Retail Space With
For Sale
$289,000
123 S Main Street, Cedar Springs, MI 49319
COMMERCIAL - Cedar Springs, MI
Property Size1,829 SF
Lot Size0.23 Acres
Price / SF$158.01
Days on Market513
Property Features for 123 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B2
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1
Interior features
Broadband
Elementary school district
Cedar Springs
Middle school district
Cedar Springs
High school district
Cedar Springs
Directions
131 Cedar Springs Exit. (east) to Main St. aka Northland Dr. (north) west side of the street between Church St. and Beech St.
Subdivision
Grand Rapids - G
Standard status
Active
APN
410225485005
Size
1,829 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 4 & N 10 FT OF LOT 5 BLK 61 * VILLAGE OF CEDAR SPRINGS
Tax Annual Amount
6108
Legal Description
LOT 4 & N 10 FT OF LOT 5 BLK 61 * VILLAGE OF CEDAR SPRINGS
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
private offices
reception area
kitchen
accessible bathroom
shower room
garage
Tesla charger
Building Details
Year built
1900
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Eggerding Inc., Arthur K.
(616) 453-7655
Listed By:
Brynadette Powell · License #6501358745
(616) 835-2624
Added: Mar 29, 2025
Changed: Aug 14
Last Checked: Aug 23 at 2:06PM
MLS# 25012393
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.
This 1,829-square-foot retail property provides a multi-level commercial layout with three private offices, a reception area, kitchen, accessible bathroom, and separate shower room on the main floor. The upper level adds two rooms totaling 500 square feet, offering additional workspace or storage. Vinyl siding, a composition roof, forced-air heating, central air, and broadband are included. The property was built in 1900 and has received a new roof in 2024 along with new furnace and air conditioning equipment installed in 2022.
Located at 123 S Main Street in Cedar Springs, the property includes six private parking spaces and an extra-large one-stall garage. The garage also has a Tesla charger, adding a dedicated vehicle-charging feature to the commercial improvements. The 0.23-acre site combines customer parking, enclosed vehicle storage, and flexible office-oriented interior space.
Located at 123 S Main Street in Cedar Springs, the property includes six private parking spaces and an extra-large one-stall garage. The garage also has a Tesla charger, adding a dedicated vehicle-charging feature to the commercial improvements. The 0.23-acre site combines customer parking, enclosed vehicle storage, and flexible office-oriented interior space.
Key Highlights
- 1,829 square feet of retail property on a 0.23‑acre site
- Main floor includes three private offices, reception area, kitchen, bathroom, and shower room
- Upper level provides two additional rooms totaling 500 square feet
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
$18,987
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
6.57%
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%
$379,740
$379.7K
Cap Rate 7%
$271,243
$271.2K
Cap Rate 9%
$210,967
$211.0K
Market Conditions
NOI Build-Up for 1,829 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
$28.3K $15.48/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$27.1K $14.83/SF
− OpEx
−$8.1K −$4.45/SF
NOI
$19.0K $10.38/SF
Area
Kent 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%
$379,740
Cap Rate 7%
$271,243
Cap Rate 9%
$210,967
Alternative Uses
Best Use
Retail
$271.2K
$237.3K – $316.5K
NOI $18,987 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$327.1K
$286.2K – $381.7K
NOI $22,899 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Dining 4%
Beauty & Spa 2%
Wesco
Shops & Services
17,165 visits/mo
0.5 miles
Chase Bank
Shops & Services
3,922 visits/mo
0.2 miles
Hungry Howie's Pizza
Dining
864 visits/mo
0.1 miles
Supercuts
Beauty & Spa
545 visits/mo
0.1 miles
Demographics for 49319, MI
17,391
Population
7,150
Households
2.4
Avg Household Size
38
Median Age
20%
College-Educated
94%
High-School Grad
86.4 sq mi
ZIP Area
201
Density / Sq Mi
$78,247
Median Household Income
$44,041
Median Earnings
$1,060
Median Rent
$247,600
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?
Retail space - Flexible commercial layout includes private offices, reception space, kitchen facilities, and additional upper-level rooms.
Where is this retail space located?
The property is located at 123 S Main Street Cedar Springs, MI.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 1,829 square feet of retail property on a 0.23‑acre site; Main floor includes three private offices, reception area, kitchen, bathroom, and shower room; Upper level provides two additional rooms totaling 500 square feet
