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    Live-Work Retail Building Title is generated by Realmo AI

    10973 Gratiot Street, Casco, MI 48064

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    Claim this Listing
    For Sale
    $295,000

    COMMERCIAL - Casco, MI

    Property size:
    2,600 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $113/SF
    Added:
    Aug 4, 2020
    Days on Market:
    2131
    Last Refresh:
    Jun 4 at 5:06 am

    Property Features for 10973 Gratiot Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    12-006-4017-000
    Size
    2,600 SF
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2490

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1955
    Roof type
    Asphalt, Shingle

    We can help!

    Listing Contact
    Kevin Malinowski
    Kevin Malinowski

    Listing agent Kevin Malinowski License #6501371117

    Listing office KW Platinum 31525 23 Mile Rd., Chesterfield, MI

    Listing date Aug 4, 2020

    MLS# 50019496

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Real estate only; liquor license sold separately or can be included as part of a packaged deal for additional cost
    • Live upstairs and run your business below, with parking provided in a parking lot
    • Heating: forced air; cooling: central air
    • Year built: 1955
    • Roof: shingle/asphalt; water source: public

    Overview

    This for-sale live-work property includes business space on the ground level and living space upstairs, giving one owner the option to operate below and reside above. The building is expected to need updates and minor repairs, and it is being offered as real estate only. A liquor license is noted as sold separately, or it may be included as part of a package for an additional cost.

    The property is located near multiple shopping options, with traffic described as coming from all directions. It sits on a 0.22-acre lot and has an overall size of 2,600 square feet.

    For tenants, buyers, or owner-operators seeking a combined commercial and residential layout, the existing live-above configuration supports flexible use. Because the seller indicates the building will require updates and minor repairs, prospective buyers should plan for light renovation and capital improvements as part of their timeline and budget.
    Property Profile Location Intelligence

    Current Use by Public Records

    Live-work space

    Map

    City
    Casco
    County
    St. Clair
    State
    Michigan
    Longitude
    -82.733276
    Latitude
    42.798

    FAQs

    What type of property is this?
    Live-work space - Run a business on the street level with living space upstairs in this retail-focused property near shopping.
    Where is this live-work space located?
    The property is located at 10973 Gratiot Street Casco, MI.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: Real estate only; liquor license sold separately or can be included as part of a packaged deal for additional cost; Live upstairs and run your business below, with parking provided in a parking lot; Heating: forced air; cooling: central air
    (810) 338-3532
    We can help!
    Listing Contact
    Kevin Malinowski
    Kevin Malinowski
    Real Estate License ID: 6501371117
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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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