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

    279 Thomas St Allegan, MI 49010-8195

    • Medical offices
    • 2,715 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Jun 01, 2021
    $249,500
    Value Estimations
    $385,000
    Show details
    Cap Rate Potential
    7.6%
    Medical offices
    Location Intelligence
    Property ID
    US43-2138646
    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

    • Medical offices

    Property Details for 279 Thomas St

    Year built
    1950
    Lot size
    0.34 lot acres
    Property size
    2,715 SF
    Property type
    Medical offices
    Property subtype
    Medical space
    APN
    01-230-001-10
    APU
    123000110

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $395,000
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $500,000
      6.5%
      $460,000
      7%
      $430,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $251,000
      Market price range: $224k - $425k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $330,000
      Current use
      OFFICE BUILDING
      $330,000
      Change: +1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.8588
    Latitude
    42.5172
    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
    $4,046
    $11,900
    $124,500
    $136,400
    -
    $23,800
    $249,000
    $272,800

    Comparable in this City

    • Value Estimation
      $305,000
      2,177 SF

      1630 Lincoln Rd

      MEDICAL CLINIC • 2,177 SF
      1630 Lincoln Rd, Allegan, MI 49010-9410
      View Details
    • Value Estimation by Request
      5,570 SF

      576 Linn St

      DENTAL BUILDING • 5,570 SF
      576 Linn St, Allegan, MI 49010-1525
      View Details
    • Value Estimation
      $350,000
      4,548 SF

      545 Jenner Dr

      DENTAL BUILDING • 4,548 SF
      545 Jenner Dr, Allegan, MI 49010-1582
      View Details
    • Value Estimation
      $480,000
      3,939 SF

      551 Linn St

      DENTAL BUILDING • 3,939 SF
      551 Linn St, Allegan, MI 49010-1595
      View Details
    • Value Estimation by Request
      4,304 SF

      530 Linn St

      DENTAL BUILDING • 4,304 SF
      530 Linn St, Allegan, MI 49010-1562
      View Details
    • Value Estimation
      $325,000
      3,959 SF

      425 Cutler St

      DENTAL BUILDING • 3,959 SF
      425 Cutler St, Allegan, MI 49010-1297
      View Details

    Similar Nearby for Sale

    • $180,000
      3,300 SF

      Victorian Commercial Building in Downtown Allegan

      Two-story brick building with retail/office space and apartment potential.
      106 Locust St, Allegan, MI 49010
      View Details
    • $360,000
      6,600 SF

      Downtown Allegan Mixed-Use Property

      Historic Victorian buildings, high rental potential.
      110-106 Locust St, Allegan, MI 49010
      View Details
    • $360,000
      6,600 SF

      Downtown Allegan Commercial Buildings For Sale

      Two commercial buildings in Allegan's historic district with renovation potential.
      110-106 Locust St, Allegan, MI 49010
      View Details
    • $299,900
      5,500 SF

      Allegan Commercial Office Opportunity

      Commercial office building on 5 acres in Allegan, Michigan.
      2565 111Th Ave, Allegan, MI 49010
      View Details
    • $600,000
      11,107 SF

      Downtown Allegan Investment Duo

      Two adjacent buildings, high rental demand.
      Brady St, Allegan, MI 49010
      View Details
    • $600,000
      0.09 Acres

      Downtown Allegan Commercial Duo

      Historic buildings, high rental demand.
      Brady St, Allegan, MI 49010
      View Details

    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.
      2569 111Th Ave, Allegan, MI 49010
      View Details
    • $10 SF/Yr
      2,400 SF

      New Construction Commercial Flex Space

      New construction flex space with office, bathroom, and radiant heat.
      3507 Babylon Rd, Allegan, MI 49010
      View Details
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    279 Thomas St
    Allegan, MI 49010-8195
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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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