Downtown Allegan Redevelopment
For Sale
Contact for pricing
Pending
110 106 Locust Street, Allegan, MI 49010
Two contiguous properties for mixed-use redevelopment in historic Allegan.
Property Size6,600 SF
Days on Market1562
Property Features for 110 106 Locust Street
General Information
Standard status
Pending
Size
6,600 SF
Class
C
Property subtype
Office
Zoning
C1
Occupancy
25%
Lease Type
Net
Investment Type
Owner/User
Building Details
Year Built
1880
Year Renovated
2010
Buildings
2
Units
4
Tenancy
Multi
Listing Agency:
Coldwell Banker Sneller Real Estate
Listed By:
Carol Sneller · License #6502338165
(269) 720-0580
Source:
Crexi
Added: Jun 28, 2022
Changed: Sep 12
Last Checked: Oct 5 at 6:03PM
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 Coldwell Banker Sneller Real Estate
Investment Insights
Based on property information with market context.
The properties at 106 and 110 Locust Street in Allegan present a redevelopment opportunity in the downtown district. These contiguous properties offer flexibility for mixed-use redevelopment, commercial investment, or upper-level residential conversion. The location provides visibility and proximity to local shops, dining, and the Kalamazoo Riverfront. The existing buildings support possibilities including street-level commercial space with upper-level residential units. Acquiring both properties creates a larger footprint for redevelopment, allowing investors or developers to explore expanded residential units, mixed-use concepts, or phased improvements while maintaining income potential from existing commercial space. The combined properties provide an opportunity to reposition two neighboring buildings into a larger and impactful redevelopment project. The property size is 6600 square feet.
Key Highlights
- Rare opportunity to acquire two contiguous downtown properties for redevelopment.
- Flexibility for mixed‑use, commercial investment, or residential conversion.
- Located in Allegan's historic and walkable downtown district.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,514
Cap Rate
7.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$510,280
$510.3K
Cap Rate 7%
$364,486
$364.5K
Cap Rate 9%
$283,489
$283.5K
Market Conditions
NOI Build-Up for 6,600 SF
Gross rent
$45.4K $6.88/SF
− Vacancy
−$4.6K −$0.69/SF
EGI
$40.8K $6.19/SF
− OpEx
−$15.3K −$2.32/SF
NOI
$25.5K $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 Rate 5%
$510,280
Cap Rate 7%
$364,486
Cap Rate 9%
$283,489
Alternative Uses
Best Use
Mixed Use
$364.5K
$318.9K – $425.2K
NOI $25,514 @ 7.0% cap · market cap 7.29%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$61.98M
$54.23M – $72.31M
NOI $4,338,657 @ 7.0% cap · market cap 1,239.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two contiguous properties for mixed-use redevelopment in historic Allegan.
Where is this mixed-use property located?
The property is located at 110 106 Locust Street Allegan, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Rare opportunity to acquire two contiguous downtown properties for redevelopment.; Flexibility for mixed‑use, commercial investment, or residential conversion.; Located in Allegan's historic and walkable downtown district.
