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    Property profile & analytics

    500 Reno Dr Wayland, MI 49348-1218

    • Office buildings
    • 62,500 SF
    • 18.89 lot acres
    OFF-MARKET
    Value Estimations
    $9,835,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0467166
    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

    • Michigan regional council of Carpenters training center / Vocational School / Training Center
    • Carpenter's Union Local 525 / General Contractor
    • Nick’s Graduation / Training Center / Tutoring Service
    • Carpenter's Union Local / Advocacy Group

    Property Details for 500 Reno Dr

    Lot size
    18.89 lot acres
    Property size
    62,500 SF
    Property type
    Office buildings
    APN
    56-006-053-00
    APU
    5600605300

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $12,240,000
      6.5%
      $11,300,000
      7%
      $10,490,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,141,000
      Market price range: $2.75M - $9.13M
      AI Estimate
      $10,058,000
      Market price range: $3.60M - $10.1M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,075,000
      Current use
      RETAIL STORES
      $7,910,000
      Change: +30% Conversion: Moderate
      RESTAURANT
      $6,810,000
      Change: +12% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $6,785,000
      Change: +12% Conversion: Easy
      WAREHOUSE, STORAGE
      $6,155,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Wayland
    County
    Allegan
    State
    Michigan
    Longitude
    -85.6593
    Latitude
    42.6678
    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
    $204,972
    $151,200
    $3,364,700
    $3,515,900
    -
    $302,400
    $6,729,400
    $7,031,800

    Comparable in this City

    • Value Estimation
      $1,560,000
      10,000 SF

      1121 133rd Ave

      OFFICE BUILDING • 10,000 SF
      1121 133rd Ave, Wayland, MI 49348-9535
      View Details
    • Value Estimation by Request
      4,000 SF

      138 Main St

      OFFICE BUILDING • 4,000 SF
      138 Main St, Wayland, MI 49348-1205
      View Details
    • Value Estimation by Request
      1,560 SF

      401 Main St

      OFFICE BUILDING • 1,560 SF
      401 Main St, Wayland, MI 49348-1315
      View Details
    • Value Estimation by Request
      2,000 SF

      4210 Morren Ln

      OFFICE BUILDING • 2,000 SF
      4210 Morren Ln, Wayland, MI 49348-8988
      View Details
    • Value Estimation by Request
      1,138 SF

      132 Main St

      OFFICE BUILDING • 1,138 SF
      132 Main St, Wayland, MI 49348-1205
      View Details
    • Value Estimation by Request
      2,580 SF

      544 Main St

      OFFICE BUILDING • 2,580 SF
      544 Main St, Wayland, MI 49348-1044
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,272 SF

      Renovated Office/Retail Building in Wayland

      Freestanding, remodeled office/retail building in downtown Wayland.
      210 S Main St, Wayland, MI 49348
      View Details
    • $350,000
      2,944 SF

      Turnkey Commercial Storefront in Downtown

      Flexible commercial property in downtown Wayland suitable for various uses.
      122 W Superior St, Wayland, MI 49348
      View Details
    • $329,950
      Pending

      Spacious 15.28-Acre Land Parcel

      15.28 acres to build your dream home.
      13Th St, Wayland, MI 49348
      View Details
    • $395,000
      26.00 Acres

      Wooded Acreage Near Wayland City

      26+/- acres of wooded land, ideal for development or private estate.
      923 132Nd Ave, Wayland, MI 49348
      View Details
    • $1,395,000
      7.57 Acres

      Commercial Land Near US-131 Exit

      7.57 acres of E-Commercial land near US-131 in Wayland, MI.
      1376 142Nd Ave, Wayland, MI 49348
      View Details
    • $1,200,000
      5.93 Acres

      Prime Development Site on US-131

      6-acre commercial land with high visibility and versatile zoning.
      Walnut Dale Dr, Wayland, MI 49348
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      4,800 SF

      Commercial Land Near US-131 Exit

      7.57 acres of E-Commercial land for lease near US-131.
      1376 142Nd Ave, Wayland, MI 49348
      View Details
    • Contact for pricing

      4,800 SF Retail Space

      Retail space in growing Wayland community on Reno Drive.
      334 Reno Dr, Wayland, MI 49348
      View Details
    • Contact for pricing

      Industrial Build-to-Suit Opportunity

      Industrial land available for build-to-suit in Wayland, Michigan.
      1135 133Rd Ave, Wayland, MI 49348
      View Details
    • Contact for pricing

      Industrial Suites Available for Lease

      New industrial building in Wayland with multiple suites.
      4236 12Th St, Wayland, MI 49348
      View Details
    • $23 SF/Yr
      4,800 SF

      Wayland Commercial Land For Lease

      3.5 acre commercial land with 4800 SF shell building.
      1376 142Nd Ave, Wayland, MI 49348
      View Details
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    500 Reno Dr
    Wayland, MI 49348-1218
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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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