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    Brady St Allegan, MI 49010

    • Commercial real estate
    • 0.09 lot acres
    For Sale
    View listing
    $600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for Brady St

    Year built
    1890
    Lot size
    0.09 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity encompasses two adjacent commercial properties located in the heart of Allegan, Michigan's vibrant downtown. The package includes 145 Brady Street, a three-story historic building boasting stunning river views. The ground floor offers versatile office space, while the upper two floors present significant potential for conversion into apartments. A convenient walkout basement leads directly to the Riverfront Plaza, offering unique access and visibility. Adjacent to 145 Brady Street is 149 Brady Street, a prime investment property featuring three existing apartments and additional main-level office space. Both buildings are situated in a high-demand rental area, ensuring strong potential for consistent income generation. The combined 0.09-acre lot provides ample space for both properties. This is a rare chance to acquire a significant piece of Allegan's history and capitalize on the thriving downtown market. The asking price for both properties is $600,000. The square footage of each building is not currently available. This unique offering presents a compelling opportunity for investors seeking a substantial return in a desirable location. The properties are ready for immediate occupancy and offer significant upside potential through renovations and lease optimization.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.8483
    Latitude
    42.5267

    Comparable in this City

    • Value Estimation by Request
      11,107 SF

      Brady St

      Commercial real estate • 11,107 SF
      Brady St, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      6,600 SF

      Locust St

      Commercial real estate • 6,600 SF
      Locust St, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      7.55 Acres

      35007 Babylon Rd, Unit A

      COMMERCIAL (GENERAL) • 7.55 Acres
      35007 Babylon Rd, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      16.00 Acres

      Allegan, MI 49010

      COMMERCIAL (GENERAL) • 16.00 Acres
      Allegan, MI 49010
      View Details
    • Value Estimation by Request

      180 Western Ave

      COMMERCIAL (GENERAL)
      180 Western Ave, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      6,994 SF

      116 Locust St

      COMMERCIAL (GENERAL) • 6,994 SF
      116 Locust St, Allegan, MI 49010-1302
      View Details

    Similar Nearby for Sale

    • $600,000
      0.09 Acres

      Downtown Allegan Commercial Duo

      Historic buildings, high rental demand.
      Brady St, Allegan, MI 49010
      View Details
    • $600,000
      11,107 SF

      Downtown Allegan Investment Duo

      Two adjacent buildings, high rental demand.
      Brady St, Allegan, MI 49010
      View Details
    • $360,000
      6,600 SF

      Downtown Allegan Commercial Duo

      Historic Brick Buildings, High Potential
      Locust St, Allegan, MI 49010
      View Details
    • $360,000
      0.05 Acres

      Downtown Allegan Commercial Duo

      Two Victorian buildings, prime location.
      Locust St, Allegan, MI 49010
      View Details
    • $200,000
      Pending

      Riverfront Duplex Investment Opportunity

      Two-unit multifamily property near downtown Allegan with river views.
      103 River St, Allegan, MI 49010
      View Details
    • $360,000
      6,600 SF

      Downtown Allegan Mixed-Use Property

      Historic Victorian buildings, high rental potential.
      110-106 Locust St, Allegan, MI 49010
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      4,000 SF

      Industrial Building Near M-89

      4,000 SF commercial building near M-89 in Allegan, MI.
      2569 111Th Ave, Allegan, MI 49010
      View Details
    • $10 SF/Yr
      2,400 SF

      New Construction Commercial Flex Space

      New construction flex space with office, bathroom, and radiant heat.
      3507 Babylon Rd, Allegan, MI 49010
      View Details
    • $15 SF/Yr
      5,575 SF

      Retail/Office Space For Lease

      1,877 SF retail/office space available for lease.
      892 Marshall St, Allegan, MI 49010
      View Details
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    Brady St
    Allegan, MI 49010
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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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