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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    118 Locust St Allegan, MI 49010-1344

    • Commercial real estate
    • 10,950 SF
    • 0.17 lot acres
    OFF-MARKET
    Value Estimations
    $710,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5078317
    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

    • Allegan Floral and Gifts / (Bike/Boat/Book/etc) Store / Florist
    • Sharon's Quilts & More / (Bike/Boat/Book/etc) Store / Home Decor Store
    • Lumberman Lofts / Apartment Building
    • Rebellious Rose / (Bike/Boat/Book/etc) Store
    • Design By DeLong LLC / (Bike/Boat/Book/etc) Store / Florist

    Property Details for 118 Locust St

    Lot size
    0.17 lot acres
    Property size
    10,950 SF
    Property type
    Commercial real estate
    APN
    51-205-004-99
    APU
    5120500499

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $705,000
      6.5%
      $650,000
      7%
      $605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $760,000
      Market price range: $289k - $796k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $550,000
      Current use
      WAREHOUSE, STORAGE
      $1,080,000
      Change: +96% Conversion: Difficult
      OFFICE BUILDING
      $1,065,000
      Change: +94% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $850,000
      Change: +55% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $775,000
      Change: +41% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.8489
    Latitude
    42.5283
    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
    $3,332
    $0.00
    $314,200
    $314,200
    -
    $0.00
    $628,400
    $628,400

    Comparable in this City

    • Value Estimation by Request
      0.09 Acres

      Brady St

      Commercial real estate • 0.09 Acres
      Brady St, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      0.32 Acres

      1559 Maywood Dr

      COMMERCIAL (GENERAL) • 0.32 Acres
      1559 Maywood Dr, Allegan, MI 49010-9407
      View Details
    • Value Estimation by Request
      20.00 Acres

      Allegan, MI 49010

      COMMERCIAL (GENERAL) • 20.00 Acres
      Allegan, MI 49010
      View Details
    • Value Estimation by Request
      9.69 Acres

      30th St

      COMMERCIAL (GENERAL) • 9.69 Acres
      30th St, Allegan, MI 49010
      View Details
    • Value Estimation by Request
      42.00 Acres

      751 32nd St

      COMMERCIAL (GENERAL) • 42.00 Acres
      751 32nd St, Allegan, MI 49010-9150
      View Details
    • Value Estimation by Request

      209 Hubbard St

      COMMERCIAL (GENERAL)
      209 Hubbard St, Allegan, MI 49010-1320
      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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    • $1,200,000
      14,000 SF

      Allegan Retail Property - Riverfront

      Prime Allegan location, 14,000 sq ft, vacant.
      558 Water 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
      View Details
    • $360,000
      0.05 Acres

      Downtown Allegan Commercial Duo

      Two Victorian buildings, prime location.
      Locust St, Allegan, MI 49010
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    • $439,000

      Hobby Farm with Outbuildings

      Hobby farm with outbuildings and fenced animal pen areas.
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    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.
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    • $10 SF/Yr
      2,400 SF

      New Construction Commercial Flex Space

      New construction flex space with office, bathroom, and radiant heat.
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      View Details
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    118 Locust St
    Allegan, MI 49010-1344
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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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