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    427 N Steer St Addison, MI 49220

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    For Sale
    $800,000

    7.20 acre property with existing hospital and additional leased building.

    Lot size:
    7.20 Acres

    Property Features for 427 N Steer St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    7.20 Acres

    Building Details

    Year built
    1950

    We can help!

    Listing Contact
    David D Misko
    Source: Elliman

    Listing Agency: Van Esley Real Estate Inc Listing Agent: David D Misko

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

    Learn more

    Overview

    Addison Mill Pond Development Opportunity

    This 7.20-acre property features approximately 875 feet of frontage on Addison Mill Pond. Included on the property is the former Addison Bariatric Hospital, a 12,235-square-foot building, and an additional 1,800-square-foot building that is currently leased for $2,000.00 per month. The hospital is equipped with a 500-kilowatt transformer with 3-phase power and 208 volts. The property is suitable for various development projects, including multi-family housing, senior housing, and self-storage facilities. Other potential uses may also be viable. The property includes commercial land, hospitals, healthcare properties, land, multifamily properties, residential income properties, self storage facilities, industrial properties, and other multifamily properties.
    Location Intelligence

    Current Use by Public Records

    Hospitals

    Suggested Use

    Restaurant Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Nail Salon Pharmacy Grocery & Convenience Store Furniture & Home Goods

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

    Location Insight

    • Map
    • Local Demand
    City
    Addison
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.3491
    Latitude
    41.9907

    Nearby Similar for Sale

    • $800,000
      12,235 SF

      Addison Industrial Property - Huge Potential

      7.2 Acres, 12,235 SF Building, High Power
      427 Steer St, Addison, MI 49220
      View Details
    • $950,000
      14,035 SF

      Addison Senior Housing Redevelopment Opportunity

      7.2-acre redevelopment site, 14,035 sq ft
      427 Steer St, Addison, MI 49220
      View Details

    FAQs

    What type of property is this?
    Hospital - 7.20 acre property with existing hospital and additional leased building.
    Where is this hospital located?
    The property is located at 427 N Steer St Addison, MI.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: - 7.20 acre property with approximately 875' of frontage on Addison Mill Pond; - Includes a **12,235 sq ft former Addison Bariatric Hospital**; - Additional 1,800 sq ft building currently leased for $2,000.00 per month
    (734) 459-7570
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    427 N Steer St Addison, MI 49220
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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
    427 N Steer St Addison, MI 49220
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    We can help!
    Listing Contact
    David D Misko
    Real Estate License ID: 6501351778
    (734) 459-7570 (248) 207-7388
    Learn more
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