Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Mixed-Use Property with Income Potential Title is generated by Realmo AI

    5705 N State Road, Alma, MI 48801

    View on Map
    Claim this Listing
    For Sale
    $375,000

    Service - Alma, MI

    Property size:
    23,443 SF
    Lot size:
    3.45 Acres
    Price / SF:
    $15/SF
    Added:
    May 13, 2024
    Days on Market:
    739
    Last Refresh:
    May 21 at 9:06 am

    Property Features for 5705 N State Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Multi-Family,Retail,Commercial,Special Use
    Bathrooms
    6
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
    Parking
    10
    Basement Y/N
    1
    Standard status
    Active
    Size
    23,443 SF
    Lot size
    3.45 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10202.13

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1965
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Cody Nevins
    Cody Nevins

    Listing agent Cody Nevins

    Listing office AMERICA'S CHOICE REALTY LLC 1212 E. Center Street, Ithaca, MI

    Listing date May 13, 2024

    MLS# 1922175 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Steady residential and commercial rental income from fully‑rented units.
    • 3.45‑acre mixed‑use property offering versatile investment opportunities.
    • Commercial building with store frontage, office space, and a newer 80x40 barn.
    • 40x80 pole building provides potential for business expansion or storage.
    • Convenient location just off US‑127.
    • Newer 400‑foot, 5‑inch well.

    Overview

    This 3.45-acre mixed-use property presents an investment opportunity with residential and commercial rental income. It includes four fully-rented apartment units, with a fifth unit nearing completion. A newer 400-foot, 5-inch well is located on the property. The property also features a commercial building with store frontage and office space, along with a special-purpose 80x40 barn constructed in 2011. The commercial space is currently rented to a dog grooming business on a month-to-month basis. Additionally, there is a 40x80 pole building that offers potential for business expansion or storage. The property is located just off US-127, providing a location for business opportunities while maintaining rental income from the residential units and commercial tenant. With a mix of residential and commercial space and room for further development, this property offers versatility and steady returns for investors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dean F. Sova ... Apartment Building

    Suggested Use

    Building Supply Auto Repair Shop Hotel & Motel Auto Parts Store Department Store Kitchen & Bath Showroom HVAC Service Storage Facility Garden Center Car Rental Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.607643
    Latitude
    43.375814

    Nearby Similar for Sale

    • $195,000
      13,266 SF

      Downtown Alma Office Building

      13,000+ sq ft building with tenants and vacant suites.
      217 N State, Alma, MI 48801
      View Details
    • $549,900
      22,218 SF

      Downtown Alma Office Building

      Class A office building with parking in downtown Alma.
      311 Woodworth Avenue, Alma, MI 48801
      View Details
    • $225,000
      2,358 SF

      Iconic Retail Store in Alma

      Long-established retail store with high visibility and drive-thru.
      316 W Superior Street, Alma, MI 48801
      View Details
    • $435,000
      4,766 SF

      Victorian Home Near Downtown Alma

      Large updated Victorian with potential for various business opportunities.
      623 N State Street, Alma, MI 48801
      View Details
    • $125,000
      26,210 SF

      26,000 SF Building on 6 Acres

      26,000 SF building on 6 acres in Alma, MI.
      700 W End Street, Alma, MI 48801
      View Details
    • $110,000
      6,951 SF

      Versatile Commercial Building in Alma

      6951 sq ft building suitable for retail, warehouse, or manufacturing.
      311 Prospect Street, Alma, MI 48801
      View Details
    • $679,000
      7,100 SF

      Medical Office Building For Sale

      Well-maintained medical office building in a strong medical corridor.
      245 E Warwick Dr, Alma, MI 48801
      View Details
    • $99,900
      3,458 SF

      Downtown Alma Commercial Building

      Commercial building in downtown Alma with multiple potential uses.
      414 N State, Alma, MI 48801
      View Details
    • $200,000
      1,220 SF

      Established Bar in Alma, MI

      Turn-key bar with loyal customer base in Alma, Michigan.
      308 N State Street, Alma, MI 48801
      View Details
    • $475,000
      8,665 SF

      Prime Retail Space on M-46

      Expansive retail property on M-46 with high visibility.
      2324 W Monroe Road, Alma, MI 48801
      View Details
    • $195,000
      13,000 SF

      State Street Plaza Investment Opportunity

      Downtown Alma commercial building with tenants and vacant suites.
      217 N State, Alma, MI 48801
      View Details
    • $3,300,000
      14,820 SF

      Adaptable Commercial Property in Alma

      Versatile 14,820 sqft commercial space in a high-traffic location.
      1420 Wright Avenue, Alma City, MI 48801
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 3.45-acre mixed-use property with residential and commercial income.
    Where is this mixed-use property located?
    The property is located at 5705 N State Road Alma, MI.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Steady residential and commercial rental income from fully‑rented units.; 3.45‑acre mixed‑use property offering versatile investment opportunities.; Commercial building with store frontage, office space, and a newer 80x40 barn.
    (989) 763-8060
    We can help!
    Listing Contact
    Cody Nevins
    Cody Nevins
    Real Estate License ID: 6501446537
    Learn More
    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
    5705 N State Road, Alma, MI 48801
    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!