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    427 Steer St Addison, MI 49220

    Sponsored
    For Sale
    $950,000

    7.2-acre redevelopment site, 14,035 sq ft

    Property size:
    14,035 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    Attention developers! This exceptional 7.2-acre property in Addison, Michigan, presents a unique redevelopment opportunity. The site boasts approximately 875 feet of frontage on the serene Addison Mill Pond and includes two buildings: a former 12,235 square foot bariatric hospital and a separate 1,800 square foot building currently leased for $2,000 per month. The property features a substantial 500-kilowatt transformer with 3-phase power and 208 volts, providing ample electrical capacity for a variety of uses. Built in 1950 and renovated in 2019, the property is zoned for commercial use and offers significant potential for multi-family, senior housing, or self-storage development. The asking price is $950,000, translating to $67.69 per square foot. The property consists of two, two-story buildings, totaling 14,035 square feet. The site's location at 427 N Steer St, Addison, MI 49220, offers excellent visibility and accessibility. Parcel numbers are WD1131447500 and WD1131442500. Projected occupancy is March 23, 2024. All information should be independently verified.

    Property Features for 427 Steer St

    General Information

    Property type
    Multifamily properties
    Square Feet
    14,035 SF
    Lot Size
    313,632 SF

    Building Details

    Year Built/Renovated
    1950/2019
    Buildings
    2
    Stories
    2

    We can help!

    Listing Contact
    David Misko

    Learn more

    Property Insight Report

    HighLights

    • $950,000 asking price for this redevelopment opportunity.
    • 7.2‑acre lot with approximately 875 feet of frontage on Addison Mill Pond.
    • Two buildings totaling 14,035 square feet; one building is currently leased.
    • 1950 construction, renovated in 2019.
    • Commercial zoning permits multifamily, senior housing, and self‑storage development.
    • 500‑kilowatt transformer with 3‑phase power and 208 volts.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Law Firm Building Supply Dental Office Wholesale Shop Auto Repair Shop Nail Salon Pharmacy Grocery Store Furniture Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Addison
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.3484949
    Latitude
    41.9908168

    Nearby Comparable

    • $800,000
      12,235 SF

      Addison Industrial Property - Huge Potential

      7.2 Acres, 12,235 SF Building, High Power
      427 Steer St, Addison, MI 49220
      View Details
    • $800,000
      12,235 SF

      Addison Mill Pond Development Opportunity

      7.20-acre property with frontage on Addison Mill Pond.
      427 N Steer St, Addison, MI 49220
      View Details
    • $315,000
      3.73 Acres

      Manitou Beach Commercial Land

      3.73 Acres, C-2 Zoning, Great Potential
      6797 Devils Lake Hwy, Manitou Beach, MI 49253
      View Details
    • $699,999
      40.00 Acres

      40 Acres Buildable Land Parcel

      Versatile 40-acre property with farmland, woods, and recreational features.
      2951 N Meridian Rd, Hudson, MI 49247
      View Details

    Nearby Similar for Sale

    • $800,000
      12,235 SF

      Addison Industrial Property - Huge Potential

      7.2 Acres, 12,235 SF Building, High Power
      427 Steer St, Addison, MI 49220
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 7.2-acre redevelopment site, 14,035 sq ft
    Where is this multifamily property located?
    The property is located at 427 Steer St Addison, MI.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: $950,000 asking price for this redevelopment opportunity.; 7.2-acre lot with approximately 875 feet of frontage on Addison Mill Pond.; Two buildings totaling 14,035 square feet; one building is currently leased.
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    427 Steer St Addison, MI 49220
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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
    427 Steer St Addison, MI 49220
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    We can help!
    Listing Contact
    David Misko
    Real Estate License ID: MI
    Learn more
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