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    4931 N Bailey Road Coral, MI 49322

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    Claim this Listing
    Pending
    $70,000

    COMMERCIAL - Coral, MI

    Type:Office
    Property size:
    10,000 SF
    Lot size:
    1.03 Acres
    Added:
    Nov 21, 2025
    Days on Market:
    159
    Last Refresh:
    Apr 29 at 8:06 am

    Property Features for 4931 N Bailey Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    3
    Rooms
    Bathroom 2, Bathroom 3, Basement, Bathroom 1
    Standard status
    Pending
    APN
    59-013-141-001-01
    Size
    10,000 SF
    Lot size
    1.03 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    See attached doc
    Tax Annual Amount
    1000

    Utilities

    Utilities
    Phone Available
    Sewer type
    Septic Tank
    Heating system
    Radiant, Hot Water(Heating), Baseboard
    Water source
    Well

    Building Details

    Year built
    1937
    Number of units
    2
    Building materials
    Block, Concrete, Stone
    Roof type
    Metal

    We can help!

    Listing Contact
    Laura E Ensley

    Listing agent Laura E Ensley

    Listing office Ensley Real Estate 71 N Main Street, Cedar Springs, MI

    Listing date Nov 21, 2025

    MLS# 25059454

    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

    Former School Building Redevelopment Opportunity

    This historic former school building, having served the community for decades and later converted into a private residence, now sits vacant and presents an opportunity for redevelopment. The solid structure features wide hallways and generous room sizes, making it suitable for a multi-unit redevelopment. High ceilings, open layouts, and the original schoolhouse character provide a foundation for an apartment complex, senior housing, or mixed-use residential project. The property, situated on a 1.03-acre lot, offers privacy and space suitable for parking, green areas, or future expansion. The building size is approximately 10000 square feet. The property is located in Coral, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Auto Repair Shop Bar & Pub Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Coral
    County
    Montcalm
    State
    Michigan
    Longitude
    -85.403424
    Latitude
    43.36614

    Nearby Similar for Sale

    • $47,999

      Rocky Lake Waterfront Land Parcel

      0.7-acre lakefront lot on Rocky Lake in Coral, MI.
      12269 Coral Road, Coral, MI 49322
      View Details
    • $52,999

      Vacant Land in Coral

      Vacant land located on Coral Road.
      12269 Coral Road, Coral, MI 49322
      View Details

    FAQs

    What type of property is this?
    Commercial land - Historic building suitable for multi-unit redevelopment or mixed-use project.
    Where is this commercial land located?
    The property is located at 4931 N Bailey Road Coral, MI.
    What is the asking price?
    The asking price for this property is $70,000.
    What are key features of this property?
    This property features: Large Building with Redevelopment Potential: Ideal for multi‑unit housing, senior living, or mixed‑use projects.; Solid Construction and Spacious Layout: Features include wide hallways, generous room sizes, and high ceilings.; Historic Schoolhouse Character: Original architectural details provide a unique foundation for renovation.
    (616) 293-5297
    We can help!
    Listing Contact
    Laura E Ensley
    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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