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

    1071 32nd St Allegan, MI 49010-9157

    • Turn key restaurants
    • 18,018 SF
    • 3.59 lot acres
    OFF-MARKET
    Last Sale
    Nov 21, 2022
    Value Estimations
    $1,400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2085532
    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

    • The Grill House / Steak House
    • The Silo Banquets & Catering / Caterer / Banquet Hall

    Property Details for 1071 32nd St

    Year built
    1880
    Lot size
    3.59 lot acres
    Property size
    18,018 SF
    Property type
    Turn key restaurants
    APN
    21-004-012-10
    APU
    2100401210

    Description

    This exceptional 35,880 square foot industrial property in Allegan, Michigan presents a rare investment opportunity. The property encompasses a thriving restaurant, known as "The Grill House," complete with a unique "grill-your-own" concept and a full-service bar called the Rock Bottom Bar. The sale includes the established restaurant business, its accompanying outdoor seating area, and a separate, highly sought-after event venue – the Silo – perfect for weddings and banquets. A fully equipped commercial kitchen and catering operation are also included, ensuring a seamless transition for the new owner. The Grill House boasts a strong reputation, having been featured on prominent travel channels. Beyond the commercial aspects, the property boasts 22.3 acres of picturesque land, providing ample space and a tranquil setting. The grounds include a charming gazebo and a fully stocked pond, adding to the overall appeal and potential for further development or expansion. This turnkey operation offers a diverse revenue stream and significant potential for growth in a desirable location. The property's size and versatile nature make it an ideal investment for entrepreneurs seeking a unique and established business with significant expansion possibilities. The combination of a successful restaurant, a premier event venue, and extensive acreage presents a truly exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,359,000
      Market price range: $1.35M - $3.42M
      AI Estimate
      $1,442,000
      Market price range: $1.18M - $3.26M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,965,000
      Current use
      RETAIL STORES
      $2,280,000
      Change: +16% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,775,000
      Change: -10% Conversion: Difficult
      OFFICE BUILDING
      $1,750,000
      Change: -11% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.8572
    Latitude
    42.4977
    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
    $24,718
    $59,100
    $811,000
    $870,100
    -
    $118,200
    $1,622,000
    $1,740,200

    Comparable in this City

    • Value Estimation by Request
      2,024 SF

      1604 Lincoln Rd

      RESTAURANT • 2,024 SF
      1604 Lincoln Rd, Allegan, MI 49010-9410
      View Details
    • Value Estimation by Request
      1,560 SF

      815 Marshall St

      RESTAURANT • 1,560 SF
      815 Marshall St, Allegan, MI 49010-1650
      View Details
    • Value Estimation by Request
      1,774 SF

      243 Hubbard St

      RESTAURANT • 1,774 SF
      243 Hubbard St, Allegan, MI 49010-1320
      View Details
    • Value Estimation by Request
      3,268 SF

      1520 Lincoln Rd

      RESTAURANT • 3,268 SF
      1520 Lincoln Rd, Allegan, MI 49010-8197
      View Details
    • Value Estimation by Request
      786 SF

      1299 Lincoln Rd

      RESTAURANT • 786 SF
      1299 Lincoln Rd, Allegan, MI 49010-8011
      View Details
    • Value Estimation by Request
      1,116 SF

      1256 Lincoln Rd

      RESTAURANT • 1,116 SF
      1256 Lincoln Rd, Allegan, MI 49010-9706
      View Details

    Similar Nearby for Sale

    • $129,900
      2,325 SF

      Restaurant/Retail Building in Downtown Allegan

      Versatile building in downtown Allegan with river views.
      243 Hubbard St, Allegan, MI 49010
      View Details
    • $3,395,000
      35,880 SF

      Iconic Restaurant and Banquet Venue

      Turnkey restaurant and banquet venue on 22.3 stunning acres.
      1071 32Nd St, Allegan, MI 49010
      View Details
    • $975,000
      19,200 SF

      Retail Center on Lincoln Road

      Retail center with development potential in Allegan, Michigan.
      1253 Lincoln Rd, Allegan, MI 49010
      View Details
    • $360,000
      6,600 SF

      Downtown Allegan Mixed-Use Property

      Historic Victorian buildings, high rental potential.
      110-106 Locust St, Allegan, MI 49010
      View Details
    • $1,200,000
      14,000 SF

      Allegan Retail Property - Riverfront

      Prime Allegan location, 14,000 sq ft, vacant.
      558 Water St, Allegan, MI 49010
      View Details
    • $360,000
      6,600 SF

      Downtown Allegan Commercial Buildings For Sale

      Two commercial buildings in Allegan's historic district with renovation potential.
      110-106 Locust St, Allegan, MI 49010
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      4,000 SF

      Industrial Building Near M-89

      4,000 SF commercial building near M-89 in Allegan, MI.
      2569 111Th Ave, Allegan, MI 49010
      View Details
    • $10 SF/Yr
      2,400 SF

      New Construction Commercial Flex Space

      New construction flex space with office, bathroom, and radiant heat.
      3507 Babylon Rd, Allegan, MI 49010
      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.
    1071 32nd St
    Allegan, MI 49010-9157
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.