Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    302 Parkdale Rd Manistee, MI 49660

    • Hospitality properties
    • 1,418 SF
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hospitality properties

    Property Details for 302 Parkdale Rd

    Year built
    1945
    Lot size
    0.19 lot acres
    Property size
    1,418 SF
    Property type
    Hospitality properties
    Property subtype
    Hotels

    Description

    This 1,418 square foot hotel, located at 302 W Parkdale Rd, Manistee, MI 49660, presents a unique owner/user investment opportunity. Built in 1945, this two-story building sits on a 0.192-acre lot (APN: 51-07-840-001-00) and is zoned for Commercial District use. The property features three bedrooms and two bathrooms, offering ample space for guests or potential business operations. The interior boasts a spacious floor plan with abundant natural light and hardwood floors. A full basement and garage provide substantial storage. Exterior features include nicely maintained vinyl siding and replacement windows. The property's location offers easy access to downtown Manistee, providing proximity to shopping, dining, and other amenities. The asking price is $189,900, translating to $133.92 per square foot. This versatile property is ideal for a variety of uses, including a daily/weekly vacation rental, a home-based business, or a commercial venture. The possibilities are numerous, making this a compelling investment in a desirable Michigan location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Manistee
    County
    Manistee
    State
    Michigan
    Longitude
    -86.3073
    Latitude
    44.2666

    Comparable in this City

    • Value Estimation by Request

      1586 Us-31

      Flex space
      1586 Us-31, Manistee, MI 49660
      View Details
    • Value Estimation by Request
      0.60 Acres

      Manistee Hwy

      Commercial real estate • 0.60 Acres
      Manistee Hwy, Manistee, MI 49660
      View Details
    • Value Estimation by Request

      Renaissance Dr

      INDUSTRIAL - VACANT LAND
      Renaissance Dr, Manistee, MI 49660
      View Details
    • Value Estimation by Request
      1.61 Acres

      1939 Steinberg Rd

      INDUSTRIAL (GENERAL) • 1.61 Acres
      1939 Steinberg Rd, Manistee, MI 49660-9418
      View Details
    • Value Estimation by Request
      5.00 Acres

      Tompke Rd

      INDUSTRIAL - VACANT LAND • 5.00 Acres
      Tompke Rd, Manistee, MI 49660
      View Details
    • Value Estimation by Request

      141 Washington St

      COMMERCIAL (GENERAL)
      141 Washington St, Manistee, MI 49660-1224
      View Details

    Similar Nearby for Sale

    • $985,000
      9,000 SF

      Waterfront Motel, Marina, and Restaurant

      Commercial property with motel, marina, and restaurant on Manistee Lake.
      215 Arthur St, Manistee, MI 49660
      View Details
    • $400,000
      20.74 Acres

      Commercial Development Site Manistee

      20-acre commercial site with US 31 frontage.
      2322 Grant Hwy, Manistee, MI 49660
      View Details
    • $269,000
      2.70 Acres

      Land with Lake Michigan Views

      Residential land offering potential for multiple homes and lake views.
      12Th St, Manistee, MI 49660
      View Details
    • Contact for pricing
      100 SF

      Historic Office and Retail Spaces

      High-quality office and retail spaces in Manistee's historic Briny Building.
      50 Filer St, Manistee, MI 49660
      View Details
    • $94,900
      0.60 Acres

      Manistee Industrial Outlot - Prime Location

      Build Your Business - High Visibility Lot
      Manistee St, Manistee, MI 49660
      View Details
    • $595,000
      3,232 SF

      Manistee Car Wash - Turnkey Business

      Profitable Car Wash, Updated Equipment
      235 Parkdale Ave, Manistee, MI 49660
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr

      End-Cap Retail Space Available

      End-cap retail space with flexible lease options and high visibility.
      113 Cypress St, Manistee, MI 49660
      View Details
    • $6 SF/Yr
      3,000 SF

      Downtown Manistee Retail/Office Space

      Prime downtown location with ample space and convenient accessibility.
      308 River St, Manistee, MI 49660
      View Details
    • $6 SF/Yr
      3,000 SF

      Manistee Riverfront Office Space

      Downtown Manistee retail/office, 3000 sq ft.
      308 River St, Manistee, MI 49660
      View Details
    • $11 SF/Yr
      2,191 SF

      Turnkey Restaurant Space in Manistee

      Fully equipped restaurant space in a busy Manistee neighborhood.
      719 Kosciusko St, Manistee, MI 49660
      View Details
    • $3,815 /Mo
      2,860 SF

      Historic Building Office/Retail Space

      High-quality office and retail spaces in historic Briny Building.
      50 Filer St, Manistee, MI 49660
      View Details
    • $13 SF/Yr
      2,008 SF

      Downtown Manistee Retail Suite

      Versatile commercial space with river views and optional boat slips.
      308 River St, Manistee, MI 49660
      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.
    302 Parkdale Rd
    Manistee, MI 49660
    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

    Google sign-in failed. Please try again or use another login method.