction near Devils Lake.

    7841 Devils Lake Hwy, Manitou Beach, MI 49253
    View details
    Commercial Land in Adrian, MI
    $192,500
    1.03 Acres

    Commercial Land in Adrian, MI

    Commercial land with updates on 1+ acre in Adrian.

    1105 E Beecher St, Adrian, MI 49221
    View details
    Lakefront Vacant Land Ready to Build
    $284,900
    0.14 Acres

    Lakefront Vacant Land Ready to Build

    Vacant lakefront lot in Manitou Beach, cleared and ready to build.

    1930 Geneva Hwy, Manitou Beach, MI 49253
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    Sprawling Vacant Land in Adrian
    $99,900
    6.14 Acres

    Sprawling Vacant Land in Adrian

    6.14 acres of vacant land ready for farming.

    2000 Blk Sutton, Adrian, MI 49221
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    6.1 Acres Vacant Land
    $99,900
    6.16 Acres

    6.1 Acres Vacant Land

    Vacant 6.1 acre lot in Raisin Township, Adrian, MI.

    2600 Blk Sutton, Adrian, MI 49221
    View details
    Versatile Property with Business Potential
    $895,000
    2,740 SF

    Versatile Property with Business Potential

    Unique property combining business, leisure, and residential living.

    8720 Sharon Hollow Ct, Manchester, MI 48158
    View details
    49 Acres Tillable Land
    $515,000
    49.00 Acres

    49 Acres Tillable Land

    49 acres of tillable land ready for spring planting.

    2000 W Bailey Dr, Adrian, MI 49221
    View details
    Adrian Multi-Family Investment Opportunity
    $139,900
    1,780 SF

    Adrian Multi-Family Investment Opportunity

    Three-unit property in Adrian, MI, generating $2,250 monthly income.

    632 Division St, Adrian, MI 49221
    View details
    Hillsdale Vacant Land Opportunity
    Contact for pricing
    2.52 Acres

    Hillsdale Vacant Land Opportunity

    2.52-acre parcel with 12 lots in a wooded setting.

    4260 Lake Wilson Rd S, Hillsdale, MI 49242
    View details
    Residential Land in Adrian Township
    $33,900
    1.26 Acres

    Residential Land in Adrian Township

    1.26 acre building site near Clubview Estates.

    Lot A Windcrest, Adrian, MI 49221
    View details
    Residential Land in Adrian Township
    $33,900
    1.64 Acres

    Residential Land in Adrian Township

    Spacious 1.64-acre building lot near Country Club Estates.

    Lot B Windcrest, Adrian, MI 49221
    View details
    Residential Land in Adrian, MI
    $45,000
    0.85 Acres

    Residential Land in Adrian, MI

    Nearly 1 acre residential lot with potential for division.

    614 Oakwood Ave, Adrian, MI 49221
    View details
    Spacious Commercial Property on US-223
    $1,200,000
    29,496 SF

    Spacious Commercial Property on US-223

    Nearly 30,000 sq ft commercial space on almost three acres.

    3818 E Us Highway 223, Adrian, MI 49221
    View details
    Residential Land in Adrian Township
    $39,900
    1.82 Acres

    Residential Land in Adrian Township

    Expansive 1.82-acre lot ready for new construction near Adrian.

    3000 Country Club Rd, Adrian, MI 49221
    View details
    Sprawling Vacant Land in Adrian
    $99,900
    5.55 Acres

    Sprawling Vacant Land in Adrian

    5.55 acre vacant parcel ready for your farmstead dreams.

    3811 Torin Ln, Adrian, MI 49221
    View details
    Onsted Canal Front Vacant Land
    $72,000
    4.77 Acres

    Onsted Canal Front Vacant Land

    4.77 acre canal front property in Onsted school district.

    10000 M 50, Onsted, MI 49265
    View details
    30 Acres Industrial Land Adrian
    $1,500,000
    30.00 Acres

    30 Acres Industrial Land Adrian

    30 acres of I-2 zoned industrial land with rail access.

    1851 W Beecher St, Adrian, MI 49221
    View details
    Manitou Beach Vacant Land
    $1,250,000
    8.79 Acres

    Manitou Beach Vacant Land

    Approximately 9 acres of land with Devil's Lake frontage.

    6000 Devils Lake Hwy, Manitou Beach, MI 49253
    View details
    40 Acres Vacant Land
    $375,000
    40.00 Acres

    40 Acres Vacant Land

    Two parcels of land totaling 40 acres in Onsted, MI.

    10000 Stephenson Rd, Onsted, MI 49265
    View details
    Adrian Industrial Building - $129,900
    $129,900
    5,940 SF

    Adrian Industrial Building - $129,900

    Spacious industrial building, ideal for various uses. 0.61-acre lot.

    401 Tecumseh St, Adrian, MI 49221
    View details
    Mixed-Use Building with Retail Space
    $265,000

    Mixed-Use Building with Retail Space

    Well-maintained mixed-use building with residential and retail units.

    114 E Maumee St, Adrian, MI 49221
    View details
    Adrian Multi-Family Investment Opportunity
    $139,900

    Adrian Multi-Family Investment Opportunity

    Three-unit property in Adrian generating $2,250 monthly income.

    632 Division St, Adrian, MI 49221
    View details
    49 Acres Tillable Land
    $515,000

    49 Acres Tillable Land

    Tillable 49-acre land parcel ready for spring planting.

    2000 W Bailey Hwy, Adrian, MI 49221
    View details
    Devil's Lake Waterfront Land
    $1,250,000

    Devil's Lake Waterfront Land

    9-acre waterfront land with development potential.

    6000 Devils Lake Hwy, Manitou Beach, MI 49253
    View details

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    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
    Foundation Realty
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