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    223 W North Street Lakeview, MI 48850

    View on Map
    For Sale
    $435,000

    COMMERCIAL - Lakeview, MI

    Property size:
    4,840 SF
    Lot size:
    2.50 Acres
    Added:
    Feb 2, 2026
    Days on Market:
    58
    Last Refresh:
    Apr 1 at 10:06 pm

    Property Features for 223 W North Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1
    Parking
    20
    Standard status
    Active
    APN
    0420800600
    Size
    4,840 SF
    Lot size
    2.50 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    363 FT N and S by 297
    TaxAnnualAmount
    1887

    Utilities

    Utilities
    Phone Available
    Heating system
    Radiant, Forced Air
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1963
    Floors in Building
    1
    Number of units
    1
    Building materials
    Aluminum Siding
    Roof type
    Rubber

    We can help!

    Listing Contact
    Marcia A Myers

    Listing agent Marcia A Myers

    Listing office Your Team Realty MI

    Listing date Feb 2, 2026

    MLS# 26004636

    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.

    Overview

    Lakeview Commercial Building with Expansion

    This commercial building presents a business opportunity in a growing commercial and industrial location. Suited for various business types or a small factory, the property features 3-phase electric power and a loading dock. A new roof was installed in recent years. There are overhead doors and ample property for expansion. The building includes a separate office area equipped with air conditioning and a forced-air furnace. Situated less than a mile from the M46 highway, the property is located in the Village of Lakeview, a community that hosts national fishing tournaments, Gus Macker events, and 4-season festivals. The location is less than an hour from major metropolitan areas. The property occupies a 2.5-acre lot and the building size is 4,840 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeview
    County
    Calhoun
    State
    Michigan
    Longitude
    -85.283967
    Latitude
    43.446461

    Nearby Similar for Sale

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      600 SF

      Versatile Mixed-Use Property on Highway

      High-visibility commercial/residential property on 0.81 acres, ideal for entrepreneurs.
      9743 W Howard City Edmore Road, Lakeview, MI 48850
      View Details
    • $175,000
      785 SF

      Lakeview Restaurant Investment Opportunity

      Turnkey restaurant property in high-traffic area with recent updates.
      9743 N Greenville Road, Lakeview, MI 48850
      View Details
    • $175,000

      Turnkey Restaurant Investment Opportunity

      Well-maintained restaurant property with recent updates in high-traffic area.
      9743 N Greenville Rd, Lakeview, MI, 48850-9191
      View Details

    FAQs

    What type of property is this?
    Industrial property - Commercial building with expansion potential in a growing village location.
    Where is this industrial property located?
    The property is located at 223 W North Street Lakeview, MI.
    What is the asking price?
    The asking price for this property is $435,000.
    What are key features of this property?
    This property features: Excellent commercial/industrial location, less than a mile from M46 highway, in a growing village.; Suitable for various businesses or a small factory, featuring 3‑phase electric, loading dock, and overhead doors.; Ample property for expansion.
    (989) 493-0643
    We can help!
    Listing Contact
    Marcia A Myers
    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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