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    Mattawan Retail/Office Space Available Title is generated by Realmo AI

    23950 City Center Cir, Mattawan, MI 49071

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    3,050 SF suite in fast-growing Mattawan area.

    Type:Retail, Office
    Property size:
    3,050 SF
    Added:
    Apr 27, 2023
    Days on Market:
    1121
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 23950 City Center Cir

    General Information

    Standard status
    Active
    Size
    3,050 SF
    Property subtype
    Retail, Office

    Building Details

    Year Built
    2015

    Spaces For Lease

    at 23950 City Center Cir Contact us

    Suite 56330 $14/Mo

    Size
    3,050 SF
    Type
    Retail, Office
    Contact us

    Suite 56330 $16/Mo

    Size
    1,450 SF
    Type
    Retail, Office
    Contact us

    Suite 56330 $16/Mo

    Size
    1,600 SF
    Type
    Retail, Office
    Contact us

    We can help!

    Listing Contact
    TJ Ward

    Listing agent TJ Ward License #MI

    Listing office Kalamazoo Commercial Real Estate

    Listing date Apr 27, 2023

    Source Crexi

    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 Kalamazoo Commercial Real Estate

    HighLights

    • High visibility location at the corner of Main Street and McGillen Avenue.
    • Located in fast‑growing Mattawan.
    • 3,050 SF suite with open layout and excellent natural light.
    • Strong co‑tenancy with a variety of businesses.
    • High‑impact signage opportunities.
    • Flexible space that can be demised or customized.

    Overview

    Located at the corner of Main Street and McGillen Avenue in Mattawan, this 3,050 square-foot suite is available for rent within the McGillen’s Crossing development. The area is experiencing rapid growth and features co-tenancy with a variety of businesses. The suite offers an open layout with abundant natural light. It provides strong visibility from both sides of the building and opportunities for high-impact signage. The interior includes three bathrooms and two private rooms suitable for offices, a breakroom, or flexible private areas. The suite can be demised to accommodate smaller tenant requirements or customized layouts.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    DWELL Organic Salon ... Spa & Massage Center The Skin Therapist Spa & Massage Center 1 Identity Counseling Counselor Black Onyx Bookkeeping ... Accounting Firm Jenelle Linden Counselor

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Pharmacy Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Mattawan
    County
    Van Buren
    State
    Michigan
    Longitude
    -85.7778
    Latitude
    42.229

    Nearby Similar for Lease

    • $16 SF/Yr
      1,600 SF

      Retail Space in Mattawan

      Available retail suite with open layout and high visibility.
      23950 City Center Circle, Mattawan, MI 49071
      View Details
    • $16 SF/Yr
      1,450 SF

      Retail Space in Mattawan

      Available retail suite in a fast-growing Mattawan development.
      23950 City Center Circle, Mattawan, MI 49071
      View Details
    • $14 SF/Yr
      3,050 SF

      Retail Space in Mattawan, MI

      3,050 SF retail suite available in fast-growing Mattawan.
      23950 City Center Circle, Mattawan, MI 49071
      View Details
    • $17 SF/Yr
      15,764 SF

      Mattawan Medical/Salon Office Space

      1,170 SF office space in multi-tenant building for lease.
      24466 Red Arrow Highway, Mattawan, MI 49071
      View Details

    FAQs

    What type of property is this?
    Retail space - 3,050 SF suite in fast-growing Mattawan area.
    Where is this retail space located?
    The property is located at 23950 City Center Cir Mattawan, MI.
    What are key features of this property?
    This property features: High visibility location at the corner of Main Street and McGillen Avenue.; Located in fast‑growing Mattawan.; 3,050 SF suite with open layout and excellent natural light.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    TJ Ward
    Real Estate License ID: MI
    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.

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