130 Main StEvart, MI 49631
- Commercial real estate
- 0.13 AC
Property Details for 130 Main St
- Lot size
- 0.13 AC
- Property type
- Commercial real estate
- APN
- 51 750 410 00
- APU
- 5175041000
Description
This unique mixed-use property in Evart, Michigan, presents a compelling investment opportunity. Located at 130 N Main Street, this 5,148 square foot building boasts a rich history, having served as a bank and post office since its construction in 1905. The building features five units: four one-bedroom, one-bathroom apartments (three currently rented) and a ground-floor commercial space. Original features such as the bank vault and postage window remain, adding to the building's charm and character. While the property requires some renovations, particularly to one apartment, it offers significant potential for increased income. The building sits on a 0.13-acre lot and is zoned commercial. Currently operating at 60% occupancy, the property generates a net operating income (NOI) of $12,000, resulting in a 3.04% cap rate. The asking price is $395,000, translating to $76.73 per square foot. The city of Evart is actively supporting downtown revitalization efforts, including grant opportunities for business improvements, presenting an added incentive for potential buyers. This property is ideal for an owner-user seeking a blend of commercial and residential income streams.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,172,210
- 6.5%
- $1,082,040
- 7%
- $1,004,760
-
Comparable approach
- Method
- Valuation
- Relative Method
- $737,606
- Geo Method
- $737,606
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $1,994,530
- Retail / Commercial
- $1,049,360
- Mixed-Use / Specialty
- $1,066,570
- Hospitality / Lodging
- $809,773
- Office
- $1,082,040
- Institutional / Educational
- $1,116,280
- Residential Income
- $1,306,050
- Multifamily
- $1,450,300
- Automotive / Energy
- $956,815
- Parking / Income-Based Land
- $309,494
- Restaurant / Food Service
- $599,426
- Healthcare / Senior Housing
- $1,072,270
Location Insight
- City
- Evart
- County
- Osceola
- State
- Michigan
- Latitude
- 43.9014
- Longitude
- -85.2589
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
FAQs
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