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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    715 Union St Grass Lake, MI 49240

    • Commercial real estate
    • 5,200 SF
    • 7.04 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1225843
    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 715 Union St

    Year built
    2017
    Lot size
    7.04 lot acres
    Property size
    5,200 SF
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a 2-story apartment building situated on a sprawling 7.04-acre lot in Grass Lake, Michigan. The property, located at 715 S Union St, boasts a substantial 5,200 square feet of space, built in 2017, and is zoned for commercial use. The asking price is $399,999, translating to a price per square foot of $85.56. The building's main level comprises a significant area, featuring a kitchen and generously sized rooms. The property's expansive lot offers considerable potential for future development or expansion. The address is conveniently located in Jackson County, Michigan, with the zip code 49240. While the listing mentions a full walk-out basement, the provided square footage for the main level is 5,200 square feet. This multifamily property presents a strong investment opportunity due to its size, location, and zoning. The substantial lot size provides ample room for future growth and development, making it an attractive prospect for investors seeking a significant return. The property's relatively new construction (2017) minimizes immediate maintenance concerns. This is a rare opportunity to acquire a well-located, sizable multifamily property in a desirable area.

    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
    Grass Lake
    County
    Jackson
    State
    Michigan
    Longitude
    -84.203994
    Latitude
    42.247738

    Comparable in this City

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      Scenic Land in Grass Lake

      Gently rolling 3.23-acre parcel near Waterloo-Pinckney Recreation Area.
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    • $150,000
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      10 acre land parcel available in Grass Lake, Michigan.
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    • New
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      Residential Lot in Grass Lake

      Residential land available in Grass Lake, Michigan.
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    • New
      $45,000
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      Residential Lot in Patriot Estates

      Spacious lot in Grass Lake's Patriot Estates, ready for building.
      Vl Congressional Ln, Grass Lake, MI 49240
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    • New
      $45,000
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      Residential Lot in Patriot Estates

      Spacious lot in Grass Lake's Patriot Estates, build your dream home.
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    • $315,000
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      34.75 Acres Agricultural Land

      34.75 acre agricultural land for sale in Grass Lake.
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    Similar Nearby for Sale

    • $150,000
      3.23 Acres

      Scenic Land in Grass Lake

      Gently rolling 3.23-acre parcel near Waterloo-Pinckney Recreation Area.
      unit Parcel C Seymour Rd, Grass Lake, MI 49240
      View Details
    • $150,000
      10.00 Acres

      Land For Sale Grass Lake

      10 acre land parcel available in Grass Lake, Michigan.
      Lot L Willis Rd, Grass Lake, MI 49240
      View Details
    • New
      $45,000
      0.55 Acres

      Residential Lot in Grass Lake

      Residential land available in Grass Lake, Michigan.
      Vl Congressional Ln, Grass Lake, MI 49240
      View Details
    • New
      $45,000
      0.65 Acres

      Residential Lot in Patriot Estates

      Spacious lot in Grass Lake's Patriot Estates, ready for building.
      Vl Congressional Ln, Grass Lake, MI 49240
      View Details
    • New
      $45,000
      0.60 Acres

      Residential Lot in Patriot Estates

      Spacious lot in Grass Lake's Patriot Estates, build your dream home.
      Vl Congressional Ln, Grass Lake, MI 49240
      View Details
    • $315,000
      34.75 Acres

      34.75 Acres Agricultural Land

      34.75 acre agricultural land for sale in Grass Lake.
      34.75 Washburn Rd, Grass Lake, MI 49240
      View Details
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    715 Union St
    Grass Lake, MI 49240
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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.

    More about this property
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