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    Saginaw Riverfront Storage and Repair Title is generated by Realmo AI

    2363 Weadock, Essexville, MI 48732

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    For Sale
    $599,000

    Waterfront property with storage, repair facilities, and development potential.

    Type:Industrial
    Property size:
    22,781 SF
    Price / SF:
    $26/SF
    Added:
    Jul 30, 2024
    Days on Market:
    668
    Last Refresh:
    May 12 at 9:47 pm

    Property Features for 2363 Weadock

    General Information

    Standard status
    Active
    Size
    22,781 SF
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Gary Anderson

    Listing agent Gary Anderson

    Listing office Century 21 Signature Realty

    Listing date Jul 30, 2024

    Source Xome

    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 Century 21 Signature Realty

    HighLights

    • Saginaw River frontage (137 feet) with boat slip and travel lift
    • Close proximity to Saginaw Bay and Saginaw Bay Yacht Club
    • Substantial covered storage space: Approximately 19,000 sq. ft.
    • Significant shop area: Approximately 4,000 sq. ft.
    • Includes equipment and vehicles for existing business operation
    • Development potential: Possible condo development opportunity

    Overview

    This Saginaw River property, situated near the bay and adjacent to the Saginaw Bay Yacht Club, features 137 feet of river frontage and includes a boat slip with a travel lift. The property comprises over 19,000 square feet of covered storage space and approximately 4,000 square feet of shop area, distributed across four or more buildings suitable for storage and large boat repair. The sale encompasses equipment and vehicles, offering the potential to continue the existing business. Encompassing 22,781 square feet, the site also presents opportunities for condo development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Accounting Firm HVAC Service Bar & Pub Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Essexville
    County
    Bay
    State
    Michigan
    Longitude
    -83.7801
    Latitude
    43.6045

    Nearby Similar for Sale

    • $170,000

      Mixed-Use Building on Center Road

      Four-unit mixed-use building with income and commercial potential.
      568 W CENTER Rd, HamptonCharterTownship_Bay, MI 48732
      View Details
    • $360,000
      4,928 SF

      Turn-Key Building in Essexville

      Multi-purpose building with well-designed floor plan in business district.
      3588 Center, Essexville, MI 48732
      View Details

    FAQs

    What type of property is this?
    Warehouse - Waterfront property with storage, repair facilities, and development potential.
    Where is this warehouse located?
    The property is located at 2363 Weadock Essexville, MI.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Saginaw River frontage (137 feet) with boat slip and travel lift; Close proximity to Saginaw Bay and Saginaw Bay Yacht Club; Substantial covered storage space: Approximately 19,000 sq. ft.
    (989) 686-4500
    We can help!
    Listing Contact
    Gary Anderson
    Request Owner's contact information
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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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