Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Commercial Land in Morenci, MI Title is generated by Realmo AI

    328 Main, Morenci, MI 49256

    View on Map
    Claim this Listing
    Picture of Commercial land at 328 Main, Morenci, MI
    For Sale
    Contact for pricing

    Vacant Land - Morenci, MI

    Lot size:
    2.35 Acres
    Added:
    Dec 11, 2019
    Days on Market:
    2353
    Last Refresh:
    May 21 at 8:06 am

    Property Features for 328 Main

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    XM0-305-0351-00
    Lot size
    2.35 Acres

    Taxes and HOA fees

    Tax Year
    2019
    Tax Annual Amount
    17715

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Joseph Wagley
    Joseph Wagley

    Listing agent Joseph Wagley License #6502349116 & 6502366651

    Listing office The Wagley Group 121 N. MAIN ST., Adrian, MI

    Listing date Dec 11, 2019

    MLS# 50001801 Listing URL

    Copyright © 2026 Lenawee County Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Great lot on main street.
    • Located in Morenci.
    • Ready for construction.
    • Suitable for a business.
    • Ideal for building.
    • Perfect for your business.

    Overview

    This vacant commercial land is located on Main Street in Morenci, Michigan. The lot size is 2.35 acres. The property is zoned for commercial use, making it suitable for constructing a building for business purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Pharmacy Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Morenci
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.21118
    Latitude
    41.718685

    Nearby Similar for Sale

    • $114,900
      2,553 SF

      Downtown Office Space For Sale

      2500+ Sq Ft office in Morenci's Downtown District.
      113 W Main Street, Morenci City, MI 49256
      View Details
    • $99,900
      4,230 SF

      Commercial/Industrial Property in Morenci, MI

      Versatile 4,230 SF commercial/industrial property in Morenci, Michigan.
      127 North, Morenci, MI 49256
      View Details
    • $79,900
      854 SF

      Charming Brick Building in Morenci

      Charming brick building with endless potential near downtown Morenci.
      205 North Street, Morenci City, MI 49256
      View Details
    • $79,900
      8,580 SF

      Historic Mixed-Use Building For Sale

      Three-story building suitable for retail, office, or other business.
      244 W Main St, Morenci, MI 49256
      View Details
    • Contact for pricing
      45,000 SF

      Morenci Industrial/Business Park Opportunity

      Industrial/Business park with approved expansion in Morenci, Michigan.
      300 Hammontree Dr., Morenci, MI 49256
      View Details
    • $2,750,000
      27,000 SF

      Cannabis Cultivating & Processing Facility

      Two-tenant, free-standing cannabis facility with new 10-year leases.
      520 Hammontree Dr, Morenci, MI 49256
      View Details
    • $1,275,000

      Morenci Cannabis Business Zone Land

      Land in established cannabis business zone near Ohio border.
      300 Hammontree Dr, Morenci, MI 49256
      View Details

    FAQs

    What type of property is this?
    Commercial land - Vacant commercial land available on Main Street in Morenci.
    Where is this commercial land located?
    The property is located at 328 Main Morenci, MI.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Great lot on main street.; Located in Morenci.; Ready for construction.
    (517) 403-6767
    We can help!
    Listing Contact
    Joseph Wagley
    Joseph Wagley
    Real Estate License ID: 6502349116 & 6502366651
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    328 Main, Morenci, MI 49256
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!