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    Gull Lake Waterfront Commercial Space Title is generated by Realmo AI

    12173 E D Avenue, Richland, MI 49083

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    COMMERCIAL - Richland, MI

    Type:Office
    Property size:
    856 SF
    Lot size:
    0.24 Acres
    Added:
    Aug 15, 2025
    Days on Market:
    280
    Last Refresh:
    May 21 at 11:06 am

    Property Features for 12173 E D Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking features
    Driveway
    Fireplace
    1
    Standard status
    Active
    APN
    04-20-122-130
    Size
    856 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    D 20-41 SEC 20-1-9 COM AT INT WLY LI OF S LI LOT 21 RECD PLAT OF FRANKLIN BEACH WI CTR LI D AVE TH S 13DEG E ALG CTR LI SD AVE 114.78 FT TH S 79DEG45MIN E 95.67 FT TO WLY SHORE GULL LAKE FOR PL BEG TH N 79DEG45MIN W 95.67 FT TO CTR LI SD AVE TH S 13DEG E ALG CTR LI SD AVE 163.63 FT TH S 88DEG01MIN E 39.16 FT TO WLY SHORE GULL LAKE TH NLY ALG SD SHORE TO BEG *

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Well
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1970
    Number of units
    1
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    RJ T Johnson

    Listing agent RJ T Johnson

    Listing office Michigan Lifestyle Properties / Gull Lake Realty 12173 E D Avenue, Suite 200 MIchigan Lifestyle Properties, Richland, MI

    Listing date Aug 15, 2025

    MLS# 25041610

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront location on Gull Lake with lakefront patio access.
    • Flexible open floor plan suitable for office or retail use (past uses include restaurant, office/retail, and real estate brokerage).
    • Conveniently located near Gull Lake Marina, restaurants, M‑89 Hwy, Richland, Battle Creek, and Kalamazoo.
    • Includes two private offices, a larger work area, kitchenette, and private restrooms.
    • Central air conditioning and forced air heating.
    • Utilities such as cable are available.

    Overview

    Located at Franklin Beach on Gull Lake, this commercial space is suitable for office or retail use. The property is positioned near the Gull Lake Marina and Bay of Gull Lake restaurants, with convenient access to M-89 Hwy, Richland, Battle Creek, and Kalamazoo. This waterfront location features an open floor plan that includes two offices, a larger work area, a kitchenette, and private restrooms. The lease provides access to the lakefront patio area. The property, with a size of 856 square feet and situated on a 0.24-acre lot, has previously been used as a restaurant, office space/retail location, and real estate brokerage. The adjoining business is the Harbor Hair Loft.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Studio III Hair ... Hair Salon United Country Lake ... Real Estate Agency Gull Lake Realty Real Estate Agency Will Howson - Realtor ... Real Estate Agency Amy Wilke Realtor- ... Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Hotel & Motel Auto Parts Store Bar & Pub Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richland
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.393296
    Latitude
    42.373177

    FAQs

    What type of property is this?
    Office units - Office or retail space available at Franklin Beach, Gull Lake.
    Where is this office units located?
    The property is located at 12173 E D Avenue Richland, MI.
    What are key features of this property?
    This property features: Waterfront location on Gull Lake with **lakefront patio access.**; Flexible open floor plan suitable for office or retail use (past uses include restaurant, office/retail, and real estate brokerage).; Conveniently located near Gull Lake Marina, restaurants, M‑89 Hwy, Richland, Battle Creek, and Kalamazoo.
    (269) 720-1345
    We can help!
    Listing Contact
    RJ T Johnson
    Learn More
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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
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