Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Nelson Street Office Building Title is generated by Realmo AI

    407 Nelson, Greenville, MI 48838

    View on Map
    Claim this Listing
    For Sale
    $207,000

    Office building with ample parking on Greenville's west side.

    Type:Industrial
    Property size:
    5,240 SF
    Price / SF:
    $39/SF
    Added:
    Nov 17, 2024
    Days on Market:
    563
    Last Refresh:
    May 12 at 8:47 pm

    Property Features for 407 Nelson

    General Information

    Standard status
    Active
    Size
    5,240 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Spencer Geisen

    Listing agent Spencer Geisen

    Listing office Five Star Real Estate (E. Division)

    Listing date Nov 17, 2024

    Source Xome

    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 Five Star Real Estate (E. Division)

    HighLights

    • Over 5,000 sq' office building on Greenville's west side.
    • Located just 1/2 block off M57 and .3 mile east of Meijer.
    • Paved parking for approximately 25 vehicles.
    • Near medical offices, hospital, and retail businesses.
    • All city utilities available.
    • Possession provided at close of escrow.

    Overview

    This office building, located on Nelson Street just a half-block from M57 on Greenville's west side, contains over 5,000 square feet. The property features paved parking for approximately 25 vehicles and access to all city utilities. Situated near medical offices, a hospital, and retail businesses, the building is located 0.3 miles east of Meijer. An array of businesses could thrive in this location. Building layout is available. Possession will be provided to the buyer at the close of escrow.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Greenville
    County
    Montcalm
    State
    Michigan
    Longitude
    -85.272785
    Latitude
    43.176497

    Nearby Similar for Sale

    • $950,000
      9,264 SF

      Greenville Warehouse on 2.65 Acres

      Commercial warehouse with income potential on M-57 and Old 14 Mile Rd.
      14000 14 Mile Road NE, Greenville, MI 48838
      View Details
    • $99,000
      2,612 SF

      Commercial Building with Open Floorplan

      Highly visible commercial building suitable for office or retail use.
      9297 SW Greenville Road, Greenville, MI 48838
      View Details
    • $799,900
      2,800 SF

      Greenville Commercial Building on M57

      2800 sqft commercial building on 2.39 acres.
      10606 W Carson City Road, Greenville, MI 48838
      View Details
    • $975,000
      21,000 SF

      Versatile Retail and Commercial Building

      21,000 sq ft retail, office, and warehouse space.
      421 N Lafayette Street, Greenville, MI 48838
      View Details
    • $574,900
      1,320 SF

      Greenville Commercial Property For Sale

      1.4 acre commercial property ready for redevelopment near M57.
      109 S Greenville W Drive, Greenville, MI 48838
      View Details
    • $499,900
      3,000 SF

      Mixed-Use Property in Greenville, MI

      Mixed-use property with commercial building, home, and detached garage.
      25/29 S Greenville Road, Greenville, MI 48838
      View Details
    • $230,000
      1,997 SF

      Downtown Greenville Mixed-Use Property

      Versatile mixed-use property in downtown Greenville, suitable for various ventures.
      200 W Washington Street, Greenville, MI 48838
      View Details
    • $285,000
      3,240 SF

      Two-Unit Commercial Property on Main Thoroughfare

      Two-unit commercial property with updates and flexible tenant options.
      6548 S Greenville Road, Greenville, MI 48838
      View Details
    • $1,200,000
      9,264 SF

      Commercial Warehouse on 2.65 Acres

      9,264 sq ft warehouse with income potential on 2.65 acres.
      14000 14 Mile Rd NE, OakfieldTownship_Kent, MI 48838
      View Details
    • $207,000
      5,240 SF

      Greenville Office Building For Sale

      Office building with city utilities and paved parking.
      407 Nelson Street, Greenville, MI 48838
      View Details
    • $700,000
      1,400 SF

      Downtown Greenville Retail/Restaurant Space

      Prime retail or restaurant space in vibrant downtown Greenville.
      133 S Lafayette St, Greenville, MI
      View Details
    • $995,000
      2,000 SF

      Renovated Motel Near Sandy Pines

      Four-unit motel in opportunity zone, near future residential development.
      Greenville, MI 48838
      View Details

    FAQs

    What type of property is this?
    Office building - Office building with ample parking on Greenville's west side.
    Where is this office building located?
    The property is located at 407 Nelson Greenville, MI.
    What is the asking price?
    The asking price for this property is $207,000.
    What are key features of this property?
    This property features: Over 5,000 sq' office building on Greenville's west side.; Located just 1/2 block off M57 and .3 mile east of Meijer.; Paved parking for approximately 25 vehicles.
    (616) 327-5707
    We can help!
    Listing Contact
    Spencer Geisen
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    407 Nelson, Greenville, MI 48838
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!