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    2205-2219 Us-23 Alpena, MI 49707

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    2205-2219 Us-23 Alpena, MI 49707

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    • Retail properties & Spaces
    • 90,979 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2205-2219 Us-23

    Property size
    90,979 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    Thunder Bay, a 90,979 square foot neighborhood center in Alpena, Michigan, offers diverse commercial spaces for lease. Located at 2205-2219 US-23, Alpena, MI 49707, this Class C property boasts a prime location overlooking the picturesque Thunder Bay. The center recently welcomed Ollie's Bargain Outlet as a new anchor tenant in 2024, enhancing its appeal and drawing increased foot traffic. Available spaces range from a minimum of 900 square feet to a maximum contiguous area of 24,370 square feet, with a total of 38,670 square feet currently vacant. The property is suitable for a variety of uses, including traditional office, executive office, coworking, medical office, creative office, retail, and restaurant spaces. Multiple tenancy options are available. Landlords are willing to negotiate attractive introductory rates and flexible lease terms to accommodate various business needs, welcoming both new and established businesses. The property's diverse offerings and flexible lease options make it an ideal location for businesses of all sizes. Contact us to explore leasing opportunities and discover the perfect space for your business in this vibrant Alpena community.

    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
    -83.4539
    Latitude
    45.0439

    Comparable in this City

    • Value Estimation by Request
      0.20 Acres

      413 Ripley Blvd

      COMMERCIAL (GENERAL) • 0.20 Acres
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    • Value Estimation by Request
      0.38 Acres

      468 Ripley Blvd

      COMMERCIAL (GENERAL) • 0.38 Acres
      468 Ripley Blvd, Alpena, MI 49707-3015
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    • Value Estimation by Request
      7.50 Acres

      322 Ripley Blvd

      COMMERCIAL (GENERAL) • 7.50 Acres
      322 Ripley Blvd, Alpena, MI 49707-4006
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    • Value Estimation by Request
      0.49 Acres

      1130 State Ave

      COMMERCIAL (GENERAL) • 0.49 Acres
      1130 State Ave, Alpena, MI 49707-3659
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    • Value Estimation by Request
      0.05 Acres

      1107 State Ave

      COMMERCIAL (GENERAL) • 0.05 Acres
      1107 State Ave, Alpena, MI 49707-3658
      View Details
    • Value Estimation by Request
      10.31 Acres

      8925 Us Hwy 23rd N

      COMMERCIAL (GENERAL) • 10.31 Acres
      8925 Us Hwy 23rd N, Alpena, MI 49707-8947
      View Details

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    Similar Nearby for Lease

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      Alpena Retail and Office Spaces

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      Alpena Retail Space For Lease

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      900 SF

      Retail Center in Alpena, Michigan

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      Retail Space in Alpena Center

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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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