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    149 St Clair St Romeo, MI 48065
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    149 St Clair St, Romeo, MI 48065

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    • Retail properties & Spaces
    • 2,224 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 149 St Clair St

    Year built
    1856
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This stunning, historic commercial building, constructed in 1856 and extensively renovated in 2014, presents a unique investment opportunity in Romeo, Michigan's vibrant Central Business District. The 2,224 square foot building features nine spacious rooms, abundant natural light, one full bathroom and two half bathrooms, and a welcoming lobby. Its prime location offers a significant advantage: a private parking lot with five spaces, including handicap accessibility, a rare commodity in this area. The building's permitted zoning within the Central Business District allows for diverse uses, including creative office, storefront, and traditional office spaces. The two-story structure seamlessly blends historical charm with modern functionality, making it ideal for a variety of businesses. This property offers a compelling blend of historical significance, modern amenities, and a highly desirable location. The asking price is $425,000. Don't miss this chance to own a piece of Romeo's rich history and thriving commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Romeo
    County
    Macomb
    State
    Michigan
    Longitude
    -83.0155
    Latitude
    42.8023

    Comparable in this City

    • Value Estimation by Request
      76,438 SF

      70920 Van Dyke Rd

      Office Spaces
      70920 Van Dyke Rd, Romeo, MI 48065
      View Details
    • Value Estimation by Request
      460 SF

      152 Main St

      RETAIL STORES (PERSONAL SERVICES)
      152 Main St, Romeo, MI 48065-5169
      View Details
    • Value Estimation
      $1,060,000
      10,150 SF

      230 Saint Clair St

      RETAIL STORES (PERSONAL SERVICES)
      230 Saint Clair St, Romeo, MI 48065-5259
      View Details
    • Value Estimation by Request
      2,567 SF

      131 Main St

      RETAIL STORES (PERSONAL SERVICES)
      131 Main St, Romeo, MI 48065-5125
      View Details
    • Value Estimation by Request
      1,900 SF

      224 Main St

      RETAIL STORES (PERSONAL SERVICES)
      224 Main St, Romeo, MI 48065-4616
      View Details
    • Value Estimation by Request
      1,865 SF

      123 Main St

      RETAIL STORES (PERSONAL SERVICES)
      123 Main St, Romeo, MI 48065-5125
      View Details

    Similar Nearby for Sale

    • $240,000
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      Victorian Mixed-Use Property with Elevator

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      Office Space For Sale

      Office space available on Peyerk Ct, Romeo, MI.
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      1,143 SF

      70941 Van Dyke Rd, Bruce Township, MI 48065

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      70941 Van Dyke Rd, Bruce Township, MI 48065
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    • $385,000
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      Updated Office Building with ADA Ramp

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    Similar Nearby for Lease

    • $2,520 /Mo
      2,016 SF

      Retail or Office Space

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      71070 Van Dyke Ave, Romeo, MI 48065
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    • $1,300 /Mo
      1,040 SF

      Retail or Office Space

      Units within a center anchored by CVS, Henry Ford Urgent Care, and Dollar Tree, with easy Van Dyke/M-53 access.
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    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces for lease near downtown Romeo.
      70920 Van Dyke Rd, Romeo, MI 48065
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    • $1,500 /Mo
      1,200 SF

      Retail Storefront with Dual Entrances

      Neat, clean retail space with front and rear entrances, a half bath, and basement storage ready for occupancy.
      105 S Main St, Romeo, MI 48065
      View Details
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    Romeo, MI 48065
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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.

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