Mixed-Use Building in Downtown
106 Locust Street Allegan, MI 49010
For Sale
$169,900
Pending
COMMERCIAL - Allegan, MI
Property Size3,300 SF
Lot Size0.06 Acres
Days on Market150
Property Features for 106 Locust Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Rooms
Bathroom 1, Basement
Interior features
Broadband
Standard status
Pending
APN
51-205-019-00
Size
3,300 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N 22.27 FT OF S 97.93 FT OF LOTS 267 & 268 ALSO N 10 FT OF S 75.66 FT OF W 30 FT OF LOT 267 O. P. SEC 28.
Tax Annual Amount
3334
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1880
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Rubber
Listing Agency:
Coldwell Banker Sneller Real Estate
(269) 355-1919
Listed By:
Carol L Sneller · License #6502338165
(269) 720-0580
Added: Mar 2
Changed: May 13
Last Checked: Jul 30 at 4:06AM
MLS# 26007561
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 106 Locust Street in Allegan, Michigan, this mixed-use building offers redevelopment potential in the historic downtown district. The property, situated in an active commercial corridor, benefits from visibility and walkability near local shops, dining establishments, and the Kalamazoo Riverfront. The 3,300 square foot building on a 0.06-acre lot allows for various possibilities, including street-level commercial use with residential units above. The property is suited for investors, entrepreneurs, or developers seeking to reposition a property for long-term income and appreciation. The building layout supports a variety of possibilities including street-level commercial use with residential units above, creating the type of mixed-use environment increasingly sought in small-town downtown revitalization. The neighboring property is also available, presenting an opportunity to expand the project footprint and explore a larger downtown redevelopment concept. The property offers potential for upper-level residential redevelopment above commercial space, and the opportunity to be part of Allegan's continued downtown growth.
Key Highlights
- Redevelopment potential for upper‑level residential units above commercial space in a historic downtown district.
- Prime location in Allegan's walkable downtown, near shops, dining, and the Kalamazoo Riverfront.
- Excellent visibility and high foot traffic in an active commercial corridor.
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.7k | $6.88 |
| − Vacancy | −$2.3k | −$0.69 |
| EGI | $20.4k | $6.19 |
| − OpEx | −$7.7k | −$2.32 |
| NOI | $12.8k | $3.87 |
3,300 SF · lease $6.88/SF/yr · vacancy 10.10% · expense 37.50%
Alternative Uses
Best Use
Retail
$489.4K
$428.2K – $571.0K
NOI $34,257 @ 7.0% cap · market cap 20.16%
Second Best
Apartment 5plus
$302.5K
$264.7K – $353.0K
NOI $21,177 @ 7.0% cap · market cap 12.46%
Theoretical Best
Hotel Hospitality
$30.99M
$27.12M – $36.16M
NOI $2,169,329 @ 7.0% cap · market cap 1,276.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Redevelopment opportunity in a historic, walkable downtown district.
Where is this mixed-use property located?
The property is located at 106 Locust Street Allegan, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Redevelopment potential for upper‑level residential units above commercial space in a historic downtown district.; Prime location in Allegan's walkable downtown, near shops, dining, and the Kalamazoo Riverfront.; Excellent visibility and high foot traffic in an active commercial corridor.
