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    Downtown Allegan Redevelopment Opportunity Title is generated by Realmo AI

    110 106 Locust Street, Allegan, MI 49010

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    Pending
    $349,900

    COMMERCIAL - Allegan, MI

    Type:Office
    Property size:
    6,600 SF
    Added:
    Mar 2, 2026
    Days on Market:
    74
    Last Refresh:
    May 15 at 6:06 pm

    Property Features for 110 106 Locust Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1, Basement
    Interior features
    Broadband
    Standard status
    Pending
    APN
    51-205-018-00
    Size
    6,600 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    * 2 parcels Combined see documents
    Tax Annual Amount
    7497

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1880
    Number of units
    4
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Carol L Sneller
    Carol L Sneller

    Listing agent Carol L Sneller License #6502338165

    Listing office Coldwell Banker Sneller Real Estate 209 Hubbard St. Carol Sneller, Allegan, MI

    Listing date Mar 2, 2026

    MLS# 26007575

    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.

    HighLights

    • Rare downtown Allegan redevelopment opportunity with expanded project potential due to two contiguous properties.
    • Flexibility for mixed‑use redevelopment, commercial investment, or upper‑level residential conversion.
    • Located in Allegan's historic and walkable downtown district with excellent visibility.
    • Proximity to local shops, dining, and the Kalamazoo Riverfront.
    • Potential for street‑level commercial space with upper‑level residential units.
    • Larger footprint allows for expanded residential units, mixed‑use concepts, or phased improvements.

    Overview

    Located in Allegan's historic downtown district, 106 and 110 Locust Street offer a redevelopment opportunity with potential for mixed-use, commercial investment, or upper-level residential conversion. The combined properties provide visibility and proximity to local shops, dining, and the Kalamazoo Riverfront. The existing buildings support street-level commercial space with upper-level residential units, a configuration sought in small-town downtown revitalization projects. Acquiring both properties creates a larger footprint for redevelopment, allowing investors or developers to explore expanded residential units, mixed-use concepts, or phased improvements while maintaining income potential from existing commercial space. This combined offering provides an opportunity to reposition two neighboring buildings into a larger and more impactful redevelopment project. The property has a size of 6600 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bartz/Rumery Agency Inc Insurance Agency

    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
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.848972
    Latitude
    42.527896

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    FAQs

    What type of property is this?
    Mixed-use property - Two contiguous properties ideal for mixed-use redevelopment or commercial investment.
    Where is this mixed-use property located?
    The property is located at 110 106 Locust Street Allegan, MI.
    What is the asking price?
    The asking price for this property is $349,900.
    What are key features of this property?
    This property features: Rare downtown Allegan redevelopment opportunity with expanded project potential due to two contiguous properties.; Flexibility for mixed‑use redevelopment, commercial investment, or upper‑level residential conversion.; Located in Allegan's historic and walkable downtown district with excellent visibility.
    (269) 720-0580
    We can help!
    Listing Contact
    Carol L Sneller
    Carol L Sneller
    Real Estate License ID: 6502338165
    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.

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