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

    864 Petrie Ave Norton Shores, MI 49441-5516

    • Commercial land
    • 1.55 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1839571
    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 land

    Property Details for 864 Petrie Ave

    Lot size
    1.55 lot acres
    Zone code
    SUD
    Property type
    Commercial land
    APN
    61-27-333-001-0017-00
    APU
    6127333001001700

    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
    Norton Shores
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.2238
    Latitude
    43.1721
    CBSA code
    34740
    CBSA name
    MUSKEGON-NORTON SHORES, 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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1.04 Acres

      1391 Beidler St

      VACANT COMMERCIAL LAND • 1.04 Acres
      1391 Beidler St, Muskegon, MI 49441
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    • Value Estimation by Request
      0.15 Acres

      1766 Beidler St

      VACANT COMMERCIAL LAND • 0.15 Acres
      1766 Beidler St, Muskegon, MI 49441-2365
      View Details
    • Value Estimation by Request
      0.11 Acres

      2660 Emerson Blvd

      VACANT COMMERCIAL LAND • 0.11 Acres
      2660 Emerson Blvd, Norton Shores, MI 49441-3504
      View Details
    • Value Estimation by Request
      0.20 Acres

      3082 Fairfield St

      VACANT COMMERCIAL LAND • 0.20 Acres
      3082 Fairfield St, Norton Shores, MI 49441-4008
      View Details
    • Value Estimation by Request
      0.09 Acres

      2620 Fairfield St

      VACANT COMMERCIAL LAND • 0.09 Acres
      2620 Fairfield St, Norton Shores, MI 49441-3506
      View Details
    • Value Estimation by Request
      0.11 Acres

      2375 Henry St

      VACANT COMMERCIAL LAND • 0.11 Acres
      2375 Henry St, Muskegon, MI 49441-3019
      View Details

    Similar Nearby for Sale

    • $68,160

      Norton Shores Industrial Park Land

      Industrial park land with easy access to transportation.
      4875 Paul Ct, Norton Shores, MI 49441
      View Details
    • $2,449,900
      3.24 Acres

      Waterfront and Water-Facing Buildable Lots

      Waterfront and water-facing lots near Hartshorn Marina and Adelaide Point.
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    • $969,999

      Waterfront and Water-Facing Buildable Lots

      Waterfront and water-facing lots near Hartshorn Marina and Adelaide Point.
      V L - B Boardwalk Cv Dr, Muskegon, MI 49441
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    • $85,000
      Pending

      Prime Corner Commercial Land

      High-visibility corner lot with development potential near US-31.
      5417 Grand Hvn Rd, Norton Shores, MI 49441
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    • $525,000
      5.75 Acres

      Norton Shores Commercial Land For Sale

      5.75 acres of retail/commercial zoned land in Norton Shores.
      6561 Grand Hvn Rd, Norton Shores, MI 49441
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    • New
      $1,950,000
      8.95 Acres

      Waterfront Development Opportunity on Muskegon

      8+ acre waterfront parcel with 1,500 feet of frontage.
      1794 Lakeshore Dr, Muskegon, MI 49441
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    Similar Nearby for Lease

    • $15 SF/Yr
      32,338 SF

      Henry Street Retail Redevelopment

      Norton Shores, MI: Prime Retail Opportunity
      3530 Henry St, Norton Shores, MI 49441
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    • $11 SF/Yr

      Corner Office in Norton Shores

      Two-story office building with high visibility and ample space.
      3611 Henry St, Norton Shores, MI 49441
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    • $12 SF/Yr
      1,938 SF

      Retail Space in Park Place

      Retail space with high visibility in a high-traffic area.
      950 W Norton Ave, Muskegon, MI 49441
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    • $5 SF/Yr

      Retail Space in High-Traffic Area

      Retail suites available in a well-maintained, high-visibility location.
      880 W Sherman Blvd, Muskegon, MI 49441
      View Details
    • New
      $1,250 /Mo
      1,000 SF

      Move-in Ready Office Space Available

      Functional office suite with private offices, reception, and parking.
      841 Post Rd, Muskegon, MI 49441
      View Details
    • New
      $395 /Mo
      14,594 SF

      Updated Office Spaces Available

      Variety of updated office spaces available for rent.
      433 Seminole Rd, Norton Shores, MI 49441
      View Details
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    864 Petrie Ave
    Norton Shores, MI 49441-5516
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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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