626 Luther St Luther, MI 49656-5102
Property profile & analytics
626 Luther St Luther, MI 49656-5102
- Commercial real estate
- 0.56 lot acres
Property ID
US43-3760913
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.
Location Intelligence
Current Use by Public Records
- Commercial real estate
Property Details for 626 Luther St
- Lot size
- 0.56 lot acres
- Property type
- Commercial real estate
- APN
- 43-101-002-00
- APU
- 4310100200
Description
This exceptional value-add self-storage investment opportunity encompasses two strategically located facilities in Luther and Le Roy, Michigan. The portfolio comprises four buildings totaling 6,068 square feet, housing 42 units ranging in size from 5' x 10' to 18' x 36'. Currently boasting 95.6% occupancy (as of July 2, 2024), the properties generate a Net Operating Income (NOI) of $16,871. However, a pro-forma NOI of $30,213 reflects significant upside potential through rental rate increases, aligning with market averages. The Luther location enjoys a monopoly within a 10-mile radius, while the Le Roy location benefits from a downtown position. Both sites are conveniently situated near US Route 131, between Cadillac and Reed City, offering excellent accessibility. The asking price is $325,000, representing $53.56 per square foot and $7,738 per unit. The current cap rate stands at 5.19%, with a pro-forma cap rate projected at 9.30%, highlighting the substantial return on investment potential. This presents a compelling opportunity for investors seeking strong cash flow and significant appreciation potential in a growing market. The properties offer substantial expansion possibilities, further enhancing their long-term value.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Luther
- County
- Lake
- State
- Michigan
- Longitude
- -85.6833
- Latitude
- 44.0405
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
0
$0.00
$0.00
$0.00
$42,000
-
$0.00
$0.00
$84,000
