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

    6647 Waters Edge Dr Monroe, MI 48161-4796

    • Grocery and convenience stores
    • 1,636 SF
    • 1.48 lot acres
    OFF-MARKET
    Last Sale
    Apr 11, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1742264
    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

    • Michigan Waterways Marine Construction / General Contractor
    • Anglers Cove / (Bike/Boat/Book/etc) Store
    • Net Dreams Fishing Charters / Tour Operator / Travel Agency
    • Dual Threat Lake Erie Walleye & Perch Fishing Charters / Tour Operator / Travel Agency
    • Le Chasseur Sport Fishing Charters / Tour Operator / Travel Agency

    Property Details for 6647 Waters Edge Dr

    Lot size
    1.48 lot acres
    Property size
    1,636 SF
    Property type
    Grocery and convenience stores
    APN
    12-010-201-00
    APU
    1201020100

    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
    Monroe
    County
    Monroe
    State
    Michigan
    Longitude
    -83.3932
    Latitude
    41.8746
    CBSA code
    33780
    CBSA name
    MONROE, 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
    2023
    $7,193
    $0.00
    $0.00
    $152,800
    -
    $0.00
    $0.00
    $305,600

    Comparable in this City

    • Value Estimation by Request
      2,268 SF

      2062 Custer Rd

      GROCERY, SUPERMARKET • 2,268 SF
      2062 Custer Rd, Monroe, MI 48161-1831
      View Details
    • Value Estimation by Request
      4,379 SF

      14128 Laplaisance Rd

      GROCERY, SUPERMARKET • 4,379 SF
      14128 Laplaisance Rd, Monroe, MI 48161-3839
      View Details
    • Value Estimation by Request
      4,403 SF

      1740 7th St

      GROCERY, SUPERMARKET • 4,403 SF
      1740 7th St, Monroe, MI 48161-1666
      View Details
    • Value Estimation by Request
      2,247 SF

      14011 Laplaisance Rd

      GROCERY, SUPERMARKET • 2,247 SF
      14011 Laplaisance Rd, Monroe, MI 48161-3972
      View Details
    • Value Estimation by Request
      4,958 SF

      1135 Frnt St

      GROCERY, SUPERMARKET • 4,958 SF
      1135 Frnt St, Monroe, MI 48161-1658
      View Details
    • Value Estimation by Request
      7,644 SF

      1002 3rd St

      GROCERY, SUPERMARKET • 7,644 SF
      1002 3rd St, Monroe, MI 48161-1904
      View Details

    Similar Nearby for Sale

    • $450,000
      3,623 SF

      Medical Office on High-Traffic Street

      3,623 SF medical office building with pharmacy tenant.
      1704 S Custer, Monroe, MI 48161
      View Details
    • $245,000
      2,369 SF

      Commercial Building in Monroe

      2,369 SF commercial building for sale in Monroe, MI.
      1110 W Front St, Monroe, MI 48161
      View Details
    • $245,000
      2,369 SF

      Monroe Retail Building - $245K

      Prime Monroe retail space, high traffic area.
      1110 Front St, Monroe, MI 48161
      View Details
    • $450,000
      7,000 SF

      Downtown Monroe Pub - Turnkey Opportunity

      Established tavern, 7,000 sq ft, liquor license included.
      39 Monroe St, Monroe, MI 48161
      View Details
    • $450,000
      7,000 SF

      Downtown Monroe Tavern For Sale

      Established tavern in downtown Monroe with liquor license.
      39 S Monroe St, Monroe, MI 48161
      View Details
    • $475,000

      Versatile Property with Shop and Home

      Property featuring a shop, home, and ample acreage.
      15350 S Telegraph Rd, Monroe, MI 48161
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space in Riverbend Commons

      Community shopping center space for lease with high traffic exposure.
      1170 W Front St, Monroe, MI 48161
      View Details
    • $12 SF/Yr
      2,300 SF

      Retail Space in Riverbend Commons

      Retail space for lease in community shopping center.
      321 S Telegraph Rd, Monroe, MI 48161
      View Details
    • $10 SF/Yr
      94,989 SF

      River Bend Commons Retail Space

      High-traffic Monroe, MI storefront opportunity.
      305 Telegraph Rd, Monroe, MI 48161
      View Details
    • $1,000 /Mo
      1,200 SF

      Downtown Retail Space Available

      1000 SF retail space in Monroe's Business District.
      45 S Monroe St, Monroe, MI 48161
      View Details
    • $11 SF/Yr
      1,000 SF

      Retail Strip Center Space Available

      Retail and office spaces for lease in high-traffic Monroe.
      1200-1226 S Telegraph Rd, Monroe, MI 48161
      View Details
    • $1,500 /Mo

      Monroe Office or Retail Space

      1,500 SF office/retail space with ample parking.
      2062 S Custer Rd West, Monroe, MI 48161
      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.
    6647 Waters Edge Dr
    Monroe, MI 48161-4796
    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.