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    Commercial Space in Historic District Title is generated by Realmo AI

    50 Michigan Ave W, Battle Creek, MI 49017

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    For Sale
    $45,000

    Commercial space in Battle Creek's Central Business Historic District.

    Lot size:
    0.43 Acres
    Added:
    Feb 10, 2022
    Days on Market:
    1561
    Last Refresh:
    Jan 14 at 5:18 am

    Property Features for 50 Michigan Ave W

    General Information

    Standard status
    Active
    Lot size
    0.43 Acres

    We can help!

    Listing Contact
    Melissa Kennedy

    Listing agent Melissa Kennedy License #6501385948

    Listing office Coldwell Banker Morehart Realty

    Listing date Feb 10, 2022

    Source Exprealty

    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 Coldwell Banker Morehart Realty

    HighLights

    • Large commercial space in Battle Creek's Central Business Historic District.
    • Located near The Milton and the future New Holland brew pub.
    • Three levels, with first and lower levels open for reimagining.
    • Third story offers existing office space.
    • New roof installed in 2015.
    • Part of the Calhoun County Land Bank's Transform This Commercial Property (TTCP) program.

    Overview

    This large commercial space is located in the Central Business Historic District of Downtown Battle Creek, down the street from the newly renovated The Milton and a few doors down from the soon-to-be New Holland brew pub. The building features three levels. The first and lower levels are open, providing an opportunity for a new owner to reimagine them for new creative uses. The small third story contains office space. A new roof was installed in 2015, potentially allowing a developer to add a new floor. The site is part of the Calhoun County Land Bank's Transform This Commercial Property (TTCP) program, requiring the buyer to rehabilitate the property within a specific timeframe. The buyer may be required to perform environmental assessments, such as a Phase I, II, and Baseline Environmental Assessment. Under the TTCP program, it is recommended that the buyer have site-specific plans and inspections reviewed for end use, and they may also need a site-specific code review as part of the development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Battle Creek
    County
    Calhoun
    State
    Michigan
    Longitude
    -85.1826
    Latitude
    42.3199

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    FAQs

    What type of property is this?
    Commercial land - Commercial space in Battle Creek's Central Business Historic District.
    Where is this commercial land located?
    The property is located at 50 Michigan Ave W Battle Creek, MI.
    What is the asking price?
    The asking price for this property is $45,000.
    What are key features of this property?
    This property features: Large commercial space in Battle Creek's Central Business Historic District.; Located near The Milton and the future New Holland brew pub.; Three levels, with first and lower levels open for reimagining.
    (269) 441-8183
    We can help!
    Listing Contact
    Melissa Kennedy
    Real Estate License ID: 6501385948
    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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    50 Michigan Ave W, Battle Creek, MI, 49017-3604
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