Office Unit with
New
For Sale
$199,000
101 W Monroe Street, Bangor, MI 49013
Former bank building with a practical office layout, kitchenette, signage, and rear access to municipal parking.
Property Size1,088 SF
Price / SF$182.90
Days on Market5
Property Features for 101 W Monroe Street
General Information
Standard status
Active
Size
1,088 SF
Property subtype
Commercial
Site & Location
Drive-Thru
Yes
Pylon Signage
Yes
Taxes and HOA fees
Annual Taxes
$5,826
Amenities
drive-thru access
pylon signage
Building Details
Building Size
1,088 SF
Year Built
1976
Buildings
1
Units
1
Listing Agency:
Kalamazoo Commercial Real Estate
(269) 888-2755
Listed By:
Andrew J Gyorkos · License #6502406462
(269) 888-2755
Source:
Eliterealtymi
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 15 at 1:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kalamazoo Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1,088-square-foot office unit occupies a former bank building constructed in 1976. The interior includes one private office, a kitchenette, and one bathroom, while the property retains drive-through access and a pylon sign at the front. These improvements provide a defined small-office configuration with features suited to continued office use or a retail-oriented layout.
The property is located at 101 W Monroe Street in Downtown Bangor, Michigan. A municipal parking lot is positioned behind the building, providing nearby parking access. The Omni Credit Union ATM located behind the building will remain in place and is excluded from the property.
The property is located at 101 W Monroe Street in Downtown Bangor, Michigan. A municipal parking lot is positioned behind the building, providing nearby parking access. The Omni Credit Union ATM located behind the building will remain in place and is excluded from the property.
Key Highlights
- 1,088 SF former bank building constructed in 1976
- One private office, kitchenette, and one bathroom
- Drive‑through access retained at the building
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
$11,294
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
5.68%
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%
$225,880
$225.9K
Cap Rate 7%
$161,343
$161.3K
Cap Rate 9%
$125,489
$125.5K
Market Conditions
NOI Build-Up for 1,088 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
$16.8K $15.48/SF
− Vacancy
−$707 −$0.65/SF
EGI
$16.1K $14.83/SF
− OpEx
−$4.8K −$4.45/SF
NOI
$11.3K $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%
$225,880
Cap Rate 7%
$161,343
Cap Rate 9%
$125,489
Alternative Uses
Best Use
Retail
$161.3K
$141.2K – $188.2K
NOI $11,294 @ 7.0% cap · market cap 5.68%
Second Best
Office B
$159.3K
$139.4K – $185.9K
NOI $11,152 @ 7.0% cap · market cap 5.60%
Theoretical Best
Multifamily LT 5
$13.45M
$11.77M – $15.70M
NOI $941,705 @ 7.0% cap · market cap 473.22%
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
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Former bank building with a practical office layout, kitchenette, signage, and rear access to municipal parking.
Where is this office units located?
The property is located at 101 W Monroe Street Bangor, 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: 1,088 SF former bank building constructed in 1976; One private office, kitchenette, and one bathroom; Drive‑through access retained at the building
