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    1486 N M-76 Alger, MI 48610

    Sponsored
    For Sale
    $199,000

    Manufacture/Warehouse,Retail Store - Alger, MI

    Property size:
    1,934 SF
    Lot size:
    0.61 Acres
    Days on Market:
    232
    Last Refresh:
    Jan 22 at 8:06 am

    Property Features for 1486 N M-76

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Other
    Rooms
    Basement, Bathroom 1
    Bathrooms
    1
    Basement Y/N
    1
    Size
    1,934 SF
    Lot size
    0.61 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1957
    Building materials
    Block
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    YVONNE DEROSO

    Morris Richardson Real Estate (989) 345-2828 [email protected]

    Listing agent YVONNE DEROSO (989) 345-2828

    Listing date Jun 5, 2025

    MLS# 1934754 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Building on M-76

    This mixed-use building, situated in a visible location on M-76 in Alger, Michigan, offers potential for retail and manufacturing businesses. The property includes a block building of approximately 1934 square feet and a connecting machine shop of approximately 1812 square feet. The retail space features high ceilings with insulated garage door panels and overhead lighting. A steel entry door with sidelights and a 10x10 overhead door facilitate stocking larger retail items. The retail area includes a walk-through to a kitchenette and a half bath, leading to an office used for the machine shop. The machine shop is divided into two sections with 15 ft and 12 ft ceilings, respectively. It features double overhead doors (10x12) and a larger 14x14 door at the front. The building is equipped with an indoor wood furnace with a propane furnace backup and 3-phase electric. An additional 720 sq ft building is available for storage. The property, covering a good portion of the block, offers visibility and potential in the town of Alger. Note that all retail inventory and fixtures are not included in the sale and will be removed, as will the machinery in the machine shop, which is relocating to a different building. The lot size is 0.61 acres.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Alger
    County
    Arenac
    State
    Michigan
    Longitude
    -84.121398
    Latitude
    44.126548

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    FAQs

    What type of property is this?
    Retail space - Mixed-use building with retail and manufacturing potential in Alger, MI.
    Where is this retail space located?
    The property is located at 1486 N M-76 Alger, MI.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: - High-visibility location on M-76 in Alger.; - Large mixed-use building with approximately 3746 sq ft (1934 sq ft retail + 1812 sq ft machine shop).; - Machine shop features high ceilings (15 ft and 12 ft) and multiple large overhead doors (10x12, 14x14).
    (989) 387-8887
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    1486 N M-76 Alger, MI 48610
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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
    1486 N M-76 Alger, MI 48610
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    We can help!
    Listing Contact
    YVONNE DEROSO
    (989) 387-8887
    Learn more
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