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

    68385 Main St Richmond, MI 48062

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $295,000

    Iconic office building, ample parking, great location.

    Property size:
    2,050 SF

    Property Features for 68385 Main St

    General Information

    Property type
    Industrial properties
    Square Feet
    2,050 SF
    Lot Size
    17,424 SF

    Building Details

    Year Built
    1918

    We can help!

    Listing Contact
    Kenneth Minne
    Kenneth Minne

    Listing Agency: Pilot Property Group, Inc. Listing Agent: Kenneth Minne

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 2,050 square foot industrial property, situated on a 0.4-acre lot in downtown Richmond, MI, presents a unique investment opportunity. The building boasts a classic, iconic design and is meticulously maintained, featuring both beautiful landscaping and grounds. Inside, you'll find five well-appointed offices, perfect for a variety of business needs. A dedicated conference room facilitates productive meetings, while two convenient kitchenettes and two half-baths cater to employee comfort. The property also includes a separate storage building, providing additional space for inventory, equipment, or archives. Ample parking is available, with a private lot supplementing the readily available street parking. This property offers a blend of classic charm and modern functionality, making it an ideal location for a variety of businesses seeking a prominent presence in the heart of Richmond. The asking price is $295,000. The address is 68385 Main Street, Richmond, MI. Serious inquiries only.
    Location Intelligence

    Current Use by Public Records

    Industrial properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Macomb
    State
    Michigan
    Longitude
    -82.75277
    Latitude
    42.80459

    Nearby Similar for Sale

    • $550,000
      4,662 SF

      Richmond Multi-Family Investment Opportunity

      Fully occupied five-unit property near Downtown Richmond.
      70190 Main St, Richmond, MI 48062
      View Details
    • $299,000
      25.41 Acres

      Richmond Vacant Land Opportunity

      25.41-acre parcel perfect for a horse ranch or hobby farm.
      00 Angling Rd, Richmond, MI 48062
      View Details
    • $225,000
      Pending

      Four-Unit Multifamily Investment Opportunity

      Four units on Main Street in prime rental location.
      70550 Main St, Richmond, MI 48062
      View Details
    • $3,000,000
      20,000 SF

      Richmond Commercial/Industrial Opportunity

      20,000 SF commercial/industrial property on 11.6 acres in Richmond.
      67300-67500 Main St, Richmond, MI 48062
      View Details
    • $350,000
      2,500 SF

      Richmond Industrial Building - $350k

      Prime Richmond industrial space, high traffic area.
      35000 Division Rd, Richmond, MI 48062
      View Details
    • $269,999
      4,144 SF

      Richmond Industrial Building - Lease in Place

      Historic building, strong rental income, immediate return.
      68074 Main St, Richmond, MI 48062
      View Details
    • $925,999
      11,261 SF

      Downtown Richmond Meatpacking Business

      Thriving Meat Market & Retail Space
      68104 Main St, Richmond, MI 48062
      View Details
    • $1,200,000
      0.63 Acres

      Richmond Commercial Trio - Prime Location

      High-traffic Main Street, redevelopment potential.
      Main St, Richmond, MI 48062
      View Details
    • $1,200,000
      27,443 SF

      Richmond Main Street Trio

      High-traffic location, redevelopment potential
      68104-68074-680 Main, Richmond, MI 48062
      View Details

    FAQs

    What type of property is this?
    Industrial property - Iconic office building, ample parking, great location.
    Where is this industrial property located?
    The property is located at 68385 Main St Richmond, MI.
    What is the asking price?
    The asking price for this property is $295,000.
    (586) 291-5525
    Request Owner's contact information
    68385 Main St Richmond, MI 48062
    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.
    68385 Main St
    Richmond, MI 48062
    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
    68385 Main St Richmond, MI 48062
    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
    Kenneth Minne
    Kenneth Minne
    Real Estate License ID: 6506045237
    (586) 291-5525 (586) 254-0900
    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!