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    318 Woodworth Ave Alma, MI 48801
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    318 Woodworth Ave Alma, MI 48801

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    • Multifamily properties
    For Sale
    $138,000
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    Alma Investment Opportunity: Multi-Unit Potential For Sale
    $138,000
    0.32 Acres

    Alma Investment Opportunity: Multi-Unit Potential

    3-4 unit property in Alma, MI, ready for renovation.

    318 Woodworth Avenue, Alma, MI 48801
    View Listing
    Property ID
    US43-3508899
    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

    • Laverne J. Berryo, DC / Alternative Medicine Practice

    Property Details for 318 Woodworth Ave

    Property type
    Multifamily properties

    Description

    S. on Woodworth from Superior. Exciting Investment Opportunity in Alma, MI: 3-4 Unit Property Ready for Transformation! Located in the heart of Alma, this 3-4 unit property presents a rare investment opportunity. Completely gutted and primed for renovation, the possibilities are endless for a savvy investor or developer looking to bring this property back to life. Whether you're envisioning spacious multi-family living units or custom-designed apartments, the blank canvas allows for creative freedom. Situated just off of the business district in a quiet neighborhood, this property offers easy access to Alma College, downtown amenities, parks, and local schools, making it an ideal location for future tenants. With demand for rental units rising in Alma, this is a prime chance to design a high-demand space with modern amenities. All major demo work has been completed, allowing you to jump straight into the build phase. Potential for 3 or 4 rental units with ample off-street parking and outdoor space. Bring your vision, contractors, and design ideas to create a lucrative income-generating property in a growing community. Don't miss this blank-slate opportunity in one of Mid-Michigan's most promising rental markets!

    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
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.659662
    Latitude
    43.378092

    Comparable in this City

    • $138,000

      Alma Multifamily Renovation Opportunity

      3-4 unit property in Alma, MI ready for transformation.
      318 Woodworth Ave, Alma, MI 48801
      View Details
    • $899,000
      10,320 SF

      Turnkey 8-Unit Apartment Building

      Fully leased, remodeled 8-unit apartment building generating over $67,000 annually.
      421 N State St, Alma, MI 48801
      View Details
    • $440,000

      Mixed-Use Property with Income Potential

      3.45-acre property with residential and commercial rental income.
      5705 N State Rd, Alma, MI 48801
      View Details
    • New
      $375,000
      2,579 SF

      Mixed-Use Property with Rental Income

      3.45-acre property with residential and commercial rental income.
      5705 N State Rd, Alma, MI 48801
      View Details

    Similar Nearby for Sale

    • $138,000

      Alma Multifamily Renovation Opportunity

      3-4 unit property in Alma, MI ready for transformation.
      318 Woodworth Ave, Alma, MI 48801
      View Details
    • $899,000
      10,320 SF

      Turnkey 8-Unit Apartment Building

      Fully leased, remodeled 8-unit apartment building generating over $67,000 annually.
      421 N State St, Alma, MI 48801
      View Details
    • $440,000

      Mixed-Use Property with Income Potential

      3.45-acre property with residential and commercial rental income.
      5705 N State Rd, Alma, MI 48801
      View Details
    • New
      $375,000
      2,579 SF

      Mixed-Use Property with Rental Income

      3.45-acre property with residential and commercial rental income.
      5705 N State Rd, Alma, MI 48801
      View Details
    • New
      $375,000
      23,443 SF

      Mixed-Use Property with Income Potential

      3.45-acre mixed-use property with residential and commercial income.
      5705 N State Rd, Alma, MI 48801
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr
      14,810 SF

      Commercial Land in Downtown Alma

      Commercially zoned land available for build-to-suit in downtown Alma.
      315 E Superior St, Alma, MI 48801
      View Details
    • $15 SF/Yr
      5,500 SF

      Retail Space in North Town

      5500 sq ft retail space in high-traffic plaza.
      1636 Wright Ave, Alma, MI 48801
      View Details
    • $15 SF/Yr
      2,243 SF

      North Town Plaza Lease Space

      Lease space in high-traffic plaza near major retailers.
      1588 Wright Ave, Alma, MI 48801
      View Details
    • $15 SF/Yr
      5,500 SF

      Retail Space in North Town Plaza

      5500 sq ft retail space in high-traffic Alma plaza.
      1636 Wright Ave, Alma, MI 48801
      View Details
    • $1.00 SF/Yr

      Downtown Alma Commercial Land Opportunity

      Commercially zoned land available for build-to-suit in downtown Alma.
      315 E Superior St, Alma, MI 48801
      View Details
    • $13,800 /Mo
      2,000 SF

      Downtown Alma Commercial Space Available

      Flexible 2,000 SF commercial space in downtown Alma.
      127 E Superior St, Alma, MI 48801
      View Details
    View Listing
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    Alma, MI 48801
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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.

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