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    Versatile Commercial Building on Gratiot Title is generated by Realmo AI

    21925 Gratiot, Merrill, MI 48637

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    For Sale
    $259,500

    Commercial/Industrial - Merrill, MI

    Property size:
    3,880 SF
    Lot size:
    1.96 Acres
    Price / SF:
    $66/SF
    Added:
    May 8, 2026
    Days on Market:
    1
    Last Refresh:
    May 8 at 10:06 pm

    Property Features for 21925 Gratiot

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    17121273039001
    Size
    3,880 SF
    Lot size
    1.96 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2759.01

    Building Details

    Year built
    1950
    Architectural style
    Other

    We can help!

    Listing Contact
    Karah Ralph

    Listing agent Karah Ralph License #6501374703

    Listing office Century 21 Signature Realty Midland 409 Ashman Suite #3, Saginaw, MI

    Listing date May 8, 2026

    MLS# 50206942 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

    • High‑visibility frontage on Gratiot (M‑46) with steady traffic flow.
    • Versatile commercial building with nearly 4,000 sq. ft. suitable for various uses.
    • Adjacent 1‑acre vacant lot for residential development, expansion, or investment.
    • Fully updated and handicap‑accessible building.
    • Features 13’ and 12’ overhead garage doors, kitchenette, and ADA‑compliant restroom.
    • Three private offices and a reception/waiting area.

    Overview

    Located just outside the Village of Merrill, this property features a commercial building with approximately 3,880 square feet of space on 0.96 acres with frontage on Gratiot (M-46). The sale includes the real estate only. The updated, handicap-accessible building offers flexibility and functionality. It includes 13’ and 12’ overhead garage doors, a kitchenette, an ADA-compliant restroom, three private offices, and a reception/waiting area. The property is suitable for a range of uses, including medical office, retail, and service-based businesses. The layout also allows for conversion to residential living. In addition to the building parcel, the property includes a separate, adjacent 1-acre vacant lot, providing further opportunity for residential development, expansion, or future investment strategies. The property is located in Merrill, Michigan, in Saginaw County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Campers Choice RV ... Auto Repair Shop Back in Balance Massage ... Alternative Medicine Practice

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrill
    County
    Saginaw
    State
    Michigan
    Longitude
    -84.34878
    Latitude
    43.408318

    Nearby Similar for Sale

    • $15,000

      Vacant Land - Merrill, MI

      Commercial land available for sale in Merrill, Michigan.
      W Alice, Merrill, MI 48637
      View Details
    • $184,500

      Vacant Land in Merrill, MI

      18.43 acres of wooded land with rolling elevations.
      1166 E Freeland, Merrill, MI 48637
      View Details

    FAQs

    What type of property is this?
    Retail space - Updated commercial building with high-visibility frontage and development potential.
    Where is this retail space located?
    The property is located at 21925 Gratiot Merrill, MI.
    What is the asking price?
    The asking price for this property is $259,500.
    What are key features of this property?
    This property features: High‑visibility frontage on Gratiot (M‑46) with steady traffic flow.; Versatile commercial building with nearly 4,000 sq. ft. suitable for various uses.; Adjacent 1‑acre vacant lot for residential development, expansion, or investment.
    (989) 252-7811
    We can help!
    Listing Contact
    Karah Ralph
    Real Estate License ID: 6501374703
    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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