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

    4611 24th Ave Fort Gratiot, MI 48059-3403

    • Commercial real estate
    • 46,542 SF
    • 4.96 lot acres
    OFF-MARKET
    Last Sale
    Jul 03, 2023
    $4,000,000
    Value Estimations
    $5,015,000
    Show details
    Cap Rate Potential
    6.1%
    Commercial real estate
    Location Intelligence
    Property ID
    US43-4548973
    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 4611 24th Ave

    Year built
    1994
    Lot size
    4.96 lot acres
    Property size
    46,542 SF
    Zone code
    C-2*
    Property type
    Commercial real estate
    APN
    74-20-016-3011-000
    APU
    74200163011000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,300,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,350,000
      6.5%
      $4,940,000
      7%
      $4,590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,910,000
      Market price range: $2.19M - $6.50M
      AI Estimate
      $4,910,000
      Market price range: $2.19M - $6.50M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $4,220,000
      Current use
      MEDICAL BUILDING
      $5,690,000
      Change: +35% Conversion: Easy
      OFFICE BUILDING
      $3,780,000
      Change: -11% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Gratiot
    County
    St. Clair
    State
    Michigan
    Longitude
    -82.4581
    Latitude
    43.0427
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, 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
    $55,984
    $0.00
    $0.00
    $2,133,800
    -
    $0.00
    $0.00
    $4,267,600

    Comparable in this City

    • Value Estimation by Request

      4189 Keewahdin Rd

      COMMERCIAL (GENERAL)
      4189 Keewahdin Rd, Fort Gratiot, MI 48059-3204
      View Details
    • Value Estimation by Request

      3182 Lilac Ln

      COMMERCIAL (GENERAL)
      3182 Lilac Ln, Fort Gratiot, MI 48059-3417
      View Details
    • Value Estimation by Request
      1,976 SF

      4725 24th Ave

      COMMERCIAL (GENERAL) • 1,976 SF
      4725 24th Ave, Fort Gratiot, MI 48059-3405
      View Details
    • Value Estimation
      $1,220,000
      8,750 SF

      4721 24th Ave

      COMMERCIAL (GENERAL) • 8,750 SF
      4721 24th Ave, Fort Gratiot, MI 48059-3403
      View Details
    • Value Estimation
      $12,255,000
      216,125 SF

      4775 24th Ave

      COMMERCIAL (GENERAL) • 216,125 SF
      4775 24th Ave, Fort Gratiot, MI 48059-3405
      View Details
    • Value Estimation by Request
      2,616 SF

      4950 24th Ave

      COMMERCIAL (GENERAL) • 2,616 SF
      4950 24th Ave, Fort Gratiot, MI 48059-3408
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.43 Acres

      Walmart Outlot Land for Sale

      1.43-acre retail pad, prime location.
      4845 24Th Ave, Fort Gratiot Township, MI 48059
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    • $1,500,000
      1.00 Acre

      Fort Gratiot Commercial Land

      High-traffic commercial lot, ideal for retail or office.
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      Lakeport Church - Prime Location

      Spacious Church, Lake Views, Huge Potential
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      Meadowlawn Lane Commercial Land

      1.9 Acres, C-2 Zoning, Prime Location
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      Fort Gratiot Vacant Land Opportunity

      20+ acre partially wooded land near Lake Huron.
      00 Lakeshore Ter, Fort Gratiot, MI 48059
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    • $325,000
      3.60 Acres

      Commercial Land on Lakeshore Drive

      3.6 acres of commercial land with 250 feet frontage.
      5745 Lakeshore Dr, Fort Gratiot, MI 48059
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    Similar Nearby for Lease

    • Contact for pricing
      31,080 SF

      Prime Fort Gratiot Retail Space

      31,080 SF Vacant Retail Building
      4055 24Th Ave, Fort Gratiot Township, MI 48059
      View Details
    • $12 SF/Yr
      32,585 SF

      Prime Retail Space on 24th

      Well-maintained commercial property with high visibility and ample parking.
      4130 24Th Ave, Fort Gratiot Township, MI 48059
      View Details
    • $12 SF/Yr
      154,000 SF

      Fort Gratiot Plaza Retail Space

      High-visibility retail space, ample parking.
      4025 24Th Ave, Fort Gratiot Township, MI 48059
      View Details
    • $16 SF/Yr
      37,115 SF

      Blue Water Plaza: Retail/Office Space

      Fort Gratiot, MI: Prime Retail Opportunity
      4161-4167 24Th Ave, Fort Gratiot Township, MI 48059
      View Details
    • $28 SF/Yr
      5,838 SF

      Fort Gratiot Retail Space For Lease

      Prime Retail Location, 5,838 sq ft
      4744 24Th Ave, Township of Burtchville, MI 48059
      View Details
    • $12 SF/Yr
      4,122 SF

      Krafft Road Retail Opportunity

      Prime Fort Gratiot Retail Space
      3024 Krafft Rd, Fort Gratiot Township, MI 48059
      View Details
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    Fort Gratiot, MI 48059-3403
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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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