Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    426 N State St Alma, MI 48801

    Sponsored
    For Sale
    $159,000

    2+ Stories,Victorian, 4 - Plex,Other - Alma, MI

    Property size:
    2,800 SF
    Lot size:
    0.18 Acres
    Days on Market:
    34
    Last Refresh:
    Jan 21 at 3:06 pm

    Property Features for 426 N State St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    Rooms
    Basement, Kitchen, Living Room
    Interior features
    None
    Basement Y/N
    1
    Appliances
    Range, Refrigerator
    Size
    2,800 SF
    Lot size
    0.18 Acres

    Building Details

    Number of units
    5
    Roof type
    Metal
    Architectural style
    Victorian

    We can help!

    Listing Contact
    Micah Kemler

    43 NORTH REALTY (989) 463-1219 [email protected]

    Listing agent Micah Kemler (989) 463-1219

    Listing date Dec 19, 2025

    MLS# 1929756 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

    Property Insight Report

    Overview

    Multi-Family Property Near Downtown Alma

    This multi-family property is located in downtown Alma. The building features vinyl siding and a metal roof. The property contains five apartments, each with one bedroom, one bathroom, a kitchen, and a living space. The gross monthly rent for the property is $2,750. The property's location provides tenants with access to shopping, dining, and local amenities. The lot size is 0.18 acres, and the property size is 2,800 square feet. The property is zoned for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.661524
    Latitude
    43.379935

    Nearby Similar for Sale

    • $3,300,000
      14,820 SF

      Versatile Retail Space in Alma

      Adaptable commercial property with drive-through, ideal for various businesses.
      1420 Wright Ave, Alma, MI 48801
      View Details
    • $140,000
      Pending

      Commercial Building with Apartments

      Commercial building with retail and two apartments in Alma, MI.
      125 E Superior St, Alma, MI 48801
      View Details
    • $475,000
      8,665 SF

      Prime Retail Space on M-46

      Expansive retail property on M-46 with high visibility.
      2324 W Monroe Rd, Alma, MI 48801
      View Details
    • $179,900
      Pending

      Three-Unit Multifamily Property Near College

      Three-unit property near Alma College generating approximately $3,000 monthly.
      421 Prospect Ave, Alma, MI 48801
      View Details
    • $499,000
      23,443 SF

      Mixed-Use Property with Income Potential

      3.45-acre mixed-use property with residential and commercial income.
      5705 N State Rd, Alma, MI 48801
      View Details
    • $499,000
      2,579 SF

      Mixed-Use Property with Income Potential

      3.45-acre mixed-use property with residential and commercial income.
      5705 N State Rd, Alma, MI 48801
      View Details
    • $100,000
      3,800 SF

      Commercial Building with Two Apartments

      Versatile commercial space with residential income potential in Alma, MI.
      1242 E Superior St, Alma, MI 48801
      View Details
    • $750,000
      7,841 SF

      Restaurant and Bar Opportunity

      Restaurant and bar with real estate and business for sale.
      205/207 E Superior St, Alma, MI 48801
      View Details
    • $99,900
      3,458 SF

      Downtown Alma Commercial Building

      Commercial building in downtown Alma with multiple potential uses.
      414 N State St, Alma, MI 48801
      View Details
    • $250,000
      6,738 SF

      Commercial Building in Alma, Michigan

      Well-maintained commercial building with paved parking and ramp access.
      504 Pine Ave, Alma, MI 48801
      View Details
    • $2,100,000
      15,480 SF

      Retail Plaza Near Major Retailer

      Prime retail plaza with high visibility and traffic.
      7342 N Alger Rd, Alma, MI 48801
      View Details
    • $200,000
      1,220 SF

      Established Bar in Alma, MI

      Turn-key bar with loyal customer base in Alma, Michigan.
      308 N State St, Alma, MI 48801
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully rented 5-unit property in the heart of Alma.
    Where is this apartment building located?
    The property is located at 426 N State St Alma, MI.
    What is the asking price?
    The asking price for this property is $159,000.
    What are key features of this property?
    This property features: - Fully rented 5-unit multi-family property generating $2,750 gross monthly income.; - Prime location in the heart of downtown Alma, close to shopping, dining, and local amenities.; - Durable, low-maintenance exterior with vinyl siding and metal roof.
    (989) 330-4037
    Request Owner's contact information
    426 N State St Alma, MI 48801
    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.
    426 N State St
    Alma, MI 48801
    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
    426 N State St Alma, MI 48801
    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

    We can help!
    Listing Contact
    Micah Kemler
    Real Estate License ID: 6502426111
    (989) 330-4037
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.