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    Riverview Apartment Building Title is generated by Realmo AI

    1523 Saint Clair River Drive, Algonac, MI 48001

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    For Sale
    $595,000

    MULTI_FAMILY - Colonial - Algonac, MI

    Property size:
    4,565 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $130/SF
    Added:
    Jun 9, 2025
    Days on Market:
    361
    Last Refresh:
    Jun 4 at 2:06 pm

    Property Features for 1523 Saint Clair River Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    7
    Rooms
    Bathroom 2, Bathroom 4, Bathroom 6, Basement, Bedroom 1, Bathroom 1, Bathroom 7, Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 7, Bathroom 5, Bedroom 6, Bedroom 8, Bedroom 2, Bathroom 3
    Parking features
    On Street
    Patio and Porch features
    Porch, Deck
    Interior features
    9 ft + Ceilings
    Exterior features
    Deck, Porch
    Appliances
    Range/Oven, Refrigerator
    Standard status
    Active
    APN
    01-105-0444-000
    Size
    4,565 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6439

    Utilities

    Heating system
    Forced Air, Oil
    Cooling system
    Central Air, Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1995
    Floors in Building
    2
    Number of units
    7
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Robert D Kluck
    Robert D Kluck

    Listing agent Robert D Kluck License #6502364544

    Listing office Professional Leasing & Sales LLC 42450 Hayes Ste 5, Shelby Township, MI

    Listing date Jun 9, 2025

    MLS# 50177737 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 7‑unit property in downtown Algonac with a mix of one 2‑bedroom unit, five 1‑bedroom units, and a flat
    • Face‑lift updates in the last 5 years, including new flooring, new tile bathrooms, and fresh paint
    • Separate meters for gas and electric
    • Sewer (inside) updated, plus coin‑op washer and dryer
    • 9 ft ceilings and colonial architectural style; central air and forced‑air oil heat
    • Deck and porch with river views from the front windows and porch

    Overview

    This is a seven-unit apartment building featuring a mix of one two-bedroom unit, five one-bedroom units, and a flat. Common porches are available on both the upper and lower floors. The property includes separate meters for gas and electric, along with a designated dumpster area for trash. Recent improvements described in the listing include new flooring, new tile bathrooms, and fresh paint across the building, along with an update to the interior sewer line. A coin-operated washer and dryer are also included.

    The building is positioned with river views from the front windows and porch. According to the remarks, neighboring properties include a church and a city building, and the location is in downtown Algonac.

    This configuration supports a renter mix of one- and two-bedroom households, with on-site laundry amenities provided by the coin-op washer and dryer. Separate utility metering can help with tenant billing and operating control, while the porch spaces and refreshed interiors may support ongoing leasing efforts. The listing notes that there are no showings and that you should call the agent for next steps.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Algonac
    County
    St. Clair
    State
    Michigan
    Longitude
    -82.528632
    Latitude
    42.621741

    Nearby Similar for Sale

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    • $225,000

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit residential income property with separate gas and electric meters and refreshed interiors with updated sewer.
    Where is this apartment building located?
    The property is located at 1523 Saint Clair River Drive Algonac, MI.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: 7‑unit property in downtown Algonac with a mix of one 2‑bedroom unit, five 1‑bedroom units, and a flat; Face‑lift updates in the last 5 years, including new flooring, new tile bathrooms, and fresh paint; Separate meters for gas and electric
    (586) 405-2937
    We can help!
    Listing Contact
    Robert D Kluck
    Robert D Kluck
    Real Estate License ID: 6502364544
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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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