Retail Building with Paved
For Sale
$145,000
109 N State Street, Gobles, MI 49055
COMMERCIAL - Gobles, MI
Property Size1,104 SF
Lot Size0.45 Acres
Price / SF$131.34
Days on Market353
Property Features for 109 N State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Gobles
Middle school district
Gobles
High school district
Gobles
Directions
M 40 just north of CR 388
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
80-51-624-014-00
Size
1,104 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Partial- Com 14 R N of SE Cor Section 24 W 18R, N 4R, E 18 R, S4 R ex. State St ROW
Tax Annual Amount
3872
Legal Description
Partial- Com 14 R N of SE Cor Section 24 W 18R, N 4R, E 18 R, S4 R ex. State St ROW
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1994
Number of units
1
Listing Agency:
Kalvan Realty
(269) 628-2151
Listed By:
Dan Leonard · License #6501267074
(269) 377-2710
Added: Sep 3, 2025
Changed: Aug 4
Last Checked: Aug 21 at 5:06PM
MLS# 25044869
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 109 N State Street in Gobles, Michigan, this commercial-zoned property includes a versatile building and a large, recently paved parking lot. The building totals 1,104 square feet and is suited for a range of commercial uses.
The property sits on the M40 state highway, providing visibility for passing traffic. A paved lot supports on-site parking for customers or employees.
Owners have disclosed motivation to sell and may entertain a land contract if the down payment and terms are acceptable. Interested parties should confirm suitability for specific uses based on applicable zoning and approvals.
The property sits on the M40 state highway, providing visibility for passing traffic. A paved lot supports on-site parking for customers or employees.
Owners have disclosed motivation to sell and may entertain a land contract if the down payment and terms are acceptable. Interested parties should confirm suitability for specific uses based on applicable zoning and approvals.
Key Highlights
- Commercially zoned property with versatile building suitable for various commercial uses
- Large, recently paved parking lot
- Located on M40 state highway
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,461
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$229,220
$229.2K
Cap Rate 7%
$163,729
$163.7K
Cap Rate 9%
$127,344
$127.3K
Market Conditions
NOI Build-Up for 1,104 SF
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.
Gross rent
$17.1K $15.48/SF
− Vacancy
−$718 −$0.65/SF
EGI
$16.4K $14.83/SF
− OpEx
−$4.9K −$4.45/SF
NOI
$11.5K $10.38/SF
Area
Van Buren County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$229,220
Cap Rate 7%
$163,729
Cap Rate 9%
$127,344
Alternative Uses
Best Use
Retail
$163.7K
$143.3K – $191.0K
NOI $11,461 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$13.65M
$11.94M – $15.93M
NOI $955,554 @ 7.0% cap · market cap 659.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49055, MI
6,211
Population
3,197
Households
1.9
Avg Household Size
45
Median Age
18%
College-Educated
90%
High-School Grad
57.5 sq mi
ZIP Area
108
Density / Sq Mi
$65,717
Median Household Income
$40,838
Median Earnings
$878
Median Rent
$161,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial-zoned property with a recently paved parking lot and a versatile building for multiple retail uses.
Where is this storefront property located?
The property is located at 109 N State Street Gobles, MI.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Commercially zoned property with versatile building suitable for various commercial uses; Large, recently paved parking lot; Located on M40 state highway
