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    Bank Vault Retail Office Building Title is generated by Realmo AI

    2543 S Sherman Street, Applegate, MI 48401

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    Claim this Listing
    For Sale
    $89,000

    COMMERCIAL - Applegate, MI

    Property size:
    1,400 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $63/SF
    Added:
    Sep 20, 2025
    Days on Market:
    258
    Last Refresh:
    Jun 4 at 3:06 pm

    Property Features for 2543 S Sherman Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Security features
    Security Lighting
    Exterior features
    Security Lighting
    Standard status
    Active
    APN
    232-200-004-006-00 & 007-00
    Size
    1,400 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1650

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Private

    Building Details

    Year built
    1970
    Roof type
    Shingle

    We can help!

    Listing Contact
    Rita Dahmen
    Rita Dahmen

    Listing agent Rita Dahmen License #6501373365

    Listing office Premier Properties Real Estate LLC 5695 Main, Lexington, MI

    Listing date Sep 20, 2025

    MLS# 50189113

    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

    • Zoned C1 for small‑scale local retail, office, and personal service businesses
    • Former bank building built in 1970 with a vault and security system
    • Central air (separately metered) plus forced‑air heating
    • Compact gas water heater and water filtration system
    • Very large lighted parking lot with a convenient drive‑thru window
    • Includes an extra vacant lot for potential expansion

    Overview

    This former bank building offers flexible space for a variety of small-scale commercial uses, with a standout vault feature and a security system. The property includes central air that is separately metered, a compact gas water heater, a water filtration system, and an extensive electrical supply box. Site improvements carry over from its banking configuration, including a lighted parking lot and a convenient drive-thru window.

    The building sits on a paved county road in Applegate, providing straightforward vehicular access and visibility from the street. In addition to the paved lot, the property includes an extra vacant lot that can support expansion or additional site needs. The combination of parking and drive-through access can be useful for office users, service businesses, and certain retail formats.

    Zoning is listed as C1, allowing for small-scale, local retail, office, and personal service businesses. With its existing security-focused elements and vault, the building may fit well for healthcare offices, veterinary and related uses, a small pharmacy or dispensary, firearm sales and repair, pawn or coin shop concepts, or an attorney’s office. The layout and utility infrastructure left from the prior banking use can help reduce tenant build-out time for qualified operators.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Applegate
    County
    Macomb
    State
    Michigan
    Longitude
    -82.6698
    Latitude
    43.3508

    FAQs

    What type of property is this?
    Office units - Zoned C1 and built with a vault, drive-thru window, and large parking for flexible small-scale retail and professional use.
    Where is this office units located?
    The property is located at 2543 S Sherman Street Applegate, MI.
    What is the asking price?
    The asking price for this property is $89,000.
    What are key features of this property?
    This property features: Zoned C1 for small‑scale local retail, office, and personal service businesses; Former bank building built in 1970 with a vault and security system; Central air (separately metered) plus forced‑air heating
    (386) 316-4052
    We can help!
    Listing Contact
    Rita Dahmen
    Rita Dahmen
    Real Estate License ID: 6501373365
    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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