Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    420 S Steele St, Unit UPPER Ionia, MI 48846

    Sponsored
    Picture of Retail space at S Steele St 420, Ionia, MI
    For Lease
    $7 SF/Yr ($8,753 /Mo)

    COMMERCIAL - Ionia, MI

    Type:Retail
    Property size:
    15,006 SF
    Lot size:
    0.80 Acres
    Days on Market:
    60
    Last Refresh:
    Jan 22 at 5:06 am

    Property Features for 420 S Steele St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    APN
    20104000013000
    Fireplace
    1
    Size
    15,006 SF
    Lot size
    0.80 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1935
    Building materials
    Concrete, Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Peter Cachey
    Peter Cachey

    Signature Associates Kalamazoo (269) 385-2000

    Listing agent Peter K. Cachey (616) 259-6386

    Listing date Nov 24, 2025

    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.

    Learn more

    Property Insight Report

    Overview

    Retail Space in Downtown Ionia

    Located on the corner of Nash Court and South Steele Street, this retail space is situated at the entrance to the downtown district of Ionia. The property, zoned B-3, offers a range of possibilities for potential tenants. The property has a size of 15006 square feet and sits on a lot of 0.8 acres. The owner is open to purchase options. The seller also possesses a marijuana dispensary license and is willing to collaborate with potential tenants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Ionia
    County
    Ionia
    State
    Michigan
    Longitude
    -85.067555
    Latitude
    42.975942

    Nearby Similar for Lease

    • $8 SF/Yr
      4,080 SF

      Retail Space in Ionia, MI

      4,000+ sq ft retail space with ample parking.
      450 S Steele St, Ionia, MI 48846
      View Details
    • New
      $1,500 /Mo
      850 SF

      Retail Space in Ionia, MI

      Retail space for lease with utilities included in Ionia.
      327 W Main St Unit, Ionia, MI 48846
      View Details
    • $7 SF/Yr
      15,006 SF

      Retail Space in Downtown Ionia

      Retail space for lease in Ionia's downtown district.
      420 S Steele St, Ionia, MI 48846
      View Details
    • $7 SF/Yr
      15,006 SF

      Retail Space in Downtown Ionia

      Retail space for lease in Ionia's downtown district.
      420 S Steele St, Ionia, MI 48846
      View Details
    • $27 SF/Yr
      22,000 SF

      Ionia Retail Center Opportunity

      New Build-to-Suit Retail Spaces Available
      0 State Rd, Ionia, MI 48846
      View Details
    • Contact for pricing
      1,077 SF

      Meijer In-Store Retail Space

      Ionia, MI: Prime Retail Opportunity
      2770 State Rd, Ionia, MI 48846
      View Details
    • Contact for pricing
      1,525 SF

      Retail Endcap with Drive-Thru

      Retail space with drive-thru in Ionia, Michigan.
      3149-3153 Commerce Ln, Ionia, MI 48846
      View Details
    • $10 SF/Yr
      15,006 SF

      Retail Space in Downtown Ionia

      Retail space available for rent in Ionia, Michigan.
      420 S Steele St, Ionia, MI 48846
      View Details
    • Contact for pricing
      1,652 SF

      Retail Space in Walmart Shadow

      Retail space available in a Walmart shadow center.
      3192 Commerce Ln, Ionia, MI 48846
      View Details
    • $16 SF/Yr
      48,000 SF

      Ionia Retail Space Available

      Prime Ionia retail space, multiple suites.
      90 Tuttle Rd, Ionia, MI 48846
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space for rent in Ionia's downtown district.
    Where is this retail space located?
    The property is located at 420 S Steele St, Unit UPPER Ionia, MI.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: - Prime location on the hard corner of Nash Ct. and S Steele Street in downtown Ionia.; - B-3 zoning allows for a wide range of business possibilities.; - Seller is open to various purchase options.
    (616) 235-6039
    Request Owner's contact information
    420 S Steele St, Unit UPPER Ionia, MI 48846
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    420 S Steele St, Unit UPPER
    Ionia, MI 48846
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    420 S Steele St, Unit UPPER Ionia, MI 48846
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Peter Cachey
    Peter Cachey
    (616) 235-6039
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.