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    316 S Bullock Street Whittemore, MI 48770

    View on Map
    For Sale
    $174,900

    Multi-Unit (2-4) - Whittemore, MI

    Property size:
    4,200 SF
    Added:
    May 30, 2024
    Days on Market:
    676
    Last Refresh:
    Apr 5 at 3:06 am

    Property Features for 316 S Bullock Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    900
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Garage
    Basement Y/N
    1
    Standard status
    Active
    Size
    4,200 SF

    Taxes and HOA fees

    Tax Annual Amount
    999

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1900
    Year renovated
    1900
    Flooring type
    Hardwood, Laminate, Linoleum
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Tom Rumble

    Listing agent Tom Rumble

    Listing office eXp Realty 39555 Orchard Hill Place, Suite 600, Novi, MI

    Listing date May 30, 2024

    MLS# 11416776 Listing URL

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

    Overview

    Historic Whittemore Inn Investment Opportunity

    The Whittemore Inn, a historic local landmark, features seven year-round occupied studio apartments. There is potential to revive its bar/restaurant, making it an attractive investment opportunity. The property has a solid structure, updated septic system, and dry basement. It is ideally situated on a main business road across from the Whittemore Race Track, offering significant visibility for retail or residential income. This versatile 4,200 square foot building is perfect for a buyer looking to establish an owner-occupied business or utilize it for rental purposes. The property is located in Whittemore, MI, and the lot size is 0 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Whittemore Inn Bar & Pub

    Suggested Use

    Restaurant Building Supply Hotel & Motel Bar & Pub Grocery & Convenience Store Food Market Electronics & Wireless Store Electrical Service Veterinary Clinic Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Whittemore
    County
    Iosco
    State
    Michigan
    Longitude
    -83.8035
    Latitude
    44.230772

    Nearby Similar for Sale

    • $179,900
      4,200 SF

      Whittemore Inn: Mixed-Use Opportunity

      Landmark property with apartments and equipped bar/restaurant in Whittemore.
      316 S Bullock Street, Whittemore, MI 48770
      View Details
    • $240,000
      3,599 SF

      Highway Retail/Commercial Space in Whittemore

      3,600 SF commercial building with high visibility and access.
      205 N Bullock Street, Whittemore, MI 48770
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Seven studio apartments with potential for bar/restaurant revival.
    Where is this multifamily property located?
    The property is located at 316 S Bullock Street Whittemore, MI.
    What is the asking price?
    The asking price for this property is $174,900.
    What are key features of this property?
    This property features: High‑visibility location on a main business road across from the Whittemore Race Track.; Seven year‑round occupied studio apartments provide immediate rental income.; Potential to revive the bar/restaurant for additional revenue streams.
    (616) 250-6751
    We can help!
    Listing Contact
    Tom Rumble
    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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