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

    2481 Sherman Blvd Norton Shores, MI 49441-3367

    • Commercial real estate
    • 7.74 lot acres
    OFF-MARKET
    Last Sale
    Apr 20, 2021
    $4,250,000
    Value Estimations
    $4,250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1502114
    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

    • Commercial real estate

    Property Details for 2481 Sherman Blvd

    Year built
    1965
    Lot size
    7.74 lot acres
    Zone code
    PUD
    Property type
    Commercial real estate
    APN
    61-27-003-200-0002-00
    APU
    6127003200000200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,210,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norton Shores
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.3047
    Latitude
    43.2049
    CBSA code
    34740
    CBSA name
    MUSKEGON-NORTON SHORES, MI 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
    2023
    $19,883
    $0.00
    $0.00
    $350,800
    -
    $0.00
    $0.00
    $701,600

    Comparable in this City

    • Value Estimation by Request
      2.28 Acres

      5365 Grand Haven Rd

      Land • 2.28 Acres
      5365 Grand Haven Rd, Norton Shores, MI 49441
      View Details
    • Value Estimation by Request
      0.42 Acres

      400 Adelaide Cir

      COMMERCIAL (GENERAL) • 0.42 Acres
      400 Adelaide Cir, Muskegon, MI 49441
      View Details
    • Value Estimation by Request
      0.72 Acres

      Lakeshore Dr

      COMMERCIAL (GENERAL) • 0.72 Acres
      Lakeshore Dr, Muskegon, MI 49441
      View Details
    • Value Estimation by Request
      1.25 Acres

      1296 Lakeshore Dr

      COMMERCIAL (GENERAL) • 1.25 Acres
      1296 Lakeshore Dr, Muskegon, MI 49441-1615
      View Details
    • Value Estimation by Request
      0.30 Acres

      1737 Lakeshore Dr

      COMMERCIAL (GENERAL) • 0.30 Acres
      1737 Lakeshore Dr, Muskegon, MI 49441-1640
      View Details
    • Value Estimation by Request
      2.43 Acres

      1300 Lakeshore Dr

      COMMERCIAL (GENERAL) • 2.43 Acres
      1300 Lakeshore Dr, Muskegon, MI 49441-1633
      View Details

    Similar Nearby for Sale

    • $300,000
      2.28 Acres

      Grand Haven Rd Commercial Land

      Prime Norton Shores Retail Land, $300,000
      5365 Grand Hvn Rd, Norton Shores, MI 49441
      View Details
    • $570,000
      9,690 SF

      Lakeshore Drive Muskegon Investment

      Prime Muskegon location, high-traffic area.
      1812 Lakeshore Dr, Muskegon, MI 49441
      View Details
    • $143,900

      Modern Homes Near Tranquil Lake

      Contemporary 3-bedroom homes with modern amenities and pet-friendly environment.
      1283 E Ellis Rd, Norton Shores, MI 49441
      View Details
    • $68,160

      Norton Shores Industrial Park Land

      Industrial park land with easy access to transportation.
      4875 Paul Ct, Norton Shores, MI 49441
      View Details
    • $139,900

      Modern 3-Bedroom Homes

      47 homes with modern amenities, pet-friendly, near the lake.
      1283 E Ellis Rd, Norton Shores, MI 49441
      View Details
    • $249,900
      8.92 Acres

      Norton Shores Land Opportunity

      9.2 acre sanctuary in Mona Shores school district.
      5579 Martin Rd, Norton Shores, MI 49441
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr

      Corner Office in Norton Shores

      Two-story office building with high visibility and ample space.
      3611 Henry St, Norton Shores, MI 49441
      View Details
    • $12 SF/Yr
      1,938 SF

      Retail Space in Park Place

      Retail space with high visibility in a high-traffic area.
      950 W Norton Ave, Muskegon, MI 49441
      View Details
    • $5 SF/Yr

      Retail Space in High-Traffic Area

      Retail suites available in a well-maintained, high-visibility location.
      880 W Sherman Blvd, Muskegon, MI 49441
      View Details
    • New
      $1,250 /Mo
      1,000 SF

      Move-in Ready Office Space Available

      Functional office suite with private offices, reception, and parking.
      841 Post Rd, Muskegon, MI 49441
      View Details
    • New
      $395 /Mo
      14,594 SF

      Updated Office Spaces Available

      Variety of updated office spaces available for rent.
      433 Seminole Rd, Norton Shores, MI 49441
      View Details
    • $10 SF/Yr
      34,956 SF

      Executive Office Space Muskegon, MI

      Prestigious Muskegon Office Building, 7 Suites Available
      1161 Southern Ave, Muskegon, MI 49441
      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.
    2481 Sherman Blvd
    Norton Shores, MI 49441-3367
    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.