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    Property profile & analytics

    6 M-32/Crittenden Ct Alpena, MI 49707

    • Commercial real estate
    • 3.50 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 6 M-32/Crittenden Ct

    Lot size
    3.50 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 3.5-acre commercial lot, located at Lot 6 M-32/Crittenden Court in Alpena, Michigan, presents a unique investment opportunity. Situated in Alpena County's fastest-growing area, this B-2 zoned property boasts high visibility and traffic counts due to its prime location on M-32, just 1.8 miles west of the bustling M-32/Bagley Street corridor. The lot benefits from complete infrastructure, including municipal water and sewer, natural gas, and electricity, representing significant cost savings for developers. Its convenient access via the Crittenden Court service drive off M-32 allows for excellent signage opportunities. This strategic location is anchored by a newly constructed Aldi's and a Hampton Inn currently under construction, ensuring high foot traffic and brand recognition. The surrounding area is home to a robust mix of established businesses, including Walmart, Meijer, Home Depot, McDonald's, Culver's, Applebee's, Walgreens, Biggby Coffee, Starbucks, Marshalls, Auto Zone, PNC Bank, and Well Care. Parcel modifications are possible, and additional property may be available. Detailed site layouts and pricing information for the lots are available in the provided documents. This property offers unparalleled potential for commercial development in a thriving and established retail environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Alpena
    County
    Alpena
    State
    Michigan
    Longitude
    -83.4694
    Latitude
    45.0775

    Comparable in this City

    • Value Estimation by Request
      768 SF

      Alpena, MI 49707

      Commercial real estate • 768 SF
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    • Value Estimation by Request
      2.02 Acres

      860 Commerce Dr

      COMMERCIAL (GENERAL) • 2.02 Acres
      860 Commerce Dr, Alpena, MI 49707-1955
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    • Value Estimation by Request
      0.08 Acres

      224 Fletcher St

      COMMERCIAL (GENERAL) • 0.08 Acres
      224 Fletcher St, Alpena, MI 49707
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    • Value Estimation by Request
      0.87 Acres

      128 Grant St

      COMMERCIAL (GENERAL) • 0.87 Acres
      128 Grant St, Alpena, MI 49707-3610
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    • Value Estimation by Request
      4.56 Acres

      2425 Long Lk Rd

      COMMERCIAL (GENERAL) • 4.56 Acres
      2425 Long Lk Rd, Alpena, MI 49707-8156
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    • Value Estimation by Request
      7.48 Acres

      7448 M 32nd W

      COMMERCIAL (GENERAL) • 7.48 Acres
      7448 M 32nd W, Alpena, MI 49707-9504
      View Details

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    Alpena, MI 49707
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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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