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    100 W Caspian Ave Caspian, MI 49915

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    For Sale
    $249,000

    Commercial property with retail, living, office, and processing spaces.

    Property size:
    12,800 SF
    Added:
    Jan 10, 2025
    Days on Market:
    475
    Last Refresh:
    Jan 10 at 4:23 am

    Property Features for 100 W Caspian Ave

    General Information

    Standard status
    Active
    Size
    12,800 SF

    We can help!

    Listing Contact
    STEPHEN REMONDINI

    Listing agent STEPHEN REMONDINI License #11057094

    Listing office Stephens Real Estate

    Listing date Jan 10, 2025

    Source Exprealty

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

    All listing content including descriptions, pricing, images are the copyrighted material of Stephens Real Estate

    Overview

    Commercial Property with Processing Facility

    This commercial property presents a business opportunity with potential for various uses. The 12,800 sq ft main building formerly operated as a meat processing and supplier facility, featuring several walk-in coolers and processing stations. The building includes a basement with a breakroom, restroom, and additional coolers. A retail area is situated at the front of the building, along with living quarters and office space. The property features ceiling heights of 9, 10, and 14 ft, 14 in. block bar joists, 3-phase 220 power, and two 200 amp services. An additional 1,800 sq ft garage is included, along with a large paved lot. The property is conveniently located off Hwy 424.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Meyer Wholesale Inc Butcher

    Suggested Use

    Hair Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Bar & Pub HVAC Service Discount Store Grocery & Convenience Store Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Caspian
    County
    Iron
    State
    Michigan
    Longitude
    -88.6318
    Latitude
    46.0643

    Nearby Similar for Sale

    • $129,900
      1,472 SF

      Caspian Duplex with Rental Potential

      Multi-family property in Caspian, MI, ideal for rental income.
      209 W Railroad, Caspian, MI 49915
      View Details
    • $94,900
      2,498 SF

      Established Bar with Apartment

      Neighborhood bar with upstairs apartment in downtown Caspian, Michigan.
      224 E Caspian, Caspian, MI 49915
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    FAQs

    What type of property is this?
    Retail space - Commercial property with retail, living, office, and processing spaces.
    Where is this retail space located?
    The property is located at 100 W Caspian Ave Caspian, MI.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: 12,800 sq ft main building featuring existing infrastructure for meat processing and supply, including walk‑in coolers and processing stations.; Includes retail area, living quarters, and office space within the main building.; Features a basement with breakroom, restroom, and additional coolers.
    (906) 284-0341
    We can help!
    Listing Contact
    STEPHEN REMONDINI
    Real Estate License ID: 11057094
    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.

    More about this property
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