Mixed-Use Building in Downtown
For Sale
$220,000
108 S Main St, Plainwell, MI 49080
2,400 SF mixed-use building in the heart of Downtown Plainwell.
Property Size2,400 SF
Lot Size0.06 Acres
Price / SF$91.67
Days on Market164
Property Features for 108 S Main St
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.06 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,956
Building Details
Year Built
1900
Units
2
Listing Agency:
Kalamazoo Commercial Real Estate
(269) 569-4289
Listed By:
TJ Ward
(269) 569-4289
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 20 at 9:46AM
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 2,400 SF mixed-use building is located in Downtown Plainwell. The main level features an office/retail space with a lobby that opens into a flexible workspace, along with three private rooms and a bathroom. The space also features a rear entrance with a covered parking space. Basement access is available within the suite for additional storage. The second floor includes a remodeled two-bedroom apartment with rear stairwell access and an additional covered parking space. The property is currently vacant, making it suitable for an owner occupant or an investment buyer.
Key Highlights
- Prime Downtown Plainwell location.
- Mixed‑use building with office/retail space and a two‑bedroom apartment.
- Vacant property suitable for owner‑occupancy or investment.
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
$9,278
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%
$185,560
$185.6K
Cap Rate 7%
$132,543
$132.5K
Cap Rate 9%
$103,089
$103.1K
Market Conditions
NOI Build-Up for 2,400 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
$16.5K $6.88/SF
− Vacancy
−$1.7K −$0.69/SF
EGI
$14.8K $6.19/SF
− OpEx
−$5.6K −$2.32/SF
NOI
$9.3K $3.87/SF
Area
Allegan County, MI
Vacancy
10.10%
Lease Rate
$6.88 /SF/Yr
Expense Ratio
37.50%
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%
$185,560
Cap Rate 7%
$132,543
Cap Rate 9%
$103,089
Alternative Uses
Best Use
Mixed Use
$132.5K
$116.0K – $154.6K
NOI $9,278 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$22.54M
$19.72M – $26.29M
NOI $1,577,694 @ 7.0% cap · market cap 717.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 49080, MI
15,994
Population
6,582
Households
2.4
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
77.4 sq mi
ZIP Area
207
Density / Sq Mi
$75,250
Median Household Income
$42,775
Median Earnings
$982
Median Rent
$234,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 2,400 SF mixed-use building in the heart of Downtown Plainwell.
Where is this mixed-use property located?
The property is located at 108 S Main St Plainwell, MI.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Prime Downtown Plainwell location.; Mixed‑use building with office/retail space and a two‑bedroom apartment.; Vacant property suitable for owner‑occupancy or investment.
