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

    402 Division St Bellaire, MI 49615

    • Commercial real estate
    • 1,700 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3856289
    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 402 Division St

    Property size
    1,700 SF
    Property type
    Commercial real estate

    Description

    This exceptional 12-acre mixed-use property in Bellaire, Michigan, presents a unique investment opportunity for developers and entrepreneurs. Located at 402 S Division, conveniently situated on M-88, next to Papa K's and across from Huntington Bank, this property offers significant potential. The existing 1,700 square foot building features a 3-bedroom, 1.5-bathroom home with an unfinished walk-out lower level, currently suitable for residential use (full-time residence, short-term, or long-term rental). However, its commercial zoning unlocks a wide array of possibilities. With the necessary permits, the property could be developed into various income-generating ventures, including professional offices, a manufactured housing community, an RV park and campground, planned unit developments, a site condominium, or a subdivision. Additional possibilities include a restaurant, retail outlet, storage facility, entertainment venue, vehicle sales, or watercraft storage. The property's extensive size extends from M-88 to an abandoned railroad walking path, offering further development potential. The asking price is $599,000. This property is located in Antrim County, Michigan, zip code 49615.

    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
    Bellaire
    County
    Antrim
    State
    Michigan
    Longitude
    -85.200945
    Latitude
    44.97101

    Comparable in this City

    • $99,900
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      Bellaire Mixed-Use Development Opportunity

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      Homesite on Hawk's Eye Golf

      Homesite with golf course views in Bellaire, Michigan.
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      Golf Course View Wooded Lot

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    • $294,000
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      M-88 Showroom and Storage Space

      Showroom, office, storage, and garage space on M-88 near Bellaire.
      7232 Bellaire Hwy, Bellaire, MI 49615
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      0.48 Acres

      Buildable Lot Near Resort Amenities

      Buildable lot near Schuss Village and Shanty Creek Resort.
      12 Schuss Mountain Dr, Bellaire, MI 49615
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      0.80 Acres

      Wooded Lot in Shanty Creek

      0.80-acre wooded lot perfect for a dream retreat.
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    Similar Nearby for Sale

    • $99,900
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      Bellaire Mixed-Use Development Opportunity

      11 Acres, Medical District, High Potential
      00 M-88, Bellaire, MI 49615
      View Details
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      0.35 Acres

      Vacant Land Near Shanty Creek

      Vacant lot near skiing, golf, and Schuss Village.
      45 Kliffendorf Dr, Bellaire, MI 49615
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    • $265,000
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      Prime Commercial Space in Bellaire

      1400 SF commercial space on a highly traveled state highway.
      103 S Division St, Bellaire, MI 49615
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    • New
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      1.58 Acres

      Two Adjoining Lots in CUSTER TWP

      Two wooded lots totaling 1.58 acres in Shanty Creek Resort.
      163 Spyglass Hl Ct, Bellaire, MI 49615
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    • New
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      0.35 Acres

      Wooded Lot Near Schuss Mountain

      Wooded lot near skiing, golfing, and boating in Bellaire, MI.
      Bellaire, MI 49615
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    • New
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      77.00 Acres

      Expansive Land Near Torch Lake

      77 acres near Torch Lake with rolling hills and pole barn.
      7573 Alden Hwy, Bellaire, MI 49615
      View Details
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    402 Division St
    Bellaire, MI 49615
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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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