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    Property profile & analytics

    106 Locust St Allegan, MI 49010

    • Commercial real estate
    • 3,590 SF
    • 0.06 lot acres
    For Sale
    View listing
    $175,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5144785
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 106 Locust St

    Lot size
    0.06 lot acres
    Property size
    3,590 SF
    Property type
    Commercial real estate
    APN
    51-205-019-00
    APU
    5120501900

    Description

    This exceptional 3,300 square foot, two-story commercial building presents a rare opportunity in Allegan's vibrant Central Business and Historical District. Built in the late 1800s, this late Victorian brick structure boasts original upper facades, retaining its historical charm. The street-level space offers approximately 1,650 square feet of adaptable area, perfect for retail or office use. A convenient back alley entrance and an interior spiral staircase provide access to the upper level, which also encompasses approximately 1,650 square feet. The upper level currently requires renovation but holds significant potential for conversion into two apartments. A full basement adds further versatility. A separate 290-square-foot single-stall garage is situated on a detached lot accessible from the back alley. The property sits on a 0.06-acre lot. Note that a neighboring property at 110 Locust is available for sale only in conjunction with this listing and includes a life lease to the existing tenant at that address. This combined offering presents a unique investment opportunity for those seeking a blend of historical character and substantial redevelopment potential within a thriving downtown setting. The property is priced at $180,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.849
    Latitude
    42.5279
    CBSA code
    26090
    CBSA name
    HOLLAND, MI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,960
    $7,100
    $76,200
    $83,300
    -
    $14,200
    $152,400
    $166,600

    Comparable in this City

    • Value Estimation by Request
      11,107 SF

      Brady St

      Commercial real estate • 11,107 SF
      Brady St, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      6,600 SF

      Locust St

      Commercial real estate • 6,600 SF
      Locust St, Allegan, MI 49010
      View Details
    • Value Estimation by Request

      180 Western Ave

      COMMERCIAL (GENERAL)
      180 Western Ave, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      7.55 Acres

      35007 Babylon Rd, Unit A

      COMMERCIAL (GENERAL) • 7.55 Acres
      35007 Babylon Rd, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      16.00 Acres

      Allegan, MI 49010

      COMMERCIAL (GENERAL) • 16.00 Acres
      Allegan, MI 49010
      View Details
    • Value Estimation by Request
      6,994 SF

      116 Locust St

      COMMERCIAL (GENERAL) • 6,994 SF
      116 Locust St, Allegan, MI 49010-1302
      View Details

    Similar Nearby for Sale

    • $600,000
      11,107 SF

      Downtown Allegan Investment Duo

      Two adjacent buildings, high rental demand.
      Brady St, Allegan, MI 49010
      View Details
    • $600,000
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      Downtown Allegan Commercial Duo

      Historic buildings, high rental demand.
      Brady St, Allegan, MI 49010
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    • $360,000
      6,600 SF

      Downtown Allegan Commercial Duo

      Historic Brick Buildings, High Potential
      Locust St, Allegan, MI 49010
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    • $1,200,000
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      Allegan Retail Property - Riverfront

      Prime Allegan location, 14,000 sq ft, vacant.
      558 Water St, Allegan, MI 49010
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    • $360,000
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      Downtown Allegan Commercial Duo

      Two Victorian buildings, prime location.
      Locust St, Allegan, MI 49010
      View Details
    • Contact for pricing
      0.11 Acres

      Commercial Land in Growing Community

      High-visibility lot near shopping, dining, and entertainment.
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    Similar Nearby for Lease

    • $10 SF/Yr
      4,000 SF

      Industrial Building Near M-89

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    • $10 SF/Yr
      2,400 SF

      New Construction Commercial Flex Space

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    106 Locust St
    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.

    More about this property
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