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

    5673 Lk Michigan Dr Allendale Charter Township, MI 49401

    • Commercial real estate
    • 3.42 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-4237854
    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 5673 Lk Michigan Dr

    Lot size
    3.42 lot acres
    Property type
    Commercial real estate
    APN
    70-09-23-400-112 & 70-09-23-400-113

    Description

    This exceptional commercial land offering encompasses two parcels totaling 3.42 acres, strategically located at 5673 & 5687 Lake Michigan Drive in Allendale Charter Township, Ottawa County, Michigan, 49401. The combined parcels, identified by APN numbers 70-09-23-400-112 and 70-09-23-400-113, present a unique opportunity for development. Priced at $800,000, this translates to an attractive land value of $233,918 per acre. The property's prime location offers excellent visibility and accessibility, making it ideal for a variety of commercial ventures. With its substantial size and desirable location within Allendale Charter Township, this land presents a compelling investment opportunity for discerning buyers seeking a strategic foothold in a thriving Michigan market. The property's coordinates are approximately 42.972584, -85.925883 and 42.973048, -85.926474. Serious inquiries are encouraged to explore the potential of this exceptional commercial land offering.

    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
    Allendale Charter Township
    County
    Ottawa
    State
    Michigan
    Longitude
    -85.925883
    Latitude
    42.972584

    Comparable in this City

    • $74,000
      0.48 Acres

      Allendale Land with Lake Access

      Residential lot with access to Lake Placid and community dock.
      8045 Tantrum Dr, Allendale, MI 49401
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    • $274,900
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      Acreage Lot Near Grand Rapids

      Land with acreage, conveniently located near Grand Valley State University.
      Fillmore St, Allendale, MI 49401
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    • $525,000
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      Allendale Acreage Lots Available

      Acreage lots in Allendale, close to Grand Valley State University.
      Fillmore St, Allendale, MI 49401
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    • $274,900
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      Allendale Acreage Lots Available

      Acreage lots in Hudsonville schools, near Grand Valley State.
      Fillmore St, Allendale, MI 49401
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    • $139,900
      2.55 Acres

      Acreage Lots Near Grand Rapids

      Acreage lots available near Grand Rapids and the lakeshore.
      Fillmore St, Allendale, MI 49401
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    • $249,900
      1.34 Acres

      Allendale Commercial Land Opportunity

      Highly visible land parcel in Allendale, ideal for development.
      5195 Lake Michigan Dr, Allendale, MI 49401
      View Details

    Similar Nearby for Sale

    • $74,000
      0.48 Acres

      Allendale Land with Lake Access

      Residential lot with access to Lake Placid and community dock.
      8045 Tantrum Dr, Allendale, MI 49401
      View Details
    • $274,900
      6.04 Acres

      Acreage Lot Near Grand Rapids

      Land with acreage, conveniently located near Grand Valley State University.
      Fillmore St, Allendale, MI 49401
      View Details
    • $525,000
      13.86 Acres

      Allendale Acreage Lots Available

      Acreage lots in Allendale, close to Grand Valley State University.
      Fillmore St, Allendale, MI 49401
      View Details
    • $274,900
      6.04 Acres

      Allendale Acreage Lots Available

      Acreage lots in Hudsonville schools, near Grand Valley State.
      Fillmore St, Allendale, MI 49401
      View Details
    • $139,900
      2.55 Acres

      Acreage Lots Near Grand Rapids

      Acreage lots available near Grand Rapids and the lakeshore.
      Fillmore St, Allendale, MI 49401
      View Details
    • $139,900
      2.55 Acres

      Acreage Lots in Allendale, MI

      Acreage lots in Hudsonville schools, near Grand Valley State University.
      Fillmore St, Allendale, MI 49401
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      7,674 SF

      Heritage Towne Center Retail Space

      Prime Retail Space, Multiple Units Available
      6101 Lk Michigan Dr, Allendale Charter Township, MI 49401
      View Details
    • $18 SF/Yr
      6,338 SF

      Retail Space Near University Campus

      1,752 SF retail space near Grand Valley State University.
      10745 48Th Ave, Allendale, MI 49401
      View Details
    • $20 SF/Yr
      6,000 SF

      Allendale Office Space: Prime Location

      Modern, Class A office suites available.
      5630 Lk Michigan Dr, Allendale Charter Township, MI 49401
      View Details
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    Allendale Charter Township, MI 49401
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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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