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

    231 Michigan St North Tonawanda, NY 14120

    • Warehouses
    • 6,496 SF
    • 3.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2156475
    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

    • Warehouses

    Property Details for 231 Michigan St

    Year built
    1950
    Lot size
    3.00 lot acres
    Property size
    6,496 SF
    Zone code
    WD
    Property type
    Warehouses
    APN
    291200 184.08-1-2
    APU
    2912001840812

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    North Tonawanda
    County
    Niagara
    State
    New York
    Longitude
    -78.8853
    Latitude
    43.0295
    CBSA code
    15380
    CBSA name
    BUFFALO-NIAGARA FALLS, NY METROPOLITAN 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
    0
    $0.00
    $167,200
    $157,800
    $325,000
    -
    $321,538
    $303,462
    $625,000

    Comparable in this City

    • Value Estimation by Request
      6.70 Acres

      3776 Commerce Ct

      WAREHOUSE, STORAGE • 6.70 Acres
      3776 Commerce Ct, North Tonawanda, NY 14120-2024
      View Details
    • Value Estimation by Request
      3.50 Acres

      3790 Commerce Ct

      WAREHOUSE, STORAGE • 3.50 Acres
      3790 Commerce Ct, North Tonawanda, NY 14120-2094
      View Details
    • Value Estimation by Request
      3,453 SF

      351 Oliver St

      BULK STORAGE, TANKS • 3,453 SF
      351 Oliver St, North Tonawanda, NY 14120-7227
      View Details
    • Value Estimation by Request
      7,200 SF

      421 Riv Rd

      WAREHOUSE, STORAGE • 7,200 SF
      421 Riv Rd, North Tonawanda, NY 14120
      View Details
    • Value Estimation by Request
      6,900 SF

      5528 Killian Rd

      WAREHOUSE, STORAGE • 6,900 SF
      5528 Killian Rd, North Tonawanda, NY 14120-9519
      View Details
    • Value Estimation by Request
      902 SF

      789 Harding Ave

      WAREHOUSE, STORAGE • 902 SF
      789 Harding Ave, North Tonawanda, NY 14120-3402
      View Details

    Similar Nearby for Sale

    • $550,000

      North Tonawanda Mixed-Use Investment

      Prime location, high traffic, diverse spaces.
      11 Felton St, North Tonawanda, NY 14120
      View Details
    • $1,350,000
      37,760 SF

      North Tonawanda Industrial Facility

      Industrial facility in North Tonawanda with user and investment potential.
      59 Felton St, North Tonawanda, NY 14120
      View Details
    • Contact for pricing

      Industrial Property with Office Space

      38,005 SF industrial building with 3,620 SF office space.
      76 Industrial Dr, North Tonawanda, NY 14120
      View Details
    • $1,975,000
      55,000 SF

      Visible Building on 7.5 Acres

      Highly visible building on 7.5 acres near major transportation routes.
      7290 Nash Rd, North Tonawanda, NY 14120
      View Details
    • Contact for pricing
      149.00 Acres

      149 Acres Commercial Land, Wheatfield, NY

      Prime Commercial Land: 149 acres, high visibility.
      0 Errick Rd And Nash Rd, North Tonawanda, NY 14120
      View Details
    • $1,500,000
      57,500 SF

      Former Ice Arena on 35 Acres

      57,500 SF building on 35 acres for sale.
      3385 Niagara Falls Blvd, North Tonawanda, NY 14120
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      8,605 SF

      Industrial Space Near Webster Street

      Warehouse/light manufacturing space available for lease near Webster Street.
      81 N Main St, North Tonawanda, NY 14120
      View Details
    • $8 SF/Yr
      18,000 SF

      Industrial Warehouse Space Available

      Versatile industrial warehouse space suitable for various light industrial uses.
      261 Main St, North Tonawanda, NY 14120
      View Details
    • $12 SF/Yr

      Contractor Warehouse Space Available

      Warehouse space with office, garage doors, and high ceilings.
      7225 Campbell Blvd, Pendleton, NY 14120
      View Details
    • Contact for pricing
      10,320 SF

      Niagara Falls Blvd Warehouse/Retail Space

      6,000 SF warehouse with 2,500 SF office/retail space.
      3910 Niagara Falls Blvd, North Tonawanda, NY 14120
      View Details
    • Contact for pricing
      2,200 SF

      North Tonawanda Warehouse Space

      2,200 SF warehouse space available for lease.
      3949 Forest Park Way, North Tonawanda, NY 14120
      View Details
    • $4 SF/Yr
      13,000 SF

      Wheatfield Industrial Space For Lease

      280,000 sq. ft. industrial space with crane systems.
      2221 Niagara Falls Blvd, Wheatfield, NY 14120
      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.
    231 Michigan St
    North Tonawanda, NY 14120
    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.