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

    609 Paterson St Flint, MI 48505-4781

    • Commercial real estate
    • 2,888 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Sep 08, 2021
    $147,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5185461
    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

    • Apartment / Apartment Complex

    Property Details for 609 Paterson St

    Year built
    1923
    Lot size
    0.14 lot acres
    Property size
    2,888 SF
    Zone code
    B
    Property type
    Commercial real estate
    APN
    40-01-480-004
    APU
    4001480004

    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
    Flint
    County
    Genesee
    State
    Michigan
    Longitude
    -83.6945
    Latitude
    43.0338
    CBSA code
    22420
    CBSA name
    FLINT, 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
    2022
    $3,959
    $0.00
    $0.00
    $55,900
    -
    $0.00
    $0.00
    $111,800

    Comparable in this City

    • Value Estimation by Request

      1057 Louis Ave

      COMMERCIAL (GENERAL)
      1057 Louis Ave, Flint, MI 48505-1228
      View Details
    • Value Estimation by Request
      0.84 Acres

      1388 Louis Ave

      COMMERCIAL (GENERAL) • 0.84 Acres
      1388 Louis Ave, Flint, MI 48505-1078
      View Details
    • Value Estimation by Request
      0.64 Acres

      3801 M L King Ave

      COMMERCIAL (GENERAL) • 0.64 Acres
      3801 M L King Ave, Flint, MI 48505-3776
      View Details
    • Value Estimation by Request
      0.44 Acres

      106 Flint Park Blvd

      COMMERCIAL (GENERAL) • 0.44 Acres
      106 Flint Park Blvd, Flint, MI 48505-3440
      View Details
    • Value Estimation by Request
      0.53 Acres

      1117 Genesee Ave

      COMMERCIAL (GENERAL) • 0.53 Acres
      1117 Genesee Ave, Flint, MI 48505-1636
      View Details
    • Value Estimation by Request
      0.10 Acres

      773 Gillespie Ave

      COMMERCIAL (GENERAL) • 0.10 Acres
      773 Gillespie Ave, Flint, MI 48505-3926
      View Details

    Similar Nearby for Sale

    • $345,000
      2.30 Acres

      Prime Flint Commercial Land

      2.3 Acres, High-Density Zoning
      2010 Dort Hwy, Flint, MI 48505
      View Details
    • $39,999
      18.66 Acres

      Flint Industrial Land - 18 Acres

      Prime Flint location, 18 acres, development potential.
      5159 Summit St, Flint, MI 48505
      View Details
    • Contact for pricing
      2.05 Acres

      Residential Lot in Flint, MI

      Large residential lot available in Flint, Michigan.
      E Carpenter Rd, Flint, MI 48505
      View Details
    • Contact for pricing
      0.10 Acres

      Vacant Land in Flint

      Vacant land available in Flint, Michigan.
      425 E Lorado Ave, Flint, MI 48505
      View Details
    • Contact for pricing

      Vacant Lot in Flint

      Vacant lot with easy access to N Saginaw St.
      638 E Foss Ave, Flint, MI 48505
      View Details
    • Contact for pricing

      Connected Vacant Parcels on Detroit

      Two connected vacant parcels totaling 0.3 acres in Mt. Morris.
      Detroit St, Flint, MI 48505
      View Details

    Similar Nearby for Lease

    • $79,900
      7,841 SF

      Commercial Land in Flint, MI

      Commercial land available for rent in Flint, Michigan.
      802 E Baltimore Blvd, Flint, MI 48505
      View Details
    • $89,000
      2,250 SF

      Flint Church with Large Parking

      Church with large parking lot near the Buick City redevelopment.
      4401 Selby St, Flint, MI 48505
      View Details
    • $1,500 /Mo

      Car Lot For Lease

      Car lot for lease near ADESA Auto Auction.
      6120 N Dort Hwy, Flint, MI 48505
      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.
    609 Paterson St
    Flint, MI 48505-4781
    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.