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

    515 Eastern Ave Allegan, MI 49010-9070

    • Office buildings
    • 74,705 SF
    • 17.78 lot acres
    OFF-MARKET
    Value Estimations
    $7,310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2202260
    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

    • Perrigo Company plc / Factory / Production Facility
    • Plackers Dental / Dental Office
    • Solomon Andrew / Law Firm

    Property Details for 515 Eastern Ave

    Lot size
    17.78 lot acres
    Property size
    74,705 SF
    Property type
    Office buildings
    APN
    51-385-006-00
    APU
    5138500600

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,540,000
      Market price range: $3.29M - $10.9M
      AI Estimate
      $8,207,000
      Market price range: $4.28M - $12.0M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,260,000
      Current use
      RETAIL STORES
      $9,455,000
      Change: +30% Conversion: Moderate
      RESTAURANT
      $8,140,000
      Change: +12% Conversion: Moderate
      WAREHOUSE, STORAGE
      $7,355,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.8376
    Latitude
    42.5276
    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
    $142,495
    $100,100
    $3,106,100
    $3,206,200
    -
    $200,200
    $6,212,200
    $6,412,400

    Comparable in this City

    • Value Estimation by Request
      3,045 SF

      235 Nn St

      OFFICE BUILDING • 3,045 SF
      235 Nn St, Allegan, MI 49010-1138
      View Details
    • Value Estimation
      $740,000
      4,568 SF

      327 Eastern Ave

      OFFICE BUILDING • 4,568 SF
      327 Eastern Ave, Allegan, MI 49010-8025
      View Details
    • Value Estimation by Request
      2,038 SF

      313 Hubbard St

      OFFICE BUILDING • 2,038 SF
      313 Hubbard St, Allegan, MI 49010-1258
      View Details
    • Value Estimation by Request
      3,612 SF

      1652 Lincoln Rd

      OFFICE BUILDING • 3,612 SF
      1652 Lincoln Rd, Allegan, MI 49010-9410
      View Details
    • Value Estimation by Request
      2,160 SF

      314 Trowbridge St

      OFFICE BUILDING • 2,160 SF
      314 Trowbridge St, Allegan, MI 49010-1257
      View Details
    • Value Estimation
      $8,045,000
      51,396 SF

      490 Eastern Ave

      OFFICE BUILDING • 51,396 SF
      490 Eastern Ave, Allegan, MI 49010-8034
      View Details

    Similar Nearby for Sale

    • $299,900
      5,500 SF

      Allegan Commercial Office Opportunity

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      2565 111Th Ave, Allegan, MI 49010
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    • $180,000

      Victorian Commercial Building in Downtown Allegan

      Two-story commercial building in Allegan's Historical District with renovation potential.
      106 Locust St, Allegan, MI 49010
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    • $360,000
      6,600 SF

      Downtown Allegan Mixed-Use Property

      Historic Victorian buildings, high rental potential.
      110-106 Locust St, Allegan, MI 49010
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    • $600,000
      11,107 SF

      Downtown Allegan Investment Duo

      Two adjacent buildings, high rental demand.
      Brady St, Allegan, MI 49010
      View Details
    • $600,000
      0.09 Acres

      Downtown Allegan Commercial Duo

      Historic buildings, high rental demand.
      Brady St, Allegan, MI 49010
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    • $145,000

      Land For Sale

      Land available for sale.
      1825 34Th St, Allegan, MI 49010
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      5,575 SF

      Retail/Office Space For Lease

      1,877 SF retail/office space available for lease.
      892 Marshall St, Allegan, MI 49010
      View Details
    • $10 SF/Yr
      4,000 SF

      Industrial Building Near M-89

      4,000 SF commercial building near M-89 in Allegan, MI.
      2569 111Th Ave, Allegan, MI 49010
      View Details
    • $10 SF/Yr
      2,400 SF

      New Construction Commercial Flex Space

      New construction flex space with office, bathroom, and radiant heat.
      3507 Babylon Rd, Allegan, MI 49010
      View Details
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    515 Eastern Ave
    Allegan, MI 49010-9070
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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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