Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    56638 Calumet Calumet Township, MI 49913

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    56638 Calumet Calumet Township, MI 49913

    View on Map
    • Specialty properties
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 56638 Calumet

    Property type
    Specialty properties
    Property subtype
    Land

    Description

    This special-purpose commercial building at 56638 Calumet, Calumet Township, MI 49913, is strategically located on US Highway 41 (Calumet Avenue), offering exceptional visibility and accessibility due to its placement at the intersection of US-41, 6th Street Extension, and Lake Linden Avenue. The property features a main area of approximately 27x19 feet and a conference room/office of approximately 29x17 feet, both adaptable to various business needs. Three entrances, including a front foyer, provide convenient access. The building includes a restroom, storage room, and mechanical room. A paved parking lot is accessible from both US-41 and Lake Linden Avenue. The building boasts a metal roof (approximately 17+ years old) and a natural gas forced air heating/central air system (approximately 12+ years old). Additional storage is available in the attic area. The property is subject to a Michigan Department of Transportation Carpool Parking Lot Contract, the details of which are available to pre-qualified buyers upon signing a non-disclosure agreement. A utility easement affects the parcel. The seller prefers closing after October 15, 2024, or offers a rent-back option post-closing. Showings are by appointment only. All information is believed accurate but not warranted

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Calumet Township
    County
    Houghton
    State
    Michigan
    Longitude
    -88.4522
    Latitude
    47.237

    Comparable in this City

    • Value Estimation by Request
      0.91 Acres

      56500 Us Hwy 41

      COMMERCIAL (GENERAL) • 0.91 Acres
      56500 Us Hwy 41, Calumet, MI 49913-2436
      View Details
    • Value Estimation by Request
      0.06 Acres

      54 3rd St

      COMMERCIAL (GENERAL) • 0.06 Acres
      54 3rd St, Laurium, MI 49913-2100
      View Details
    • Value Estimation by Request
      0.19 Acres

      526 4th St

      COMMERCIAL (GENERAL) • 0.19 Acres
      526 4th St, Calumet, MI 49913-1474
      View Details
    • Value Estimation by Request
      0.27 Acres

      4th St

      COMMERCIAL (GENERAL) • 0.27 Acres
      4th St, Calumet, MI 49913
      View Details
    • Value Estimation by Request
      0.08 Acres

      108 5th St

      COMMERCIAL (GENERAL) • 0.08 Acres
      108 5th St, Calumet, MI 49913-1602
      View Details
    • Value Estimation by Request
      0.21 Acres

      400 5th St

      COMMERCIAL (GENERAL) • 0.21 Acres
      400 5th St, Calumet, MI 49913-1408
      View Details

    Similar Nearby for Sale

    • $50,000
      9.87 Acres

      Wooded Land Parcel Near Lake

      Secluded 10-acre wooded parcel, potential lake views.
      1021 Sedar Hill Rd, Calumet, MI 49913
      View Details
    • $495,000
      1,332 SF

      Calumet Industrial Property

      High-traffic US-41 location, 1332 sq ft
      56638 Calumet St, Calumet, MI 49913
      View Details
    • $100,000
      5,710 SF

      Laurium Industrial Space - $100K

      Prime Laurium location, large industrial building, high traffic area.
      101 Hecla St, Laurium, MI 49913
      View Details
    • Contact for pricing
      13,300 SF

      Calumet Historic District Business Opportunity

      Profitable cafe, brewery, and apartments in historic Calumet district.
      300 6Th St, Calumet, MI 49913
      View Details
    • $49,900
      2,344 SF

      Spacious Duplex in Laurium, MI

      Laurium duplex with income potential or single-family conversion opportunity.
      117 S Iroquois St, Laurium, MI 49913
      View Details
    • $85,000
      5,710 SF

      Laurium Commercial/Business Space Available

      Prime commercial space in a highly traveled location in Laurium.
      101 Hecla St, Laurium, MI 49913
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    56638 Calumet
    Calumet Township, MI 49913
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    56638 Calumet, Calumet Township, MI, 49913

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!