Two-Story Mixed-Use
For Sale
$220,000
108 S Main Street, Plainwell, MI 49080
COMMERCIAL - Plainwell, MI
Property Size2,400 SF
Lot Size0.06 Acres
Price / SF$91.67
Days on Market265
Property Features for 108 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CBD
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Parking
2
Elementary school district
Plainwell
Middle school district
Plainwell
High school district
Plainwell
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
55-160-009-00
Size
2,400 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
On file.
Tax Annual Amount
4956
Legal Description
On file.
Utilities
Utilities
Phone Available
Heating system
Forced Air
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding, Brick, Stone
Listing Agency:
Kalamazoo Commercial Real Estate
(269) 888-2755
Listed By:
TJ Ward
(269) 569-4289
Added: Nov 24, 2025
Changed: Aug 4
Last Checked: Aug 16 at 12:06PM
MLS# 25059719
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 2,400-square-foot mixed-use building provides commercial space on the main level and residential accommodation above. The lower level includes a lobby, adaptable work area, three enclosed rooms, and a bathroom, with access to basement storage. A rear entry and covered parking support the commercial portion.
The second floor contains a recently remodeled two-bedroom apartment with its own rear stairwell access and an additional covered parking space. The property is currently vacant and may suit an owner-user or a buyer planning to lease the commercial and residential components. Built in 1900, the building has vinyl siding, brick, and stone construction materials, with forced-air heating. It is located in downtown Plainwell at 108 S Main Street.
The second floor contains a recently remodeled two-bedroom apartment with its own rear stairwell access and an additional covered parking space. The property is currently vacant and may suit an owner-user or a buyer planning to lease the commercial and residential components. Built in 1900, the building has vinyl siding, brick, and stone construction materials, with forced-air heating. It is located in downtown Plainwell at 108 S Main Street.
Key Highlights
- 2,400 SF mixed‑use building with commercial and residential components
- Main level includes lobby, flexible work area, 3 private rooms, and bathroom
- Second‑floor 2‑bedroom apartment was freshly remodeled
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
Office B
$377.7K
$330.5K – $440.7K
NOI $26,439 @ 7.0% cap · market cap 12.02%
Second Best
Retail
$355.9K
$311.4K – $415.2K
NOI $24,914 @ 7.0% cap · market cap 11.32%
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
Lease Details
1
Office units
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant commercial property combines office or retail space with a remodeled two-bedroom apartment and covered parking.
Where is this mixed-use property located?
The property is located at 108 S Main Street 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: 2,400 SF mixed‑use building with commercial and residential components; Main level includes lobby, flexible work area, 3 private rooms, and bathroom; Second‑floor 2‑bedroom apartment was freshly remodeled
