Multi-Suite Office
For Sale
$419,000
131 N Main Street, Plainwell, MI 49080
Commercial Sale, Plainwell, MI
Property Size3,067 SF
Lot Size0.09 Acres
Price / SF$136.62
Days on Market178
Property Features for 131 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CBD
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 4, Bathroom 3
Elementary school district
Plainwell
Middle school district
Plainwell
High school district
Plainwell
Directions
From 131 head East on W. Allegan St. for about a mile. Turn Right on S. Main Property will be on your left.
Standard status
Active
APN
55-160-050-00
Size
3,067 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 50 ALSO COM AT A PT 9 FT E OF SW COR LOT 51 TH RUNNING E ON S LINE SD LOT 51 THE FULL LENGTH OF SD LOT TH N 6.5 FT T
Tax Annual Amount
12400
Legal Description
LOT 50 ALSO COM AT A PT 9 FT E OF SW COR LOT 51 TH RUNNING E ON S LINE SD LOT 51 THE FULL LENGTH OF SD LOT TH N 6.5 FT T
Utilities
Utilities
Phone Available
Heating system
Forced Air
Amenities
conference room
open work area
private restroom
large windows
signage opportunities
Building Details
Year built
1900
Number of units
5
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Jaqua, REALTORS
(269) 341-4300
Listed By:
Roger A Lynch
(269) 267-2820
Added: Mar 6
Changed: Aug 19
Last Checked: Aug 31 at 1:06AM
MLS# 26008649
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 office complex contains 3,067 square feet on a 0.09-acre lot and dates to 1900. Each unit includes a conference room, open work area, and private restroom, while large windows bring natural light into the workspaces. The building has vinyl siding, forced-air heating, a composition roof, and phone service available.
Located at 131 N Main Street in downtown Plainwell, the property sits near restaurants and shopping. A city-owned and maintained parking lot is directly outside the building, providing convenient access for occupants and visitors. Signage opportunities are also available at the property.
Located at 131 N Main Street in downtown Plainwell, the property sits near restaurants and shopping. A city-owned and maintained parking lot is directly outside the building, providing convenient access for occupants and visitors. Signage opportunities are also available at the property.
Key Highlights
- 3,067‑square‑foot office complex on a 0.09‑acre lot
- Each unit includes a conference room, open work area, and private restroom
- Large windows provide natural light throughout the office spaces
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
$33,787
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
8.06%
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%
$675,740
$675.7K
Cap Rate 7%
$482,671
$482.7K
Cap Rate 9%
$375,411
$375.4K
Market Conditions
NOI Build-Up for 3,067 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
$52.3K $17.04/SF
− Vacancy
−$7.2K −$2.35/SF
EGI
$45.0K $14.69/SF
− OpEx
−$11.3K −$3.67/SF
NOI
$33.8K $11.02/SF
Area
Allegan County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$675,740
Cap Rate 7%
$482,671
Cap Rate 9%
$375,411
Alternative Uses
Best Use
Office B
$482.7K
$422.3K – $563.1K
NOI $33,787 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$28.80M
$25.20M – $33.60M
NOI $2,016,161 @ 7.0% cap · market cap 481.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 49080, MI
15,994
Population
6,582
Households
2.4
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
77.4 sq mi
ZIP Area
207
Density / Sq Mi
$75,250
Median Household Income
$42,775
Median Earnings
$982
Median Rent
$234,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown setting with conference rooms, open work areas, and private restrooms in each unit.
Where is this office building located?
The property is located at 131 N Main Street Plainwell, MI.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 3,067‑square‑foot office complex on a 0.09‑acre lot; Each unit includes a conference room, open work area, and private restroom; Large windows provide natural light throughout the office spaces
