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    6101 Lake Michigan Drive Allendale, MI 49401

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    For Lease
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    Retail space available in a vibrant Allendale shopping center.

    Type:Retail
    Added:
    Jul 29, 2021
    Days on Market:
    1722
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 6101 Lake Michigan Drive

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Spaces For Lease

    at 6101 Lake Michigan Drive Contact us

    Suite 250A $12 /Mo

    Size
    3,652 SF
    Type
    Retail
    Contact us

    Suite 700B $15 /Mo

    Size
    1,635 SF
    Type
    Retail
    Monthly Lease Rate: $2,044
    Contact us

    Suite 300B $12 /Mo

    Size
    2,069 SF
    Type
    Retail
    Contact us

    Suite 400B $12 /Mo

    Size
    2,000 SF
    Type
    Retail
    Monthly Lease Rate: $2,000
    Contact us

    Suite 800A $10 /Mo

    Size
    8,677 SF
    Type
    Retail
    Contact us

    Suite 200B $12 /Mo

    Size
    1,975 SF
    Type
    Retail
    Lease rate negotiable
    Contact us
    Show more

    We can help!

    Listing Contact
    Jon Geenen

    Listing agent Jon Geenen License #MI 6501409080

    Listing office Dar Commercial

    Listing date Jul 29, 2021

    Source Crexi

    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 Dar Commercial

    Overview

    Retail Space in Heritage Center

    Located just west of Grand Valley State University's campus, this retail space is part of the Heritage Towne Center. The center is located at the corner of 60th and Lake Michigan Drive. The center includes tenants such as Snap Fitness, Family Farm and Home, and Dollar General. New retail developments in the area include Arby’s, O’Reilly Auto Parts, and Culver’s. This Allendale location offers a retail opportunity.
    Location Intelligence

    Current Use by Public Records

    Snap Fitness Allendale Gym & Fitness Center Bamboo Express Restaurant AACC-Allendale Area Chamber Business Service Center Dr. Nick Lillie Physician Forever Sun West ... Tanning Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Allendale
    County
    Ottawa
    State
    Michigan
    Longitude
    -85.9356126
    Latitude
    42.973753

    Nearby Similar for Lease

    • $18/mo

      Retail Space Near University Campus

      1,752 SF retail space near Grand Valley State University.
      10745 48th Avenue, Allendale, MI 49401
      View Details
    • Contact for pricing

      Modern Office Space in Allendale

      Newly constructed office space in a prime Allendale location.
      5630 Lake Michigan Dr, Allendale Charter Twp, MI 49401
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in a vibrant Allendale shopping center.
    Where is this retail space located?
    The property is located at 6101 Lake Michigan Drive Allendale, MI.
    What are key features of this property?
    This property features: Located in the vibrant Heritage Towne Center; Anchored by Snap Fitness, Family Farm and Home, and Dollar General; **High‑traffic location at the corner of 60th and Lake Michigan Drive**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jon Geenen
    Real Estate License ID: MI 6501409080
    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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