New search
Property profile & analytics
OFF-MARKET
Estimated value
$5,605,000
Manufacturing properties
117 Water St, Allegan, MI 49010-1327
Entity Owned
Absentee Owner
Free & Clear
Property ID
US43-2230675
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Total area
87,926 SF
Lot
2.87 ac (125,017 SF)
APN
51-205-051-00
UPID
US43-2230675
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.33M
Comparable Approach
Comparable
$5.06M
Blend (final)
Blend
$5.61M
Owner & transaction history
L PERRIGO CO
L PERRIGO CO
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$8.7M
+26.9%
Office building
$8.5M
+25.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Allegan submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Allegan submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$6,855,000
6.5%
$6,325,000
7%
$5,875,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$6,825,000
Current use
WAREHOUSE, STORAGE
$8,655,000
Change: +27% · Conversion: Easy
OFFICE BUILDING
$8,545,000
Change: +25% · Conversion: Difficult
AUTO REPAIR, GARAGE
$6,220,000
Change: -9% · Conversion: Easy
Blend value · Realmo final
$5.61M
Range $5.04M – $6.17M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$64 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$106,225
Tax year 2023
Assessed value
$2,025,800
Assessed 2024
Previous assessed
$1,925,300
+5.2% YoY
Effective rate
5.24%
On assessed value
Assessed land
$40,400
Assessed improvement
$1,985,400
Land market value
$80,800
Improvement market value
$3,970,800
Total market value
$4,051,600
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Heating
FORCED AIR
Buildings
1
Stories
2
Total area
87,926 SF
Lot
2.87 ac (125,017 SF)
APN
51-205-051-00
UPID
US43-2230675
Jurisdiction
ALLEGAN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$6.8M
WAREHOUSE, STORAGE
Est. value
$8.7M
OFFICE BUILDING
Est. value
$8.5M
AUTO REPAIR, GARAGE
Est. value
$6.2M
INDUSTRIAL (GENERAL) Current
WAREHOUSE, STORAGE
OFFICE BUILDING
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
FORCED AIR
Stories
2
Buildings
1
Lot
2.87 ac
Current owner
From public records · entity-resolved
L PERRIGO CO
Individual
Free & Clear · 0 yrs held
Mailing address
515 EASTERN AVE, ALLEGAN, MI 49010-9070
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 117 Water St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
