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    110-106 Locust St Allegan, MI 49010
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    110-106 Locust St, Allegan, MI 49010

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    • Retail properties & Spaces
    • 6,600 SF
    • 0.11 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 110-106 Locust St

    Year built
    1880
    Lot size
    0.11 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional investment opportunity presents two adjacent, two-story late Victorian brick commercial buildings situated in the heart of Allegan's central business and historic district at 110-106 Locust Street, Allegan, MI 49010. The property boasts a combined 6,600 square feet of net rentable space, currently 25% occupied, and is offered at $360,000 ($54.55/sq ft). Each building features approximately 1,650 square feet of street-level space ideal for retail or office use, showcasing original facades from the late 1800s. A shared exterior staircase leads to the upper level, which houses four apartments in need of renovation, presenting significant upside potential. The property includes full basements and a separate 290-square-foot single-stall garage located on a detached lot accessible from the back alley. The 0.109-acre lot is zoned C1. Built in 1880 and renovated in 2010, this multi-tenant (currently one tenant) mixed-use property (Multifamily, Office, Retail) offers a unique blend of historical charm and modern investment potential. The property is offered as an owner/user investment with a net lease type. The APN is 51-205-018-00 & 51-205-019-00. This is a for sale by owner listing.

    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
    -85.849
    Latitude
    42.528

    Comparable in this City

    • Value Estimation
      $8,045,000
      51,396 SF

      490 Eastern Ave

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      490 Eastern Ave, Allegan, MI 49010-8034
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    • Value Estimation by Request
      3,564 SF

      112 Locust St

      OFFICE BUILDING
      112 Locust St, Allegan, MI 49010-1302
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    • Value Estimation by Request
      3,744 SF

      100 Locust St

      OFFICE BUILDING
      100 Locust St, Allegan, MI 49010-1302
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    • Value Estimation by Request
      2,715 SF

      279 Thomas St

      DENTAL BUILDING
      279 Thomas St, Allegan, MI 49010-8195
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    • Value Estimation
      $525,000
      4,137 SF

      430 Western Ave

      OFFICE BUILDING
      430 Western Ave, Allegan, MI 49010-1200
      View Details
    • Value Estimation by Request
      1,344 SF

      223 Hubbard St, Unit 2

      OFFICE BUILDING
      223 Hubbard St, Allegan, MI 49010-1326
      View Details

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      Downtown Allegan Mixed-Use Building

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      Downtown Allegan Mixed-Use Building

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      Downtown Allegan Redevelopment Opportunity

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    Similar Nearby for Lease

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      Retail/Office Space For Lease

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      Retail Space For Lease

      1,877 SF retail space available for lease.
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    • $10 SF/Yr
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      Industrial Building Near M-89

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    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.

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