Downtown Three-Unit Mixed-Use
For Sale
$199,000
21 E Maple Street NE, Cedar Springs, MI 49319
Commercial Sale, Cedar Springs, MI
Property Size1,332 SF
Lot Size0.03 Acres
Price / SF$149.40
Days on Market150
Property Features for 21 E Maple Street NE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
B2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Cedar Springs
Middle school district
Cedar Springs
High school district
Cedar Springs
Directions
131 to Cedar Springs Exit. East to Main St. North to Maple St. East to Blue and Red Building on north side of the street.
Standard status
Active
APN
41-03-30-304-005
Size
1,332 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF LOT 7 COM 87 FT E OF S W COR LOT 8 TH E 25 FT TH N 51FT TH W 25 FT TH S TO BEG BLK13 * VILLAGE OF CEDAR SPRING
Tax Annual Amount
2500
Legal Description
PART OF LOT 7 COM 87 FT E OF S W COR LOT 8 TH E 25 FT TH N 51FT TH W 25 FT TH S TO BEG BLK13 * VILLAGE OF CEDAR SPRING
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Wall Unit(s)
Building Details
Year built
1950
Number of units
1
Building materials
Block, Vinyl Siding, Wood Siding
Roof type
Metal, Composition
Listing Agency:
Eggerding Inc., Arthur K.
(616) 453-7655
Listed By:
Brynadette Powell · License #6501358745
(616) 835-2624
Added: Apr 30
Changed: Sep 12
Last Checked: Sep 26 at 4:06AM
MLS# 26019041
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 1,332-square-foot mixed-use building, constructed in 1950, contains three units: an upstairs one-bedroom city-certified apartment and two commercial spaces. The apartment is vacant, while both commercial units carry three-year lease terms. The property has two bathrooms, block construction, vinyl and wood siding, and a metal and composition roof.
Recent improvements include a metal roof installed in 2020, siding completed in 2019, a new air conditioner from 2017, a tankless water heater added in 2018, and updated electrical service in the rear commercial space in 2007. The building includes three zoned heating and cooling areas, with forced-air heating, wall-unit cooling, one gas service, one furnace, and one air conditioner. Located in downtown Cedar Springs, the property is within walking distance of the White Pine Trail, library, restaurants, downtown events, and a nearby amphitheater. No designated parking is provided.
Recent improvements include a metal roof installed in 2020, siding completed in 2019, a new air conditioner from 2017, a tankless water heater added in 2018, and updated electrical service in the rear commercial space in 2007. The building includes three zoned heating and cooling areas, with forced-air heating, wall-unit cooling, one gas service, one furnace, and one air conditioner. Located in downtown Cedar Springs, the property is within walking distance of the White Pine Trail, library, restaurants, downtown events, and a nearby amphitheater. No designated parking is provided.
Key Highlights
- Three‑unit configuration with one apartment and two commercial spaces
- 1,332 square feet on a 0.03‑acre lot in downtown Cedar Springs
- Upstairs one‑bedroom city‑certified apartment is currently vacant
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
$15,328
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
7.70%
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%
$306,560
$306.6K
Cap Rate 7%
$218,971
$219.0K
Cap Rate 9%
$170,311
$170.3K
Market Conditions
NOI Build-Up for 1,332 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
$28.5K $21.36/SF
− Vacancy
−$3.9K −$2.95/SF
EGI
$24.5K $18.41/SF
− OpEx
−$9.2K −$6.90/SF
NOI
$15.3K $11.51/SF
Area
Kent County, MI
Vacancy
13.80%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
37.50%
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%
$306,560
Cap Rate 7%
$218,971
Cap Rate 9%
$170,311
Alternative Uses
Best Use
Mixed Use
$219.0K
$191.6K – $255.5K
NOI $15,328 @ 7.0% cap · market cap 7.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$238.2K
$208.5K – $278.0K
NOI $16,677 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Compact downtown building combining a certified apartment with two leased commercial spaces.
Where is this mixed-use property located?
The property is located at 21 E Maple Street NE Cedar Springs, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Three‑unit configuration with one apartment and two commercial spaces; 1,332 square feet on a 0.03‑acre lot in downtown Cedar Springs; Upstairs one‑bedroom city‑certified apartment is currently vacant
