Add Listing
    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

    623 N State St Alma, MI 48801

    View on Map
    Sponsored
    For Sale
    $435,000

    COMMERCIAL - Alma, MI

    Property size:
    4,766 SF
    Lot size:
    0.88 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 28 at 5:06 am

    Property Features for 623 N State St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2
    Bathrooms
    2
    APN
    51-344-753-00
    Size
    4,766 SF
    Lot size
    0.88 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air

    Building Details

    Year built
    1910
    Number of units
    20
    Building materials
    Wood Siding

    We can help!

    Listing Contact
    Scott L DeMeyer

    616 Realty LLC

    Listing agent Scott L DeMeyer

    Listing date Mar 28, 2026

    MLS# 26010784

    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.

    Learn more

    Property Insight Report

    Overview

    Victorian Home Near Downtown Alma

    This large Victorian home in Alma features many modern updates. With over 6000 total square footage, the property awaits finishing touches. It is located just a couple of blocks from downtown Alma. Updates include a new roof, updated HVAC with central heating and air, including mini-splits, updated painting, expanded concrete parking, and a large 2nd story back deck with added concrete underneath. New windows, including new skylights, have been added to the large attic space bonus area. The total square footage includes a walkout basement with potential to finish, and a carriage house 2-car garage with an unfinished loft. The home's backyard leads directly to Wright Park. The property is zoned to allow a Bed & Breakfast as a special use with approval, but it is not currently approved. Multi-Units are not allowed, but there is a process of conditional rezoning for approval.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    Studio 851 Pet Spa & Grooming L.L.C., Hampton Park

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.662153
    Latitude
    43.38245

    Nearby Similar for Sale

    • New
      $195,000
      13,266 SF

      Downtown Alma Office Building

      13,000+ sq ft building with tenants and vacant suites.
      217 N State 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
    • $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
    • $549,900
      22,218 SF

      Downtown Alma Office Building

      Class A office building with parking in downtown Alma.
      311 Woodworth Ave, Alma, MI 48801
      View Details
    • $225,000
      2,358 SF

      Iconic Retail Store in Alma

      Long-established retail store with high visibility and drive-thru.
      316 W Superior St, Alma, MI 48801
      View Details
    • $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
    • $110,000
      6,951 SF

      Versatile Commercial Building in Alma

      6951 sq ft building suitable for retail, warehouse, or manufacturing.
      311 Prospect St, Alma, MI 48801
      View Details
    • $159,000
      2,800 SF

      Multi-Family Property Near Downtown Alma

      Fully rented 5-unit property in the heart of Alma.
      426 N State St, Alma, MI 48801
      View Details
    • $165,000
      Pending

      Remodeled Duplex Near Holiday Park

      Updated duplex with modern amenities and investment potential near park.
      303 Elizabeth St, 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
    • New
      $169,900
      Pending

      Three-Unit Multifamily Property Near College

      Three-unit property near Alma College, generating rental income.
      421 Prospect Ave, Alma, MI 48801
      View Details
    • $3,300,000
      14,820 SF

      Adaptable Commercial Property in Alma

      Versatile 14,820 sqft commercial space in a high-traffic location.
      1420 Wright Ave, Alma, MI 48801
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Large updated Victorian with potential for various business opportunities.
    Where is this bed & breakfast located?
    The property is located at 623 N State St Alma, MI.
    What is the asking price?
    The asking price for this property is $435,000.
    What are key features of this property?
    This property features: - Large Victorian home with over 6000 sq ft, offering significant space and potential.; - Updated HVAC system with central heating/air and mini-splits for modern comfort.; - New roof, updated painting, and expanded concrete parking enhance the property's value and appeal.
    (616) 304-4249
    Request Owner's contact information
    623 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.
    623 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
    623 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
    Scott L DeMeyer
    Real Estate License ID: 6501427072
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!