Mixed-Use Building with
405 W Main Street Ionia, MI 48846
For Sale
$700,000
COMMERCIAL - Ionia, MI
Property Size11,386 SF
Lot Size0.21 Acres
Price / SF$61.48
Days on Market85
Property Features for 405 W Main Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bathrooms
- 6
- Rooms
- Bathroom 1, Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 6
- Interior features
- Broadband
- Standard status
- Active
- APN
- 201-050-000-355-00
- Size
- 11,386 SF
- Lot size
- 0.21 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- CITY OF IONIA ORIGINAL TOWN LOT 43 AND E 2FT OF LOT 42
- Tax Annual Amount
- 10485
Utilities
- Heating system
- Baseboard
- Cooling system
- Central Air
Building Details
- Year built
- 1890
- Floors in Building
- 2
- Number of units
- 7
- Building materials
- Brick
- Roof type
- Composition
Listing Agency:
KW Rivertown Hoppough
(616) 523-4300
Listed By:
Cathy A Hoppough · License #6502365936
(616) 915-2890
Added: Apr 30
Changed: Jul 6
Last Checked: Jul 23 at 1:06PM
MLS# 26018942
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.
The Stevenson Building is a mixed-use property featuring retail space on the street level and apartment units on the upper floors. The second floor includes five apartments, all currently leased, providing an in-place residential income stream. The third floor presents an additional space configuration that could support further apartment development. Recent improvements include a new roof.
Located at 405 W Main Street in downtown Ionia, the property is positioned along Main Street within the historic downtown area. The street-level retail includes two spaces designed to capture visibility from the most active commercial corridor.
This property offers a practical fit for owners seeking a combination of leased retail and residential income in a downtown, walkable setting. With the second-floor units already occupied and the roof recently updated, it can serve as an income-producing addition to a portfolio while also offering room to reconfigure the third floor for additional apartments, subject to appropriate approvals.
Located at 405 W Main Street in downtown Ionia, the property is positioned along Main Street within the historic downtown area. The street-level retail includes two spaces designed to capture visibility from the most active commercial corridor.
This property offers a practical fit for owners seeking a combination of leased retail and residential income in a downtown, walkable setting. With the second-floor units already occupied and the roof recently updated, it can serve as an income-producing addition to a portfolio while also offering room to reconfigure the third floor for additional apartments, subject to appropriate approvals.
Key Highlights
- Fully leased mixed‑use property in historic downtown Ionia with residential units and street‑level retail spaces
- Second floor has five apartments, all currently leased for consistent residential income
- Street level features two retail spaces that are currently leased
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.5k | $9.00 |
| − Vacancy | −$4.6k | −$0.41 |
| EGI | $97.9k | $8.59 |
| − OpEx | −$44.0k | −$3.87 |
| NOI | $53.8k | $4.73 |
11,386 SF · lease $9.00/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$1.65M
$1.44M – $1.92M
NOI $115,283 @ 7.0% cap · market cap 16.47%
Second Best
Retail
$1.59M
$1.39M – $1.85M
NOI $111,184 @ 7.0% cap · market cap 15.88%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,871 @ 7.0% cap · market cap 21.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Ionia Smoothie Company
Restaurant
FAQs
What type of property is this?
Mixed-use property - Fully leased mixed-use building with street-level retail and five second-floor apartments, plus recent roof improvements.
Where is this mixed-use property located?
The property is located at 405 W Main Street Ionia, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Fully leased mixed‑use property in historic downtown Ionia with residential units and street‑level retail spaces; Second floor has five apartments, all currently leased for consistent residential income; Street level features two retail spaces that are currently leased
