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    254 River Street Manistee, MI 49660

    View on Map
    For Lease
    $12 SF/Yr

    COMMERCIAL - Manistee, MI

    Type:Retail
    Property size:
    15,000 SF
    Lot size:
    6.43 Acres
    Added:
    Jun 4, 2025
    Days on Market:
    302
    Last Refresh:
    Apr 1 at 6:06 pm

    Property Features for 254 River Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    51-448-702-01
    Size
    15,000 SF
    Lot size
    6.43 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    ----RENAISSANCE ZONE---- FILER & SMITHS ADD LOTS 1 THRU 12 & PART OF RESERVATION LYING N OF N LI OF ASHLAND ST & E OF E LI OF JONES ST & S'LY OF MANISTEE RIVER & W'LY OF C/L OF CROSS ST IF EXT NW'LY. BLK 2. 6.43 A*M/L ____P.ADDR: 254 RIVER ST SALE(87) 1487 0207 (96) 1640 0358 (03) 3839 0063, 3843 0619

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Water front
    1

    Building Details

    Year built
    1907
    Building materials
    Brick, Metal Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Brandon Ball
    Brandon Ball

    Listing agent Brandon Ball License #6502394941

    Listing office Dwelling Realty - KW Northern Michigan 369 River St, Manistee, MI

    Listing date Jun 4, 2025

    MLS# 25026819

    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

    Versatile Industrial Space in Manistee

    This 15,000 sq. ft. industrial space is available for lease in downtown Manistee. The property is suitable for warehouse use, retail build-out, or creative office space. Located near Manistee's riverwalk, new developments, and the growing downtown district, the property offers an opportunity to be part of the city's revitalization. Features include a clean, dry environment and a loading dock. Fork lift and driver services are available. Spaces are build to suit, and the owner will work with any tenant to bring their vision to life. The lot size is 6.43 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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
    Manistee
    County
    Manistee
    State
    Michigan
    Longitude
    -86.317237
    Latitude
    44.249734

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    FAQs

    What type of property is this?
    Warehouse - 15,000 sq ft industrial space in revitalizing downtown Manistee.
    Where is this warehouse located?
    The property is located at 254 River Street Manistee, MI.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Expansive 15,000 sq. ft. industrial space suitable for warehouse, retail, or office use.; Prime downtown Manistee location near the riverwalk, new developments, and a growing district.; Build‑to‑suit spaces with owner willing to collaborate on tenant's vision.
    (231) 690-4981
    We can help!
    Listing Contact
    Brandon Ball
    Brandon Ball
    Real Estate License ID: 6502394941
    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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