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    Restaurant Ready in Downtown Plainwell Title is generated by Realmo AI

    137 N Main Street, Plainwell, MI 49080

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    Claim this Listing
    Pending
    $9 SF/Yr $1,551/Mo (calc)

    COMMERCIAL - Plainwell, MI

    Type:Retail
    Property size:
    2,068 SF
    Lot size:
    0.05 Acres
    Added:
    Nov 7, 2024
    Days on Market:
    572
    Last Refresh:
    Jun 2 at 6:06 am

    Property Features for 137 N Main Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Pending
    APN
    16001300
    Size
    2,068 SF
    Lot size
    0.05 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    E 100 FT OF LOT 13 EX BEG AT NE COR SD LOT 13 TH S 22' TH W 11.91' TH N 22' TH E 11.86' TO POB ALSO STRIP OF LAND ADJACENT ON THE S SIDE DESC AS BEG IN NE COR OF LOT 12 C.P. TH W 100 FT TH S 32/100 FT TH E 100 FT TH N 13/100 FT TO PL OF BEG. CORPORATION PLAT SEC 30 T1N R11W TAX MAP: 0.04 AC (12).

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1899
    Number of units
    1
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Adam Atwood

    Listing agent Adam Atwood License #6506047769

    Listing office Five Star Real Estate 101 E Allegan St, Portage, MI

    Listing date Nov 7, 2024

    MLS# 24058408

    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

    • Half off rent from November 2024 through March 2025.
    • Full commercial kitchen and walk‑in freezer already in place.
    • Located in a vibrant downtown Plainwell location.
    • 2,063 sq. ft. space suitable for restaurant, cafe, or other commercial venture.
    • Convenient parking: street parking in front and municipal parking in rear.
    • Building is constructed of brick.

    Overview

    Located in downtown Plainwell, this 2,063 square foot building presents a prime leasing opportunity. Formerly a restaurant, the space is equipped with a full commercial kitchen, a walk-in freezer, and two bathrooms. It is suitable for a restaurant, cafe, or other commercial venture. Customer parking is facilitated by street parking in the front and municipal parking in the rear. The lease is currently priced at $8.75 per square foot. The owners are offering half off rent from November 2024 through March 2025.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bloom Eatery Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Plainwell
    County
    Allegan
    State
    Michigan
    Longitude
    -85.642166
    Latitude
    42.443385

    Nearby Similar for Lease

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      2,063 sq ft restaurant space with commercial kitchen.
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    • $16 SF/Yr
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      Mixed-Use Building in Downtown Plainwell

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    • Contact for pricing
      2,500 SF

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    FAQs

    What type of property is this?
    Restaurant - 2,063 SF restaurant space with incentives in vibrant downtown.
    Where is this restaurant located?
    The property is located at 137 N Main Street Plainwell, MI.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    What are key features of this property?
    This property features: Half off rent from November 2024 through March 2025.; Full commercial kitchen and walk‑in freezer already in place.; Located in a vibrant downtown Plainwell location.
    (269) 377-4589
    We can help!
    Listing Contact
    Adam Atwood
    Real Estate License ID: 6506047769
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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.

    More about this property
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