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

    604 Main St Adrian, MI 49221-3215

    • Commercial real estate
    • 1,550 SF
    • 0.42 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1174772
    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 604 Main St

    Lot size
    0.42 lot acres
    Property size
    1,550 SF
    Zone code
    B-2
    Property type
    Commercial real estate
    APN
    XA0-245-8005-01
    APU
    XA0245800501

    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
    Adrian
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.0432
    Latitude
    41.8905
    CBSA code
    10300
    CBSA name
    ADRIAN, 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
    $4,213
    $0.00
    $0.00
    $94,400
    -
    $0.00
    $0.00
    $188,800

    Comparable in this City

    • Value Estimation by Request

      2000 Us Hwy 223blk

      COMMERCIAL (GENERAL)
      2000 Us Hwy 223blk, Adrian, MI 49221
      View Details
    • Value Estimation by Request
      2.73 Acres

      3270 Ogden Hwy

      COMMERCIAL (GENERAL) • 2.73 Acres
      3270 Ogden Hwy, Adrian, MI 49221-9204
      View Details
    • Value Estimation by Request
      31.51 Acres

      3201 Us Hwy 223

      COMMERCIAL (GENERAL) • 31.51 Acres
      3201 Us Hwy 223, Adrian, MI 49221-9207
      View Details
    • Value Estimation by Request
      3,294 SF

      1109 Treat St

      COMMERCIAL (GENERAL) • 3,294 SF
      1109 Treat St, Adrian, MI 49221-4021
      View Details
    • Value Estimation
      $15,700,000
      198,348 SF

      1620 Us Hwy 223

      COMMERCIAL (GENERAL) • 198,348 SF
      1620 Us Hwy 223, Adrian, MI 49221-4454
      View Details
    • Value Estimation by Request
      8,853 SF

      349 Wabash Ave

      COMMERCIAL (GENERAL) • 8,853 SF
      349 Wabash Ave, Adrian, MI 49221-3447
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      18.75 Acres

      Adrian Commercial Land - 18.75 Acres

      Prime Adrian land, ideal for redevelopment.
      1301 Main St, Adrian, MI 49221
      View Details
    • $2,100,000
      33.00 Acres

      Adrian Commercial Land - Prime Location

      US-223 Frontage, 35 Acres, High Traffic
      2000 Us Highway 223, Adrian, MI 49221
      View Details
    • $80,000
      1.10 Acres

      Adrian Commercial Land - $80K

      1.1-acre lot, prime location, residential zoning.
      0 Main St, Adrian, MI 49221
      View Details
    • $949,900

      Luxury Multi-Unit Property Near Lake

      High-income potential property near Lake Adrian for recreation.
      2550 Bent Oak Ave, Adrian, MI 49221
      View Details
    • $128,000
      2,244 SF

      Adrian Duplex with Income Potential

      Versatile duplex in Adrian, MI, ideal for investors or owner-occupants.
      820 Mulberry St, Adrian, MI 49221
      View Details
    • $100,000
      882 SF

      Adrian Office Building For Sale

      Commercial building in Adrian, Michigan, suitable for office or boutique.
      131 E Front St, Cadmus, MI 49221
      View Details

    Similar Nearby for Lease

    • $900 /Mo
      1,716 SF

      Equipped Space for Wellness Provider

      Fully equipped space ideal for wellness providers in Adrian, MI.
      750 High St, Adrian, MI 49221
      View Details
    • Contact for pricing
      509,652 SF

      Adrian Commercial Land - 18.75 Acres

      Prime Adrian land, ideal for commercial development.
      1301 Main St, Adrian, MI 49221
      View Details
    • $1,400 /Mo
      1,212 SF

      Renovated Office Space in Adrian

      Newly renovated office space with convenient parking and updated features.
      115 N Main St, Adrian, MI 49221
      View Details
    • $4 SF/Yr
      9,758 SF

      Adrian Hwy Warehouse - Huge Potential

      9,758 SF Warehouse, 6.21 Acres
      3131 Adrian Hwy, Adrian, MI 49221
      View Details
    • Contact for pricing
      5,280 SF

      Adrian Retail Space For Lease

      Prime Adrian storefront, flexible space available.
      217 Us Highway 223, Adrian, MI 49221
      View Details
    • $13 SF/Yr
      18,048 SF

      Adrian Medical Office Suites

      Prime Adrian location, 4,329 SF available.
      770 Riverside Ave, Adrian, MI 49221
      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.
    604 Main St
    Adrian, MI 49221-3215
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.