Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    162 N Michigan Ave Shelby, MI 49455

    View on Map
    Loading data...
    Loading data...
    Loading data...
    Pending
    $174,900

    Unique mixed-use property with retail, office, apartment, and warehouse.

    Property size:
    7,900 SF
    Lot size:
    0.41 Acres

    Property Features for 162 N Michigan Ave

    General Information

    Standard status
    Pending
    Size
    7,900 SF
    Lot size
    0.41 Acres

    Building Details

    Year built
    1902

    We can help!

    Listing Contact
    Jeffrey J Vanderkuyl
    Source: Exitrealty

    Listing Agency: VanderKuyl Realty Listing Agent: Jeffrey J Vanderkuyl

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

    Learn more

    Overview

    Historic Mixed-Use Property in Shelby

    This historic former hardware store is located in downtown Shelby, featuring a large retail area with an office on the main floor. The upper level includes an apartment with tall ceilings, wood floors, and updated furnace and water heater. Also located upstairs is the former Masons Lodge, offering a large open space suitable for recreational activities. An attached warehouse with a drive-in door provides storage or workshop space. The property benefits from a corner location with high visibility and convenient access to local amenities. This mixed-use property offers the opportunity to live where you work. The location is close to Silver Lake and Lake Michigan, providing access to outdoor recreation.
    Location Intelligence

    Current Use by Public Records

    Treasures 2 antiques ... Home Decor Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelby
    County
    Oceana
    State
    Michigan
    Longitude
    -86.363882
    Latitude
    43.605536

    Nearby Similar for Sale

    • $1,500,000
      6,000 SF

      Shelby Commercial Building and Business

      Commercial building with business, offices, storage, loading dock, and acreage.
      3301 Green St, Shelby, MI 49455
      View Details
    • New
      $650,000
      12,000 SF

      Turnkey Self-Storage Investment Opportunity

      Stable cash flow self-storage in Oceana County's recreation corridor.
      5450 W Shelby Rd, Shelby, MI 49455
      View Details
    • $175,000
      4,200 SF

      Shelby Market Opportunity

      Established market with Mediterranean kitchen in high-traffic location.
      45701 Hayes Rd, Shelby, MI 48315
      View Details
    • $82,500
      0.57 Acres

      Versatile Shelby Property on Large Lot

      Adaptable building on a spacious lot, ideal for business or residence.
      2598 S Oceana Dr, Shelby, MI 49455
      View Details
    • $82,500

      Versatile Commercial Space on Oceana Drive

      5000 sq ft building on large lot, flexible use.
      2598 S Oceana Dr, Shelby, MI 49455
      View Details
    • $239,000
      9,993 SF

      Historical Shelby House of Worship

      Well-maintained, spacious church with potential for various business uses.
      68 E 3Rd St, Shelby, MI 49455
      View Details
    • $65,000
      2,490 SF

      Shelby Business Opportunity: Prime Location

      Former Gas Station - Redevelopment Potential
      1190 144Th Ave, Shelby, MI 49455
      View Details
    • $239,000
      9,993 SF

      Shelby Church with Social Hall

      Historical church with social hall, kitchen, and parking.
      68 E 3Rd St, Shelby, MI 49455
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Unique mixed-use property with retail, office, apartment, and warehouse.
    Where is this mixed-use property located?
    The property is located at 162 N Michigan Ave Shelby, MI.
    What is the asking price?
    The asking price for this property is $174,900.
    What are key features of this property?
    This property features: - Historic building with mixed-use potential: retail space, apartment, and warehouse.; - Large upstairs apartment with **updated furnace and water heater**.; - Attached warehouse with drive-in door for storage, garage, or workshop.
    (616) 566-4367
    Request Owner's contact information
    162 N Michigan Ave Shelby, MI 49455
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    162 N Michigan Ave
    Shelby, MI 49455
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    162 N Michigan Ave Shelby, MI 49455
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jeffrey J Vanderkuyl
    Real Estate License ID: 6504306267
    (616) 566-4367
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!