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    Updated Commercial Property Near Ohio Title is generated by Realmo AI

    7008 Lewis Avenue, Temperance, MI 48182

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    Claim this Listing
    For Sale
    $159,900

    COMMERCIAL - Temperance, MI

    Property size:
    2,051 SF
    Lot size:
    0.43 Acres
    Price / SF:
    $77/SF
    Added:
    Aug 13, 2024
    Days on Market:
    658
    Last Refresh:
    Jun 1 at 8:06 am

    Property Features for 7008 Lewis Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,051 SF
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4507

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1973
    Roof type
    Shingle

    We can help!

    Listing Contact
    Doug Vandergrift
    Doug Vandergrift

    Listing agent Doug Vandergrift License #6504092991

    Listing office Vandergrift Company - Lambertville 7936 Secor Rd., Lambertville, MI

    Listing date Aug 13, 2024

    MLS# 50152042

    Copyright © 2026 Southeastern Border Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Completely updated in and out.
    • Great location, close to Ohio and expressways to Ann Arbor and Detroit.
    • Multiple offices/conference rooms: seven rooms on the first floor and three rooms upstairs.
    • Office with fireplace.
    • Central air conditioning.
    • ALTA Survey completed in 2020.

    Overview

    This commercial property, located in Temperance, MI, features a reception room measuring 12x10, a large foyer of 17x6, and an office space of 21x15 equipped with a fireplace. Additional spaces on the first floor include a copy room (15x9), two offices (12x10 and 12x8), a kitchen (12x5), and a storage room (15x10). The upstairs area comprises three offices or conference rooms, sized 17x15, 19x12, and 10x10. The property, with a size of 2051 square feet, is situated on a 0.43-acre lot. The property has been completely updated inside and out. An ALTA survey was completed in 2020. Its location offers proximity to Ohio and expressways leading to Ann Arbor and Detroit.
    Property Profile Location Intelligence

    Current Use by Public Records

    Nearpass & Associates Law Firm

    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
    Temperance
    County
    Monroe
    State
    Michigan
    Longitude
    -83.56697
    Latitude
    41.743532

    Nearby Similar for Sale

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      Versatile Facility on 6.88 Acres

      19,769 SF facility suitable for diverse uses.
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    • Contact for pricing
      1,436 SF

      Retail Space Vanilla-Shell Unit

      1,436 SF retail space available as vanilla-shell unit.
      7400 Lewis Avenue, Temperance, MI 48182
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    • $900,000
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      Retail Space Below Market Rent

      Retail space with 50+ year operating history.
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    FAQs

    What type of property is this?
    Office units - Updated commercial property in Temperance, MI, near Ohio expressways.
    Where is this office units located?
    The property is located at 7008 Lewis Avenue Temperance, MI.
    What is the asking price?
    The asking price for this property is $159,900.
    What are key features of this property?
    This property features: Completely updated in and out.; Great location, close to Ohio and expressways to Ann Arbor and Detroit.; Multiple offices/conference rooms: **seven rooms on the first floor and three rooms upstairs.**
    (419) 356-5427
    We can help!
    Listing Contact
    Doug Vandergrift
    Doug Vandergrift
    Real Estate License ID: 6504092991
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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.

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