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    1184 Cleaver Rd Caro, MI 48723

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    10,647 SF multi-tenant office property in Caro, Michigan.

    Property size:
    10,647 SF
    Lot size:
    1.81 Acres

    Property Features for 1184 Cleaver Rd

    General Information

    Standard status
    Active
    Zoning
    Office
    Size
    10,647 SF
    Lot size
    1.81 Acres

    Building Details

    Year built
    1978

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    Listing Contact
    Paul Kerber
    Source: Crexi

    Listing Agency: Marcus & Millichap - Detroit Listing Agent: Paul Kerber

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

    Learn more

    Overview

    Multi-Tenant Office Property in Caro

    This 10,647 square foot, multi-tenant office property is located in Caro, Michigan. Developed in 1978, the single-story Caro Professional Center is situated northeast of the town center, providing access to major roads and nearby amenities such as lunch, retail, and hospitality services. The property is located in Tuscola County, in the eastern part of Michigan's lower peninsula. Caro serves as the county government seat, contributing to the area's economic stability, supported by administrative healthcare, medical services, and other professional companies. The property currently has two State of Michigan leases in place, anchoring the five-tenant rent roll. A 25% vacancy offers potential upside through further lease-up of available suites. The leases are structured in a gross manner, with the landlord responsible for all expenses and building maintenance. Under the same ownership since 1984, the property has been well maintained. The windows were replaced in 2005, and the roof was re-applied with a 30-year rubber membrane in 2007. Over $21,000 has been invested in the HVAC system in the last couple of years. The 1.81-acre site includes 64 parking spaces, including ADA-compliant spots, and the parking lot is re-sealed and striped every three years.
    Location Intelligence

    Current Use by Public Records

    Hofmeister Law Office Law Firm Julia Barrons Physician Kirsten Roberts Physician Krista Heckert Physician Elite Psychiatric Services Physician

    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
    Caro
    County
    Tuscola
    State
    Michigan
    Longitude
    -83.387572
    Latitude
    43.500888

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    FAQs

    What type of property is this?
    Office building - 10,647 SF multi-tenant office property in Caro, Michigan.
    Where is this office building located?
    The property is located at 1184 Cleaver Rd Caro, MI.
    What are key features of this property?
    This property features: - Significantly below replacement cost at $39.45/sf.; - Anchored by two State of Michigan leases, providing stable income.; - 25% vacancy offers potential upside through lease-up.
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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
    1184 Cleaver Rd Caro, MI 48723
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    Listing Contact
    Paul Kerber
    Real Estate License ID: 6502433613
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