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    Renovated Mixed-Use Spring Lake Property Title is generated by Realmo AI

    116 S Jackson Street, Spring Lake, MI 49456

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    For Sale
    $950,000

    COMMERCIAL - Spring Lake, MI

    Type:Retail
    Property size:
    4,800 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $197/SF
    Added:
    Aug 13, 2025
    Days on Market:
    278
    Last Refresh:
    May 17 at 4:06 am

    Property Features for 116 S Jackson Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    1
    Rooms
    Bathroom 1, Basement
    Standard status
    Active
    APN
    70-03-15-382-012
    Size
    4,800 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Attached.
    Tax Annual Amount
    14463

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2005
    Number of units
    2
    Building materials
    Brick, Stone

    We can help!

    Listing Contact
    Bryan D Bench
    Bryan D Bench

    Listing agent Bryan D Bench License #6501293444

    Listing office Core Realty Partners LLC 700 Terrace Point Dr, Muskegon, MI

    Listing date Aug 13, 2025

    MLS# 25041041

    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.

    HighLights

    • Iconic building in the epicenter of the Village of Spring Lake.
    • Completely renovated building originally built in 1919.
    • Upper floor (2,400 SF) converted to residential use with high‑end finishes.
    • Main level renovated for entertainment venue use with original brick walls and wood finishes.
    • Seller secured a Class C liquor license (DDA license) potentially available to buyer.
    • Lower level includes storage, cooler, equipment areas, and 700 SF of professional office space.

    Overview

    This iconic building, constructed in 1919 and completely renovated, is situated in the center of the Village of Spring Lake. The upper floor, encompassing 2,400 square feet, was converted into a residential space in the early 2000s, featuring high-end finishes. The main level has been renovated for use as an entertainment venue, showcasing original brick walls and wood finishes. The lower level includes storage, a cooler, and equipment areas associated with the entertainment venue. Approximately 700 square feet of the lower level has been recently built out as professional office space. The property, with a total size of 4,800 square feet and situated on a 0.13-acre lot, offers an excellent opportunity for the creative entrepreneur. The seller recently secured a Class C liquor license (DDA license), which could be available to the buyer. This property is suitable for retail, restaurants, and mixed-use purposes.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $593.2K
    NOI $53,387 @ 9.00% cap · cautious / downside scenario
    Moderate
    $762.7K
    NOI $53,387 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.07M
    NOI $53,387 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $74.3k $15.48
    − Vacancy −$3.1k −$0.65
    EGI $71.2k $14.83
    − OpEx −$17.8k −$3.71
    NOI $53.4k $11.12
    4,800 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $762.7K
    $667.3K – $889.8K (±1% cap)
    NOI $53,387 @ 7.0% cap · market cap 5.62%
    Second Best
    Retail
    $711.8K
    $622.9K – $830.5K (±1% cap)
    NOI $49,828 @ 7.0% cap · market cap 5.25%
    Theoretical Best
    Multifamily LT 5
    $59.69M
    $52.23M – $69.64M (±1% cap)
    NOI $4,178,251 @ 7.0% cap · market cap 439.82%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Keur Locker Services Building Supply Temple Lounge Hotel & Motel L&U Auto Towing's ... Auto Parts Store Summer Sessions – Waterfront ... Consultant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spring Lake
    County
    Ottawa
    State
    Michigan
    Longitude
    -86.198541
    Latitude
    43.07577

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    FAQs

    What type of property is this?
    Retail space - Iconic, renovated mixed-use building in the Village of Spring Lake.
    Where is this retail space located?
    The property is located at 116 S Jackson Street Spring Lake, MI.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Iconic building in the epicenter of the Village of Spring Lake.; Completely renovated building originally built in 1919.; Upper floor (2,400 SF) converted to residential use with high‑end finishes.
    (231) 578-2508
    We can help!
    Listing Contact
    Bryan D Bench
    Bryan D Bench
    Real Estate License ID: 6501293444
    Learn More
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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.

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