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

    1806 Airport Rd Midland, MI 48642-7794

    • Outlet malls
    • 23,384 SF
    • 3.01 lot acres
    OFF-MARKET
    Last Sale
    Mar 23, 2025
    Value Estimations
    $1,260,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2511955
    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

    • Outlet malls

    Property Details for 1806 Airport Rd

    Year built
    1997
    Lot size
    3.01 lot acres
    Property size
    23,384 SF
    Zone code
    RC
    Property type
    Outlet malls
    APN
    11-32-40-165
    APU
    113240165

    Description

    This exceptional 23,500-square-foot retail property presents a rare opportunity in Midland, Michigan. Located at 1806 Airport Road, this former Office Max building offers a single-tenant occupancy configuration, ideal for a variety of retail uses. The property boasts a prime location on the main retail corridor of Eastman Avenue, benefiting from high visibility and significant daily traffic volume exceeding 48,864 vehicles. Its strategic placement on the pad of a Lowe's Home Improvement store ensures strong co-tenancy and increased customer traffic. The property includes a dedicated parking lot with over 120 spaces, providing ample convenience for customers and employees. Access is easily managed via a traffic-controlled entrance at the intersection of Airport Road and Eastman Avenue. The building is entirely vacant, presenting a blank canvas for a new tenant to customize and develop. Situated in Midland County, Michigan, with a zip code of 48642, this property offers unparalleled potential for a business seeking a high-profile location with exceptional accessibility and visibility. The property's size and location make it an attractive option for a variety of retail businesses seeking to establish a strong presence in the Midland market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,259,000
      Market price range: $690k - $2.38M
      AI Estimate
      $1,259,000
      Market price range: $690k - $2.38M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,440,000
      Current use
      OFFICE BUILDING
      $2,045,000
      Change: +42% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Midland
    County
    Midland
    State
    Michigan
    Longitude
    -84.2489
    Latitude
    43.6579
    CBSA code
    33220
    CBSA name
    MIDLAND, 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
    2022
    $38,532
    $0.00
    $0.00
    $634,700
    -
    $0.00
    $0.00
    $1,269,400

    Comparable in this City

    • Value Estimation
      $4,060,000
      92,094 SF

      6820 Eastman Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 92,094 SF
      6820 Eastman Ave, Midland, MI 48642-7805
      View Details
    • Value Estimation by Request
      7,049 SF

      2601 Washington St

      WHOLESALE OUTLET, DISCOUNT STORE • 7,049 SF
      2601 Washington St, Midland, MI 48642-4674
      View Details
    • Value Estimation
      $825,000
      12,600 SF

      921 Joe Mann Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 12,600 SF
      921 Joe Mann Blvd, Midland, MI 48642-8903
      View Details
    • Value Estimation
      $1,925,000
      24,256 SF

      1517 Joe Mann Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 24,256 SF
      1517 Joe Mann Blvd, Midland, MI 48642-8902
      View Details
    • Value Estimation
      $9,540,000
      201,174 SF

      7300 Eastman Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 201,174 SF
      7300 Eastman Ave, Midland, MI 48642-7808
      View Details
    • Value Estimation
      $9,210,000
      200,163 SF

      910 Joe Mann Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 200,163 SF
      910 Joe Mann Blvd, Midland, MI 48642-8903
      View Details

    Similar Nearby for Sale

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      2.20 Acres

      Commercial Land with ATM Lease

      2.2 acres on Joe Mann Blvd with existing lease.
      421 Joe Mann Blvd, Midland, MI 48642
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      Midland Industrial Land - 43 Acres

      Prime Midland, MI industrial land, 43 acres, excellent zoning.
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    • $400,000
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      Midland Commercial Land - 7.2 Acres

      Prime Midland location, 7.2 acres, commercial development.
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    • $499,900

      Midland Restaurant Building For Sale

      High-traffic location, updated 2,430 sq ft.
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      2.85 Acres

      Midland Commercial Land - $499K

      2.85-acre commercial lot near Davenport University.
      1714 Ridgewood Dr, Midland, MI 48642
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      860 SF

      Midland Office/Showroom Space Available

      Office/showroom space for lease near Dow and XALT Energy.
      1821 Austin St, Midland, MI 48642
      View Details
    • Contact for pricing
      1,400 SF

      Second Floor Office Suite

      Office suite featuring open area, offices, and kitchen breakroom.
      3900 Centennial Dr, Midland, MI 48642
      View Details
    • Contact for pricing
      1,313 SF

      Midland Office/Medical Space Available

      Unfinished office/medical space for lease near Midland Mall.
      801 Joe Mann Blvd, Midland, MI 48642
      View Details
    • Contact for pricing
      3,500 SF

      Midland Office Space For Lease

      Office space for lease in Midland, near US-10.
      1320 Waldo Ave, Midland, MI 48642
      View Details
    • $7 SF/Yr
      14,951 SF

      Midland Industrial Shop/Warehouse Space

      Prime Midland County location, 14,951 sq ft.
      1700 James Savage Rd, Midland, MI 48642
      View Details
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    Midland, MI 48642-7794
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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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