Remodeled Historic
For Sale
$118,000
253 W Monroe Street, Bangor, MI 49013
COMMERCIAL - Bangor, MI
Property Size480 SF
Lot Size0.05 Acres
Price / SF$245.83
Days on Market50
Property Features for 253 W Monroe Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school
South Walnut Elementary School
Middle school
Bangor Middle School
High school
Bangor High School
Elementary school district
Bangor
Middle school district
Bangor
High school district
Bangor
Directions
Right next to City Hall
Standard status
Active
APN
80-54-603-006-50
Size
480 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
704 2-16 763-234 774-521 1122-552 1466-38 1475-214 1628-839 *** W 22 FT OF THE E 46 FT OF LOT 6 BLOCK 3 CROSS ADDITION.
Tax Annual Amount
1601
Legal Description
704 2-16 763-234 774-521 1122-552 1466-38 1475-214 1628-839 *** W 22 FT OF THE E 46 FT OF LOT 6 BLOCK 3 CROSS ADDITION.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1929
Number of units
1
Building materials
Brick
Roof type
Composition
Listing Agency:
eXp Realty LLC
(269) 600-4397
Listed By:
Chris Speer · License #6501418107
(269) 779-5031
Added: Jun 28
Changed: Aug 4
Last Checked: Aug 16 at 2:06PM
MLS# 26032537
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 480-square-foot brick storefront in downtown Bangor dates to 1929 and received a full remodel in 2022. The property includes a bathroom, forced-air heat, central air conditioning, broadband, and cable availability. A new furnace adds to the updated mechanical package while the original construction provides a distinctive historic backdrop.
The building sits at 253 W Monroe Street in Bangor, with visibility along a route experiencing steady through traffic. Daily Amtrak service serves the community, and the property provides access to South Haven and Kalamazoo. Its compact commercial layout has previously accommodated a barber shop, jewelry store, arcade, and professional office, supporting continued consideration for retail, office, or service-based use.
The building sits at 253 W Monroe Street in Bangor, with visibility along a route experiencing steady through traffic. Daily Amtrak service serves the community, and the property provides access to South Haven and Kalamazoo. Its compact commercial layout has previously accommodated a barber shop, jewelry store, arcade, and professional office, supporting continued consideration for retail, office, or service-based use.
Key Highlights
- 480 SF brick storefront on a 0.05‑acre parcel
- Constructed in 1929 and remodeled in 2022
- New furnace with forced‑air heat and central air
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
$4,983
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
4.22%
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%
$99,660
$99.7K
Cap Rate 7%
$71,186
$71.2K
Cap Rate 9%
$55,367
$55.4K
Market Conditions
NOI Build-Up for 480 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
$7.4K $15.48/SF
− Vacancy
−$312 −$0.65/SF
EGI
$7.1K $14.83/SF
− OpEx
−$2.1K −$4.45/SF
NOI
$5.0K $10.38/SF
Area
Van Buren 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%
$99,660
Cap Rate 7%
$71,186
Cap Rate 9%
$55,367
Alternative Uses
Best Use
Retail
$71.2K
$62.3K – $83.1K
NOI $4,983 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.94M
$5.19M – $6.92M
NOI $415,458 @ 7.0% cap · market cap 352.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
21k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 35%
McDonald's
Dining
13,440 visits/mo
0.5 miles
Speedway
Shops & Services
7,265 visits/mo
0.4 miles
Demographics for 49013, MI
5,175
Population
2,045
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
80%
High-School Grad
57.0 sq mi
ZIP Area
91
Density / Sq Mi
$58,264
Median Household Income
$33,589
Median Earnings
$757
Median Rent
$140,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Compact commercial space offers updated systems and a flexible footprint for retail, office, or service operations.
Where is this storefront property located?
The property is located at 253 W Monroe Street Bangor, MI.
What is the asking price?
The asking price for this property is $118,000.
What are key features of this property?
This property features: 480 SF brick storefront on a 0.05‑acre parcel; Constructed in 1929 and remodeled in 2022; New furnace with forced‑air heat and central air
