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    Mixed-Use Live/Work Building Title is generated by Realmo AI

    8449 Brown St, Ottawa Lake, MI 49267

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    Claim this Listing
    New
    For Lease
    $2,000 /Mo

    Two-level setup pairs flexible first-floor commercial space with an upstairs apartment or office.

    Type:Commercial
    Added:
    Jun 1, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 6 at 3:09 am

    Property Features for 8449 Brown St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1935

    We can help!

    Listing Contact
    Toni Morrin

    Listing agent Toni Morrin License #MCAR-6501407869

    Listing office

    Listing date Jun 1, 2026

    Source Elliman

    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 Toni Morrin

    HighLights

    • Two‑level property built in 1935 with first‑floor commercial space and an upstairs apartment or office space
    • Seller states all appliances on the property will stay
    • Includes a 2‑car garage
    • Two vacant adjacent lots included
    • Seller is open to renting the property at $2,000 per month

    Overview

    This mixed-use live/work building offers flexible space with a commercial first floor and a second floor that can be used as an apartment or office space. The property includes a 2-car garage, and it comes with appliances that will stay with the sale or rental, which can help reduce move-in friction for the next occupant. In addition, there are two vacant adjacent lots included, providing optional space for future use consistent with the property’s current footprint.

    The building is positioned in downtown Ottawa Lake, designed to support both commercial activity below and residential or professional use above. Access is supported by the on-site garage, and the overall configuration lends itself to owner-occupants or tenants looking for a convenient work-and-live arrangement.

    For tenants and operators, the layout supports a wide range of first-floor commercial uses while keeping an upstairs unit available for residential living or a dedicated office. For buyers, the combination of income-earning potential from the two levels and the inclusion of adjacent lots can be useful for planning an integrated upgrade, expansion, or future reconfiguration. The seller is also open to renting the property.
    Location Intelligence

    Current Use by Public Records

    Live-work space

    Suggested Use

    Auto Repair Shop Discount Store Carpet & Flooring Store (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Ottawa Lake
    County
    Monroe
    State
    Michigan
    Longitude
    -83.74859
    Latitude
    41.763866

    FAQs

    What type of property is this?
    Live-work space - Two-level setup pairs flexible first-floor commercial space with an upstairs apartment or office.
    Where is this live-work space located?
    The property is located at 8449 Brown St Ottawa Lake, MI.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: Two‑level property built in 1935 with first‑floor commercial space and an upstairs apartment or office space; Seller states all appliances on the property will stay; Includes a 2‑car garage
    (734) 770-8466
    We can help!
    Listing Contact
    Toni Morrin
    Real Estate License ID: MCAR-6501407869
    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.

    More about this property
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