Retail Storefront with Salon
For Sale
$195,000
4520 Lake Street, Bridgman, MI 49106
COMMERCIAL - Bridgman, MI
Property Size1,097 SF
Price / SF$177.76
Days on Market63
Property Features for 4520 Lake Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Bridgman
Middle school district
Bridgman
High school district
Bridgman
Standard status
Active
APN
115650000004000
Size
1,097 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit 4 Monogram Condominium
Legal Description
Unit 4 Monogram Condominium
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1988
Floors in Building
1
Number of units
1
Building materials
Block, Brick
Listing Agency:
Wright Properties
(269) 369-4640
Listed By:
Kerry M Wright · License #6506043362
(269) 369-4640
Added: Jun 10
Changed: Aug 4
Last Checked: Aug 11 at 11:06PM
MLS# 26028387
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 1,097-square-foot retail storefront is configured as one of two units within the building and is currently occupied by a family salon operation. The space includes a bathroom and offers a practical setup for continued retail or service use.
Constructed in 1988, the property features block and brick construction. Building systems include forced-air heating, wall-unit cooling, and central air conditioning. Cable service is available at the property, adding infrastructure support for business operations.
Constructed in 1988, the property features block and brick construction. Building systems include forced-air heating, wall-unit cooling, and central air conditioning. Cable service is available at the property, adding infrastructure support for business operations.
Key Highlights
- 1,097‑square‑foot retail storefront
- One of two units in the building
- Currently used for family salon services
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
$11,388
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
5.84%
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%
$227,760
$227.8K
Cap Rate 7%
$162,686
$162.7K
Cap Rate 9%
$126,533
$126.5K
Market Conditions
NOI Build-Up for 1,097 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
$17.0K $15.48/SF
− Vacancy
−$713 −$0.65/SF
EGI
$16.3K $14.83/SF
− OpEx
−$4.9K −$4.45/SF
NOI
$11.4K $10.38/SF
Area
Berrien 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%
$227,760
Cap Rate 7%
$162,686
Cap Rate 9%
$126,533
Alternative Uses
Best Use
Retail
$162.7K
$142.4K – $189.8K
NOI $11,388 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$230.8K
$202.0K – $269.3K
NOI $16,159 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
SUBWAY
Dining
3,841 visits/mo
0.5 miles
Pizza Hut
Dining
1,064 visits/mo
0.5 miles
Demographics for 49106, MI
4,822
Population
2,472
Households
2
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
14.7 sq mi
ZIP Area
328
Density / Sq Mi
$75,064
Median Household Income
$40,108
Median Earnings
$1,139
Median Rent
$243,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Small Town Wedding And Floral — 4158 lake st, bridgman, mi 49106
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial unit with a bathroom, forced-air heating, and both wall-unit and central air conditioning.
Where is this storefront property located?
The property is located at 4520 Lake Street Bridgman, MI.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 1,097‑square‑foot retail storefront; One of two units in the building; Currently used for family salon services
