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    225 W Ludington Ave, Unit Units 31 Ludington, MI 49431

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    For Lease
    $12 SF/Yr

    Three unfinished commercial units available for lease in Ludington, MI.

    Lot size:
    0.63 Acres

    Property Features for 225 W Ludington Ave

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.63 Acres

    Building Details

    Year built
    2018

    We can help!

    Listing Contact
    Bob Budreau
    Source: Elliman

    Listing Agency: GREENRIDGE Realty-Ludington Listing Agent: Bob Budreau

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

    Learn more

    Overview

    Ludington Commercial/Retail/Office Units For Rent

    Three separate commercial, retail, or office units are available for rent within the Ludington Downtown Development Authority (DDA). The units are currently unfinished and available with a 5-year lease, with an option for a 5-year extension. A deposit of one month's rent is required as a damage deposit upon signing the lease. The owner will provide a "white box" finish, including drywall, ceilings, electrical, heating, and fire suppression systems, as well as an allowance for flooring. Tenants are responsible for customizing the unit to their specific needs. Lease terms may be adjusted for extensive upgrades with a long-term lease. Tenants are individually responsible for paying all utilities. There are no additional Common Area Maintenance (CAM) fees. Rent will increase by 3% per year. The property is located at 225 W Ludington Ave, Units 31, Ludington, MI 49431.
    Location Intelligence

    Current Use by Public Records

    Dimitridon Studios Rock ... (Bike/Boat/Book/etc) Store Everest Athleisure Clothing Store Wave Nutrition Ludington Cafe & Coffee Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Ludington
    County
    Mason
    State
    Michigan
    Longitude
    -86.4498059
    Latitude
    43.9552498

    Nearby Similar for Lease

    • $12 SF/Yr
      4,704 SF

      Commercial Space in Ludington DDA

      Three commercial/retail/office units available in Ludington's DDA.
      225 W Ludington Ave, Ludington, MI 49431
      View Details
    • $12 SF/Yr
      4,704 SF

      Ludington Commercial Retail/Office Units

      Three unfinished commercial units available for lease in Ludington, Michigan.
      200 32 & 33, Ludington, MI 49431
      View Details
    • Contact for pricing
      3,042 SF

      Retail Space in Ludington, MI

      Retail space available for lease in Ludington, Michigan.
      5865 Us Highway 10, Ludington, MI 49431
      View Details

    FAQs

    What type of property is this?
    Retail space - Three unfinished commercial units available for lease in Ludington, MI.
    Where is this retail space located?
    The property is located at 225 W Ludington Ave, Unit Units 31 Ludington, MI.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: - Prime location in the Ludington DDA area; - New construction (built in 2018) offering modern infrastructure; - White box finish provided by the owner (drywall, ceilings, electrical, heating, fire suppression, and flooring allowance)
    (231) 690-8127
    Request Owner's contact information
    225 W Ludington Ave, Unit Units 31 Ludington, MI 49431
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    Ludington, MI 49431
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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
    225 W Ludington Ave, Unit Units 31 Ludington, MI 49431
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    We can help!
    Listing Contact
    Bob Budreau
    Real Estate License ID: 6502356674
    (231) 690-8127
    Learn more
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