Reconstructed Retail
For Sale
$235,000
108 S Main Street, Reading, MI 49274
COMMERCIAL - Reading, MI
Property Size3,324 SF
Lot Size0.06 Acres
Price / SF$70.70
Days on Market484
Property Features for 108 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Elementary school district
Reading
Middle school district
Reading
High school district
Reading
Directions
49 South to building just past the library.
Subdivision
Hillsdale County - X
Standard status
Active
APN
20-050-001-001
Size
3,324 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
per recorded deed
Tax Annual Amount
1998
Legal Description
per recorded deed
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Wall Unit(s), Window Unit(s)
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Building materials
Stucco, Brick
Roof type
Rubber
Listing Agency:
Coldwell Banker Groves Real Estate
(517) 439-1511
Listed By:
Crystal Stoner · License #6501390542
(517) 320-2280
Added: Apr 12, 2025
Changed: Aug 4
Last Checked: Aug 8 at 8:06PM
MLS# 25014932
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 for-sale retail building totals 3,324 square feet and has undergone major reconstruction, including significant structural work intended to extend the building’s longevity. The property is offered at 108 S Main Street in Reading, Michigan.
The size and recent reconstruction make it a straightforward option for an owner seeking to acquire and operate a retail space. Schedule a showing to review the improvements firsthand and confirm the building’s current configuration and condition.
The size and recent reconstruction make it a straightforward option for an owner seeking to acquire and operate a retail space. Schedule a showing to review the improvements firsthand and confirm the building’s current configuration and condition.
Key Highlights
- Historic building originally built in 1900
- Major reconstruction reported, including extensive structural work to help the building last 100+ years
- Construction materials include stucco and brick
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
$19,266
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
8.20%
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%
$385,320
$385.3K
Cap Rate 7%
$275,229
$275.2K
Cap Rate 9%
$214,067
$214.1K
Market Conditions
NOI Build-Up for 3,324 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
$29.9K $9.00/SF
− Vacancy
−$2.4K −$0.72/SF
EGI
$27.5K $8.28/SF
− OpEx
−$8.3K −$2.48/SF
NOI
$19.3K $5.80/SF
Area
Hillsdale County, MI
Vacancy
8.00%
Lease Rate
$9.00 /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%
$385,320
Cap Rate 7%
$275,229
Cap Rate 9%
$214,067
Alternative Uses
Best Use
Retail
$275.2K
$240.8K – $321.1K
NOI $19,266 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$528.2K
$462.1K – $616.2K
NOI $36,971 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
4,991 visits/mo
0.2 miles
Citgo
Shops & Services
3,472 visits/mo
0.2 miles
Demographics for 49274, MI
3,699
Population
1,956
Households
1.9
Avg Household Size
41
Median Age
21%
College-Educated
88%
High-School Grad
61.7 sq mi
ZIP Area
60
Density / Sq Mi
$56,125
Median Household Income
$40,020
Median Earnings
$742
Median Rent
$160,800
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.
Frequently Asked Questions
What type of property is this?
Retail space - Retail building available for sale, with major reconstruction completed and total size of 3,324 square feet.
Where is this retail space located?
The property is located at 108 S Main Street Reading, MI.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Historic building originally built in 1900; Major reconstruction reported, including extensive structural work to help the building last 100+ years; Construction materials include stucco and brick
