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    1991 Morey Rd Lake City, MI 49651

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    1991 Morey Rd Lake City, MI 49651

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    • Commercial real estate
    • 2,151 SF
    • 0.36 lot acres
    Off-Market
    Property ID
    US43-3337151
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1991 Morey Rd

    Year built
    1930
    Lot size
    0.36 lot acres
    Property size
    2,151 SF
    Property type
    Commercial real estate
    APN
    012-007-024-50

    Description

    This exceptional mixed-use property, located at 1991 S Morey Rd, Lake City, MI 49651, presents a unique investment opportunity. The 2,151 square foot building, constructed in 1930, sits on a 0.36-acre lot (APN: 012-007-024-50) and boasts a prime corner location with a daily traffic count exceeding 10,000 vehicles. Currently configured as a three-unit property, it offers versatile options for future use. The main building features two stories, encompassing a main floor with a large bedroom, bathroom, kitchen, and living room area showcasing original stonework—previously used for office and retail purposes. Upstairs, a fully finished living space with an open floor plan includes a kitchen, bathroom, living room, and bedroom. The property also includes a separate guest house with a shower, toilet, and sink. A fenced yard provides privacy and ample space. The property's Class C designation and "Other" permitted zoning allow for diverse uses, including multi-family residential, office space, retail, or a combination thereof. The asking price is $299,900 ($139.42/sq ft). The corporate-owned property offers potential for seller-assisted financing with a substantial down payment. Its proximity to downtown Lake City provides easy access to local amenities and attractions. This historic building offers a blend of charm and potential, making it an ideal investment for a discerning buyer.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Missaukee
    State
    Michigan
    Longitude
    -85.2148091
    Latitude
    44.309834

    Comparable in this City

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      Lake Missaukee Waterfront Mixed-Use Property

      Mixed-use property with immediate income potential and long-term lifestyle value.
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    • $450,000

      High-Traffic Corner Commercial Parcel

      Prime development opportunity at a bustling intersection in Lake City.
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    • $275,000
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      Retail Building in High-Traffic Area

      10,000 sq ft retail building with long-term leases.
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    • $300,000

      Lake City Car Wash Business

      Self-serve car wash with updated technology and remote operation.
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    • $289,900
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      Established Restaurant Business Opportunity

      Operating restaurant for sale with real estate, equipment, and inventory.
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    • $470,000
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      Lake City Restaurant/Bar Opportunity

      Turnkey restaurant and bar near Lake Missaukee, ready for immediate use.
      113 Main St, Lake City, MI 49651
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    Similar Nearby for Sale

    • $429,000
      3,331 SF

      Lake Missaukee Waterfront Mixed-Use Property

      Mixed-use property with immediate income potential and long-term lifestyle value.
      218 S Main St, Lake City, MI 49651
      View Details
    • $450,000

      High-Traffic Corner Commercial Parcel

      Prime development opportunity at a bustling intersection in Lake City.
      415 N Main St, Royal Oak, MI 49651
      View Details
    • $275,000
      10,000 SF

      Retail Building in High-Traffic Area

      10,000 sq ft retail building with long-term leases.
      1968 S Morey Rd, Lake City, MI 49651
      View Details
    • $300,000

      Lake City Car Wash Business

      Self-serve car wash with updated technology and remote operation.
      991 South Lakeshore Dr, Lake City, MI 49651
      View Details
    • $289,900
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      Established Restaurant Business Opportunity

      Operating restaurant for sale with real estate, equipment, and inventory.
      137 N Front St, Lake City, MI 49651
      View Details
    • $470,000
      2,500 SF

      Lake City Restaurant/Bar Opportunity

      Turnkey restaurant and bar near Lake Missaukee, ready for immediate use.
      113 Main St, Lake City, MI 49651
      View Details
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    Lake City, MI 49651
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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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