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    306 W Russell St Hubbardston, MI 48845

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    For Sale
    $275,000

    15,000+ sq ft building with apartments, offices, gym, storage.

    Lot size:
    1.59 Acres

    Property Features for 306 W Russell St

    General Information

    Property type
    Investment
    Standard status
    Active
    Lot size
    1.59 Acres

    Building Details

    Year built
    1973

    We can help!

    Listing Contact
    Darin K Elliott
    Darin K Elliott
    Source: Elliman

    Listing Agency: Greenridge Realty (Ionia) Listing Agent: Darin K Elliott

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

    Learn more

    Overview

    Versatile Mixed-Use Building For Sale

    This 15,000+ sq ft building presents a unique investment opportunity. Originally a school, the property now features five 2-bedroom residential apartments, multiple office spaces, multiple bathrooms, and a full kitchen. A 42x65 gym is in place, and the building includes additional bonus space. The entire building, including all apartments, is at zero grade, offering wide open floor plans. The gym is currently being converted into 11 or more 10x10 climate-controlled storage units. Constructed for durability, the building is mechanically sound and has a roof that is approximately 7 years old. Situated on a 1.5-acre site, the property provides ample parking and a large greenspace that includes a playground area. The property offers unlimited possibilities and potential.
    Location Intelligence

    Current Use by Public Records

    Hubbardston Storage Units Storage Facility

    Suggested Use

    Spa & Massage Center Hair Salon Nail Salon Hotel & Motel Kitchen & Bath Showroom Food Market Storage Facility Grocery & Convenience Store Bar & Pub Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Hubbardston
    County
    Ionia
    State
    Michigan
    Longitude
    -84.84063
    Latitude
    43.096722

    Nearby Similar for Sale

    • $45,000
      2,196 SF

      Historical Building in Hubbardston

      Charming historical building with picturesque views and endless possibilities.
      214 E Main St, Hubbardston, MI 48845
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    • $275,000
      1.59 Acres

      Unique Hubbardston Mixed-Use Investment Opportunity

      Solid investment property with apartments, offices, gym, and storage.
      306 W Russell St, Hubbardston, MI 48845
      View Details
    • $275,000
      15,225 SF

      Versatile Hubbardston Commercial Building

      15,000+ sq ft building with apartments, offices, and storage.
      306 W Russell St, Hubbardston, MI 48845
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    FAQs

    What type of property is this?
    Mixed-use property - 15,000+ sq ft building with apartments, offices, gym, storage.
    Where is this mixed-use property located?
    The property is located at 306 W Russell St Hubbardston, MI.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: - Huge 15,000+ sq ft building with diverse potential uses (residential, office, storage).; - Five 2-bed residential apartments providing immediate rental income.; - Conversion in progress to add 11+ climate-controlled storage units for additional revenue.
    (616) 902-2235
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    306 W Russell St Hubbardston, MI 48845
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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
    306 W Russell St Hubbardston, MI 48845
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    We can help!
    Listing Contact
    Darin K Elliott
    Darin K Elliott
    (616) 902-2235 (616) 527-3720 (616) 527-8512
    Learn more
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