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

    903 Main St Frankfort, MI 49635

    • Commercial real estate
    • 0.41 lot acres
    For Sale
    View listing
    $1,100,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3124498
    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

    • Frankfort Tackle Box / Fishing Store / Boat Storage Facility

    Property Details for 903 Main St

    Year built
    1930
    Lot size
    0.41 lot acres
    Property type
    Commercial real estate
    APN
    51-040-010-00
    APU
    5104001000

    Description

    This exceptional 700-square-foot industrial property presents a unique investment opportunity in the vibrant waterfront city of Frankfort, Michigan. Situated on a 0.57-acre lot, this property boasts a prime downtown location within Benzie County, a highly sought-after vacation destination and thriving year-round community. The property is zoned for mixed-use commercial development, allowing for a diverse range of possibilities including retail, condo/hotel, restaurant/winery/brewery, or office space. The location offers potential views of Betsie Bay, adding significant appeal to any development. Frankfort's bustling downtown area is renowned for its beautiful beaches and pier, picturesque waterside parks and marinas, a thriving arts scene, a local theatre, a brewery, and a wide array of dining and shopping options. The property's zoning allows for three-story buildings on the east end of Main Street, maximizing development potential. This is a rare chance to acquire a versatile property in a highly desirable location, perfect for investors, developers, and entrepreneurs seeking a blend of business opportunity and exceptional lifestyle. The asking price is $1,100,000.

    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
    Frankfort
    County
    Benzie
    State
    Michigan
    Longitude
    -86.2305
    Latitude
    44.6327
    CBSA code
    45900
    CBSA name
    TRAVERSE CITY, MI MICROPOLITAN 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
    0
    $0.00
    $0.00
    $0.00
    $40,300
    -
    $0.00
    $0.00
    $80,600

    Comparable in this City

    • Value Estimation by Request

      Frankfort, MI 49635

      COMMERCIAL (GENERAL)
      Frankfort, MI 49635
      View Details
    • Value Estimation by Request
      0.21 Acres

      902 Frst Ave

      COMMERCIAL (GENERAL) • 0.21 Acres
      902 Frst Ave, Frankfort, MI 49635-9632
      View Details
    • Value Estimation by Request

      1012 James St

      COMMERCIAL (GENERAL)
      1012 James St, Frankfort, MI 49635-9693
      View Details
    • Value Estimation by Request
      0.17 Acres

      1100 Main St

      COMMERCIAL (GENERAL) • 0.17 Acres
      1100 Main St, Frankfort, MI 49635-9019
      View Details
    • Value Estimation by Request
      0.09 Acres

      405 Main St

      COMMERCIAL (GENERAL) • 0.09 Acres
      405 Main St, Frankfort, MI 49635-9142
      View Details
    • Value Estimation by Request
      0.09 Acres

      328 Main St

      COMMERCIAL (GENERAL) • 0.09 Acres
      328 Main St, Frankfort, MI 49635-9047
      View Details

    Similar Nearby for Sale

    • $154,000

      Land For Sale

      Land available for purchase.
      Treetops Ln, Frankfort, MI 49635
      View Details
    • $1,200,000
      4,033 SF

      Frankfort Motel and Home Opportunity

      Family-run motel and home near downtown Frankfort and Lake Michigan.
      519 Lake St, Frankfort, MI 49635
      View Details
    • $1,100,000
      0.57 Acres

      Frankfort Land For Sale

      Vacant land in Frankfort, MI, zoned for mixed-use commercial.
      903 Main St, Frankfort, MI 49635
      View Details
    • $244,000
      5.01 Acres

      Secluded 5-Acre Parcel Near Frankfort

      5-acre parcel with views, hardwoods, and easy access to utilities.
      00-2 Carlson Rd, Frankfort, MI 49635
      View Details
    • $550,000
      1,504 SF

      Downtown Frankfort Office Building For Sale

      Freestanding commercial building in downtown Frankfort, MI, with parking.
      408 Main St, Frankfort, MI 49635
      View Details
    • $795,000

      Crystal Lake Waterfront Land Parcel

      Waterfront land with views and trail access on Crystal Lake.
      5543 Crystal Ln, Frankfort, MI 49635
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      2,000 SF

      Frankfort Medical Office Space

      Prime Corner Lot, 1055 SF Available
      228 7Th St, Frankfort, MI 49635
      View Details
    • $19 SF/Yr
      1,055 SF

      Frankfort Office Building For Rent

      Commercial space in Frankfort, suitable for medical or office use.
      228 7Th St, Frankfort, MI 49635
      View Details
    • $19 SF/Yr

      Prime Corner Lot Office Space

      Office space on corner lot with great visibility and parking.
      228 7Th St, Frankfort, MI 49635
      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.
    903 Main St
    Frankfort, MI 49635
    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.