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    Property profile & analytics

    5685 Comstock Park NW Dr Comstock Park, MI 49321

    • Commercial land
    • 9.42 lot acres
    OFF-MARKET
    Last Sale
    Aug 01, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2899404
    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 land

    Property Details for 5685 Comstock Park NW Dr

    Lot size
    9.42 lot acres
    Zone code
    I-2
    Property type
    Commercial land
    APN
    41-09-24-176-006
    APU
    410924176006

    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
    Comstock Park
    County
    Kent
    State
    Michigan
    Longitude
    -85.6811
    Latitude
    43.0665
    CBSA code
    24340
    CBSA name
    GRAND RAPIDS-WYOMING, 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
    2019
    $3,316
    $0.00
    $0.00
    $226,700
    -
    $0.00
    $0.00
    $453,400

    Comparable in this City

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      0.29 Acres

      4613 Aldun Rdg NW Ave

      VACANT COMMERCIAL LAND • 0.29 Acres
      4613 Aldun Rdg NW Ave, Comstock Park, MI 49321-9025
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    • Value Estimation by Request
      30.25 Acres

      4635 Division N Ave

      VACANT COMMERCIAL LAND • 30.25 Acres
      4635 Division N Ave, Comstock Park, MI 49321-8220
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    • Value Estimation by Request
      0.35 Acres

      4109 Riv NE Dr

      VACANT COMMERCIAL LAND • 0.35 Acres
      4109 Riv NE Dr, Comstock Park, MI 49321-8924
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    • Value Estimation by Request
      0.36 Acres

      4554 Wakefield NE Ave

      VACANT COMMERCIAL LAND • 0.36 Acres
      4554 Wakefield NE Ave, Comstock Park, MI 49321-8541
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    • Value Estimation by Request
      12.25 Acres

      5535 Alpine NW Ave

      VACANT COMMERCIAL LAND • 12.25 Acres
      5535 Alpine NW Ave, Comstock Park, MI 49321-8393
      View Details
    • Value Estimation by Request
      20.00 Acres

      6950 Alpine NW Ave

      VACANT COMMERCIAL LAND • 20.00 Acres
      6950 Alpine NW Ave, Comstock Park, MI 49321-9718
      View Details

    Similar Nearby for Sale

    • $825,000

      Commercial Land For Sale

      Commercial land available for sale.
      4765 West River Dr NE, Comstock Park, MI 49321
      View Details
    • $500,000
      0.55 Acres

      Comstock Park Commercial Land

      0.55-acre lot, prime Alpine Ave location.
      850 Nw -, Comstock Park, MI 49321
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    • $400,000
      1.84 Acres

      Range at Alpine Commercial Lot

      1.84-acre commercial lot in Comstock Park, MI
      850 Range St, Comstock Park, MI 49321
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    • $1,500,000
      5.74 Acres

      Range at Alpine: Lot 10

      5.74 Acres Commercial Land, Comstock Park
      850 Nw -, Comstock Park, MI 49321
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    • $750,000
      1.00 Acre

      Range at Alpine Commercial Lot

      Prime Comstock Park commercial land.
      850 Nw -, Comstock Park, MI 49321
      View Details
    • $545,000

      Land Available in Comstock Park

      Land for sale in Comstock Park, Michigan.
      Division Ave N 4195, Comstock Park, MI 49321
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      1,148 SF

      Comstock Park Retail Space Available

      1,148 SF Retail Space - High Traffic Area
      4640 River Dr, Comstock Park, MI 49321
      View Details
    • $15 SF/Yr
      1,000 SF

      Comstock Park Retail Space Available

      1,000 SF Inline Retail Suite for Lease
      4669 Alpine Ave, Comstock Park, MI 49321
      View Details
    • $36 SF/Yr
      3,000 SF

      Turn-Key Restaurant on Alpine Avenue

      Fully equipped restaurant available for lease on busy Alpine Avenue.
      Alpine Ave NW 4064, Comstock Park, MI 49321
      View Details
    • $15 SF/Yr
      975 SF

      Remodeled Retail Space on Alpine

      Retail spaces available in newly remodeled Alpine Center.
      3728 Alpine Ave NW, Comstock Park, MI 49321
      View Details
    • $17 SF/Yr
      9,484 SF

      Medical Office Building, Comstock Park

      Class A Medical Office, Ample Parking
      4211 Division Ave, Comstock Park, MI 49321
      View Details
    • $11 SF/Yr
      111,242 SF

      Comstock Park Retail Space - 111,242 SF

      Large Retail Building, Prime Location, Kent County
      4273 Alpine Ave, Comstock Park, MI 49321
      View Details
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    5685 Comstock Park NW Dr
    Comstock Park, MI 49321
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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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