Updated Storefront with Commercial
For Sale
$270,000
108 W Colby St, Whitehall, MI 49461
Updated interior includes an ADA-compliant restroom, commercial kitchen, and rear storage.
Property Size1,288 SF
Price / SF$209.63
Days on Market79
Property Features for 108 W Colby St
General Information
Standard status
Active
Size
1,288 SF
Property subtype
Commercial
Building Details
Year Built
1928
Listing Agency:
Five Star Real Estate Whitehall
(231) 730-0934
Listed By:
Sarah Riehl
Source:
Metrodetroithomeguide
Added: Jun 15
Changed: Aug 31
Last Checked: Aug 31 at 5:47PM
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 Five Star Real Estate Whitehall
Investment Insights
Based on property information with market context.
This 1,288-square-foot storefront, built in 1928, has received several interior improvements. The space includes newer flooring, refreshed paint, contemporary fixtures, an ADA-compliant restroom, and a commercial kitchen with a three-compartment sink. A sizable storage area at the rear adds functional support space.
The property is positioned on Whitehall’s main street and offers parking along Colby Street, supplemented by a large public lot behind the building. Marinas, parks, and a bike path are located nearby, providing access to established recreational destinations and pedestrian activity.
The rear yard could accommodate an outdoor dining area, patio, or entertainment setting, subject to applicable approvals. The offering includes the real estate only; the business, inventory, and equipment are excluded.
The property is positioned on Whitehall’s main street and offers parking along Colby Street, supplemented by a large public lot behind the building. Marinas, parks, and a bike path are located nearby, providing access to established recreational destinations and pedestrian activity.
The rear yard could accommodate an outdoor dining area, patio, or entertainment setting, subject to applicable approvals. The offering includes the real estate only; the business, inventory, and equipment are excluded.
Key Highlights
- 1,288‑square‑foot storefront on Whitehall’s main street
- Built in 1928 with newer flooring, fresh paint, and updated fixtures
- Commercial kitchen includes a three‑compartment sink
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
$16,650
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
6.17%
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%
$333,000
$333.0K
Cap Rate 7%
$237,857
$237.9K
Cap Rate 9%
$185,000
$185.0K
Market Conditions
NOI Build-Up for 1,288 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
$24.4K $18.96/SF
− Vacancy
−$635 −$0.49/SF
EGI
$23.8K $18.47/SF
− OpEx
−$7.1K −$5.54/SF
NOI
$16.6K $12.93/SF
Area
Muskegon County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$333,000
Cap Rate 7%
$237,857
Cap Rate 9%
$185,000
Alternative Uses
Best Use
Retail
$237.9K
$208.1K – $277.5K
NOI $16,650 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$12.10M
$10.58M – $14.11M
NOI $846,696 @ 7.0% cap · market cap 313.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
17k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 24%
Wesco
Shops & Services
8,826 visits/mo
0.2 miles
SUBWAY
Dining
4,105 visits/mo
0.1 miles
PNC Bank
Shops & Services
3,380 visits/mo
0.1 miles
Napa Auto Parts
Shops & Services
922 visits/mo
0.1 miles
Demographics for 49461, MI
9,295
Population
4,220
Households
2.2
Avg Household Size
47
Median Age
30%
College-Educated
97%
High-School Grad
43.2 sq mi
ZIP Area
215
Density / Sq Mi
$80,495
Median Household Income
$42,249
Median Earnings
$874
Median Rent
$245,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Updated interior includes an ADA-compliant restroom, commercial kitchen, and rear storage.
Where is this storefront property located?
The property is located at 108 W Colby St Whitehall, MI.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 1,288‑square‑foot storefront on Whitehall’s main street; Built in 1928 with newer flooring, fresh paint, and updated fixtures; Commercial kitchen includes a three‑compartment sink
