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    615 State St Caro, MI 48723
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    615 State St Caro, MI 48723

    View on Map
    • Commercial real estate
    • 12,846 SF
    • 1.15 lot acres
    Off-Market
    Property ID
    US43-2441413
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • AT&T Store / Mobile Phone Store / Electronics & Wireless Store

    Property Details for 615 State St

    Year built
    1962
    Lot size
    1.15 lot acres
    Property size
    12,846 SF
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a fee-simple ownership of a 12,846 square foot Rite Aid property situated on a 1.15-acre lot in Caro, Michigan. Located at 615 N State St, this retail space enjoys a prime position on the city's main retail corridor, offering convenient access to Highway 24. The property is currently under a Net Lease (NNN) agreement with Rite Aid, providing a stable income stream. The lease commenced on October 31, 2024, and has a remaining term of five years, with options for lease extensions of 5-10 years. The building was constructed in 1962. The asking price for this fee-simple ownership is $700,000. It's important to note that Rite Aid currently subleases a portion of the adjacent space to an AT&T operator. This property offers a strong investment opportunity due to its location, established tenant, and long-term lease potential. The property's address is 615 N State St, Caro, MI 48723, within Tuscola County. This is a rare chance to acquire a well-positioned retail property with a dependable tenant in a desirable Michigan market. The property's zip code is 48723.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Caro
    County
    Tuscola
    State
    Michigan
    Longitude
    -83.3920007
    Latitude
    43.4929393

    Comparable in this City

    • $450,000
      3,368 SF

      Restaurant, Bar with Apartments

      Restaurant/bar with two apartments in downtown Caro, Michigan.
      261 N State St, Caro, MI 48723
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    • $295,000
      5,024 SF

      Versatile Mixed-Use Property in Caro

      5-acre property with shop, apartment, and storage barn.
      4027 W Caro Rd, Caro, MI 48723
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    • $299,000
      3,550 SF

      837 South State Street Caro

      LARGE RETAIL STOREFRONT ON M-81
      837 South State St, Caro, MI 48723
      View Details
    • $129,900
      1,600 SF

      Established Business Opportunity in Caro

      Long-standing dry cleaning business with real estate for sale.
      815 Gibbs St, Caro, MI 48723
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    • $459,900
      5,934 SF

      Value-Add Investment Opportunity

      4.5-acre property with storage units, commercial space, and apartment.
      3619 Mertz Rd, Caro, MI 48723
      View Details

    Similar Nearby for Sale

    • $129,900
      1,600 SF

      Established Business Opportunity in Caro

      Long-standing dry cleaning business with real estate for sale.
      815 Gibbs St, Caro, MI 48723
      View Details
    • $450,000
      3,368 SF

      Restaurant, Bar with Apartments

      Restaurant/bar with two apartments in downtown Caro, Michigan.
      261 N State St, Caro, MI 48723
      View Details
    • $295,000
      5,024 SF

      Versatile Mixed-Use Property in Caro

      5-acre property with shop, apartment, and storage barn.
      4027 W Caro Rd, Caro, MI 48723
      View Details
    • $299,000
      3,550 SF

      837 South State Street Caro

      LARGE RETAIL STOREFRONT ON M-81
      837 South State St, Caro, MI 48723
      View Details
    • $459,900
      5,934 SF

      Value-Add Investment Opportunity

      4.5-acre property with storage units, commercial space, and apartment.
      3619 Mertz Rd, Caro, MI 48723
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,091 SF

      Retail Space on Caro Road

      Retail space available in dominant multi-tenant shopping center.
      1534-1560 W Caro Rd, Caro, MI 48723
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    • Contact for pricing
      16,351 SF

      Retail Space in Sugarcreek Plaza

      Retail space available in a well-located shopping center.
      1253 E Caro Rd, Caro, MI 48723
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    • Contact for pricing

      Commercial Land in Sugarcreek Plaza

      Land with excellent visibility and strong national tenants.
      1302 Cameron Rd, Caro, MI 48723
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    • $1,500 /Mo
      1,921 SF

      Office Space in Brick Building

      Second-floor office spaces available in Caro, Michigan.
      1111 W Caro Rd, Caro, MI 48723
      View Details

    Property Visit Statistics

    • Visits by month
      20.6k
    • Visitors by month
      8.8k
    • Avg Time on site
      5 min
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    Caro, MI 48723
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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.

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