Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    790 Us-23 Harrisville, MI 48740
    Property profile & analytics

    790 Us-23, Harrisville, MI 48740

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

    Current Use by Public Records

    • Specialty properties

    Property Details for 790 Us-23

    Property type
    Specialty properties
    Property subtype
    Land

    Description

    This exceptional investment opportunity presents a fully operational, 5-star rated nursing home in Harrisville, Michigan. Situated on approximately 11 acres along US-23, this established business has thrived for over 40 years, providing comprehensive 24-hour care. Services include long-term care, basic care, rehabilitation, Alzheimer's/Dementia care, hospice care, and respite care. The property boasts numerous dining areas, private rooms, a chapel, and comfortable common areas designed for resident well-being. Included in the sale is a separate guest house/owner's house located at the front of the property, offering additional living space or potential for expansion. Several outbuildings provide ample storage. The asking price for this turnkey operation is $1,799,000. This is a rare chance to acquire a well-established and successful healthcare business with significant potential for continued growth and profitability in a desirable location. The property's address is 790 US-23 South, Harrisville, MI 48740. This offering includes the land, buildings, and established business operations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Harrisville
    County
    Alcona
    State
    Michigan
    Longitude
    -83.3106
    Latitude
    44.6344

    Comparable in this City

    • Value Estimation by Request
      2,421 SF

      302 Main St

      CREMATORIUM, MORTUARY
      302 Main St, Harrisville, MI 48740
      View Details
    • Value Estimation by Request

      1409 Black Rock Bch

      Land
      1409 Black Rock Bch, Greenbush, MI 48740
      View Details
    • Value Estimation by Request

      Everett Rd

      COMMERCIAL (GENERAL)
      Everett Rd, Harrisville, MI 48740
      View Details
    • Value Estimation by Request

      Everett Rd

      COMMERCIAL (GENERAL)
      Everett Rd, Harrisville, MI 48740
      View Details
    • Value Estimation by Request

      1958 Everett Rd

      COMMERCIAL (GENERAL)
      1958 Everett Rd, Harrisville, MI 48740-9578
      View Details
    • Value Estimation by Request

      4638 M 72

      COMMERCIAL (GENERAL)
      4638 M 72, Harrisville, MI 48740-9638
      View Details

    Similar Nearby for Sale

    • New
      Contact for pricing
      Pending

      Land Near Lake Huron Access

      Land with deeded access to Lake Huron.
      N Lakeshore Dr, Harrisville, MI 48740
      View Details
    • $350,000
      0.62 Acres

      Lake Huron Buildable Land

      Buildable land with 100 ft of Lake Huron frontage.
      N Lake Huron Shore Dr, Harrisville, MI 48740
      View Details
    • $120,000
      21.00 Acres

      Harrisville Agricultural Land with Outbuildings

      21 acres of agricultural land with outbuildings in Harrisville.
      21 S Coville Rd, Harrisville, MI 48740
      View Details
    • $495,000
      1.30 Acres

      Lake Huron Waterfront Land

      Waterfront land with garage, sunroom, sauna, and full bath.
      N Old Shr Dr, Harrisville, MI 48740
      View Details
    • Contact for pricing
      0.82 Acres

      Private Wooded Lot Near Lake Huron

      Serene wooded lot near Lake Huron and Greenbush golf course.
      15 S Ellen Dr, Harrisville, MI 48740
      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.
    790 Us-23
    Harrisville, MI 48740
    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
    790 Us-23, Harrisville, MI, 48740
    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!