550 Ludington Dr Farwell, MI 48622
- Commercial real estate
- 2.08 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 550 Ludington Dr
- Lot size
- 2.08 lot acres
- Property type
- Commercial real estate
- APN
- 015-030-300-25
- APU
- 1503030025
Description
This exceptional commercial property located at 550 E Ludington in Farwell, MI, presents a unique investment opportunity. The 3,307 square foot building sits on a 1.9-acre corner lot, boasting high visibility due to its position on M-115 between Farwell and Clare, and its adjacency to the Pere Marquette Rail Trail. The property offers a flexible layout, including approximately 1,292 square feet of finished retail space, ideal for immediate occupancy and business operations. An additional 575 square feet of living space presents a readily adaptable area for expansion of retail space or other commercial uses. Significant storage or garage space, totaling approximately 1,440 square feet, provides ample room for inventory, equipment, or other business needs. Both roads providing access to the property are paved, ensuring convenient access for customers and deliveries. The property is equipped with a 50-amp service and sewer hookup for a camper, adding to its versatility. Utilities are comprehensive, including a 5-inch well and a mounded septic system installed in 2004, high-speed internet access, cable television, and natural gas. This property's strategic location, ample space, and existing infrastructure make it an ideal choice for a variety of commercial ventures, offering significant potential for growth and return on investment.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $255,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $380,000
- 6.5%
- $365,000
- 7%
- $390,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $370,000
- Geo Method
- $330,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $375,000
- Retail
- $365,000
- Mixed-Use
- $425,000
- Hospitality
- $345,000
- Educational
- $465,000
- Residential Income
- $425,000
- Energy
- $355,000
- Income-Based Land
- $355,000
- Food Service
- $350,000
Location Insight
- Map
- Local Demand
- City
- Farwell
- County
- Clare
- State
- Michigan
- Longitude
- -84.8388
- Latitude
- 43.8316