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    4654 WATER St Columbiaville, MI 48421

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    For Sale
    $599,900

    Historic building with modern upgrades, ideal for business or investment.

    Type:Commercial
    Property size:
    9,000 SF
    Added:
    Apr 26, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 26 at 12:57 am

    Property Features for 4654 WATER St

    General Information

    Standard status
    Active
    Size
    9,000 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1895

    We can help!

    Listing Contact
    Katherine Nolff
    Katherine Nolff

    Listing agent Katherine Nolff License #6501392126

    Listing office The Brokerage Real Estate Enthusiasts

    Listing date Apr 26, 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 The Brokerage Real Estate Enthusiasts

    Overview

    Restored Historic Building in Columbiaville

    Located in downtown Columbiaville, this restored historic building combines original features with modern upgrades. The property includes exposed 18-inch brick walls, beadboard ceilings, and original heart pine flooring. It has been upgraded with new plumbing, mechanical systems, and six 200-amp electrical panels. The building offers 6,000 square feet across five main-level suites, with an additional 3,000 square feet on the second floor and 3,000 square feet in the unfinished basement. Commercial-grade doors and windows are installed, and ample downtown parking is available. The vacant parcel behind the building and the adjacent lot are available for purchase, offering the option to incorporate a drive-through. Situated between M-15 and M-24, 10 miles north of I-69, the property benefits from visibility and foot traffic. Holloway Reservoir Regional Park, spanning 5,500 acres, is nearby, offering boating, fishing, hiking, and horseback riding. The Southern Links Trailway, one block away, provides a 10.2-mile scenic route. A biweekly farmers market, annual events, and local campgrounds contribute to visitor activity. It is located 10 minutes from a newly added Target and Hobby Lobby, and 3 miles from Marriott's Post Card Cabins. Units 2–5 and portions of the second floor have been virtually staged in select photos to illustrate potential uses.
    Location Intelligence

    Current Use by Public Records

    Inspired Llc Clothing & Fashion Store

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Bar & Pub HVAC Service Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Columbiaville
    County
    Lapeer
    State
    Michigan
    Longitude
    -83.412017
    Latitude
    43.15575

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    FAQs

    What type of property is this?
    Mixed-use property - Historic building with modern upgrades, ideal for business or investment.
    Where is this mixed-use property located?
    The property is located at 4654 WATER St Columbiaville, MI.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: Historic building built in 1895 with restored original features like 18” brick walls, beadboard ceilings, and heart pine flooring, combined with modern upgrades.; Large, versatile space: 6,000 SF on the main level and 3,000 SF on the second floor.; Prime downtown Columbiaville location with strong visibility and ample parking.
    (248) 909-9401
    We can help!
    Listing Contact
    Katherine Nolff
    Katherine Nolff
    Real Estate License ID: 6501392126
    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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