Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    503 State St Alma, MI 48801-1638

    • Commercial real estate
    • 0.47 lot acres
    OFF-MARKET
    Last Sale
    Feb 20, 2024
    $23,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2885828
    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

    • Historic Ammi Wright Mansion / Historical Landmark

    Property Details for 503 State St

    Lot size
    0.47 lot acres
    Property type
    Commercial real estate
    APN
    51-344-759-00
    APU
    5134475900

    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
    Alma
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.6623
    Latitude
    43.3804
    CBSA code
    10940
    CBSA name
    ALMA, 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
    $2,388
    $0.00
    $0.00
    $21,000
    -
    $0.00
    $0.00
    $42,000

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      322 State St

      COMMERCIAL (GENERAL) • 0.08 Acres
      322 State St, Alma, MI 48801-1635
      View Details
    • Value Estimation by Request

      421 State St

      COMMERCIAL (GENERAL)
      421 State St, Alma, MI 48801-1661
      View Details
    • Value Estimation by Request
      0.08 Acres

      312 State St

      COMMERCIAL (GENERAL) • 0.08 Acres
      312 State St, Alma, MI 48801-1635
      View Details
    • Value Estimation by Request
      0.07 Acres

      230 Superior St

      COMMERCIAL (GENERAL) • 0.07 Acres
      230 Superior St, Alma, MI 48801-1819
      View Details
    • Value Estimation by Request
      3.73 Acres

      1525 Superior St

      COMMERCIAL (GENERAL) • 3.73 Acres
      1525 Superior St, Alma, MI 48801-2173
      View Details
    • Value Estimation by Request

      212 Superior St

      COMMERCIAL (GENERAL)
      212 Superior St, Alma, MI 48801-1846
      View Details

    Similar Nearby for Sale

    • $150,000

      Alma Commercial Land Investment

      Prime Alma, MI development opportunity
      318 Woodworth Ave, Alma, MI 48801
      View Details
    • $1,000,000
      10,320 SF

      Alma Commercial Land Opportunity

      10,320 SF Commercial Land Parcel
      421 State St, Alma, MI 48801
      View Details
    • $2,100,000
      15,480 SF

      Alma Retail Plaza Investment

      High-yield retail center, prime location.
      7342 Alger Rd, Alma, MI 48801
      View Details
    • $699,000
      2,400 SF

      Alma Commercial Property - $699,000

      Prime location, vacant, includes license.
      1405 Wright Ave, Alma, MI 48801
      View Details
    • Contact for pricing
      5,500 SF

      Alma, MI - Unique 5,500 SF Property

      Versatile 5,500 sq ft building in Alma, MI. Ideal for various uses.
      1636 Wright Ave, Alma, MI 48801
      View Details
    • $199,999
      8.17 Acres

      Alma Commercial Land - $199,999

      8.17 Acres, Light Commercial Zoning
      3000 Monroe 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
    • $12 SF/Yr
      2,967 SF

      Alma Executive Office Suites

      Downtown Alma Office Space Available
      303 Superior St, Alma, MI 48801
      View Details
    • Contact for pricing
      27,889 SF

      Former JC Penny Box Available

      Retail space available in Alma, Michigan near Alma College.
      1680 Wright Ave, Alma, MI 48801
      View Details
    • $15 SF/Yr
      2,243 SF

      Retail Space in North Town

      2,250 sq ft retail space in high-traffic North Town Plaza.
      1588 Wright Ave, Alma, MI 48801
      View Details
    • $14 SF/Yr
      3,185 SF

      Historic Space in Downtown Alma

      3,200 SF retail/office space in modernized historic Opera House.
      101 E Superior Dr, Alma, MI 48801
      View Details
    • $14 SF/Yr

      Historic Retail Space in Alma

      Retail space in a modernized historic building with high visibility.
      101 E Superior St, Alma, MI 48801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    503 State St
    Alma, MI 48801-1638
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.