Updated Storefront with Commercial
For Sale
$260,000
108 W Colby Street, Whitehall, MI 49461
Commercial Sale, Whitehall, MI
Property Size1,288 SF
Lot Size0.06 Acres
Price / SF$201.86
Days on Market49
Property Features for 108 W Colby Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B-2 CEN
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Whitehall
Middle school district
Whitehall
High school district
Whitehall
Directions
Located on Colby St in Whitehall. There is a parking lot in the back of the building.
Standard status
Active
APN
22-220-009-0005-20
Size
1,288 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
W-0268 CITY OF WHITEHALL BEG AT A PT ON N LINE OF COLBY ST 90 FT W OF SE COR OF LOT 5 BLK 9 RNG TH N PAR WITH MEARS AVE
Tax Annual Amount
2468
Legal Description
W-0268 CITY OF WHITEHALL BEG AT A PT ON N LINE OF COLBY ST 90 FT W OF SE COR OF LOT 5 BLK 9 RNG TH N PAR WITH MEARS AVE
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
ADA-compliant restroom
commercial kitchen
rear storage area
Building Details
Year built
1928
Floors in Building
1
Number of units
1
Building materials
Wood Siding
Listing Agency:
Five Star Real Estate Whitehall
(231) 733-3080
Listed By:
Sarah Riehl
(231) 730-0934
Added: Jul 22
Changed: Aug 31
Last Checked: Sep 8 at 6:06PM
MLS# 26037982
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 1,288-square-foot storefront property occupies 0.06 acres at 108 W Colby Street in Whitehall. Built in 1928, the building has wood siding, forced-air heat, central air, newer flooring, fresh paint, and updated fixtures. Interior improvements include an ADA-compliant restroom, a commercial kitchen with a three-compartment sink, and a spacious rear storage area. Natural gas is available.
The property is situated in Whitehall’s Social District near marinas, restaurants, breweries, parks, and a bike path. Parking is available along Colby Street and in the large public lot behind the building. The rear yard provides outdoor area that could accommodate dining, patio, or entertainment uses, subject to applicable approvals. The sale includes the real estate only; the business, inventory, and equipment are excluded.
The property is situated in Whitehall’s Social District near marinas, restaurants, breweries, parks, and a bike path. Parking is available along Colby Street and in the large public lot behind the building. The rear yard provides outdoor area that could accommodate dining, patio, or entertainment uses, subject to applicable approvals. The sale includes the real estate only; the business, inventory, and equipment are excluded.
Key Highlights
- 1,288‑square‑foot storefront property on 0.06 acres
- Updated interior with newer flooring, fresh paint, and modern fixtures
- ADA‑compliant restroom and commercial kitchen with 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
6.40%
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 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$12.10M
$10.58M – $14.11M
NOI $846,696 @ 7.0% cap · market cap 325.65%
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 - Commercial building with an ADA-compliant restroom, rear storage, central air, and access to Colby Street and public parking.
Where is this storefront property located?
The property is located at 108 W Colby Street Whitehall, MI.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,288‑square‑foot storefront property on 0.06 acres; Updated interior with newer flooring, fresh paint, and modern fixtures; ADA‑compliant restroom and commercial kitchen with a three‑compartment sink
