Retail Building with Live-Work
For Sale
$199,500
111 N Main Street, Plainwell, MI 49080
A downtown storefront with display windows and a connected 2-bedroom apartment with a private entry.
Property Size2,192 SF
Days on Market130
Property Features for 111 N Main Street
General Information
Standard status
Active
Size
2,192 SF
Property subtype
Commercial
Building Details
Building Size
2,192 SF
Year Built
1900
Units
2
Listing Agency:
Greenridge Cornell & Associates
(269) 492-5172
Listed By:
Wendy Conner
(269) 492-5172
Source:
Homesforsaleinmich
Added: Apr 14
Changed: Aug 8
Last Checked: Aug 20 at 1:28PM
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 Greenridge Cornell & Associates
Investment Insights
Based on property information with market context.
This stately retail building offers a functional main floor with large, open space and spacious display windows facing the front and side for natural light. The layout also includes two work rooms, a half bath, and a full basement that can support added storage needs. Above, the property includes a spacious two-bedroom apartment with its own private entry, allowing the space to be lived in or used as a separate rental. Mechanical updates include a newer boiler serving the main floor, recently state inspected, and an apartment gas forced air furnace.
The building is positioned in a high-traffic downtown setting described as the prime main 4 corners. Parking is available on the street, with an additional city lot conveniently located behind the building off Allegan St (M-89).
For tenants, the mix of retail-ready open frontage, back-of-house work rooms, and dedicated storage can support a range of storefront operations. For buyers seeking an owner-occupied setup, the live-above apartment provides a built-in alternative to offset costs while keeping a private entrance separate from the commercial area.
The building is positioned in a high-traffic downtown setting described as the prime main 4 corners. Parking is available on the street, with an additional city lot conveniently located behind the building off Allegan St (M-89).
For tenants, the mix of retail-ready open frontage, back-of-house work rooms, and dedicated storage can support a range of storefront operations. For buyers seeking an owner-occupied setup, the live-above apartment provides a built-in alternative to offset costs while keeping a private entrance separate from the commercial area.
Key Highlights
- 1096 SF downtown retail storefront with large open room and spacious display windows front and side
- Connected 2‑bedroom apartment with its own private entry (or rental income option)
- Includes two work rooms plus 1/2 bath on the main floor and full basement for added storage
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
$8,474
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
4.25%
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%
$169,480
$169.5K
Cap Rate 7%
$121,057
$121.1K
Cap Rate 9%
$94,156
$94.2K
Market Conditions
NOI Build-Up for 2,192 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
$15.1K $6.88/SF
− Vacancy
−$1.5K −$0.69/SF
EGI
$13.6K $6.19/SF
− OpEx
−$5.1K −$2.32/SF
NOI
$8.5K $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 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%
$169,480
Cap Rate 7%
$121,057
Cap Rate 9%
$94,156
Alternative Uses
Best Use
Office B
$345.0K
$301.9K – $402.5K
NOI $24,148 @ 7.0% cap · market cap 12.10%
Second Best
Retail
$325.1K
$284.4K – $379.3K
NOI $22,755 @ 7.0% cap · market cap 11.41%
Theoretical Best
Hotel Hospitality
$20.59M
$18.01M – $24.02M
NOI $1,440,960 @ 7.0% cap · market cap 722.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Under-served
Demand for This Use
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
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Similar Off Market Nearby
- Plainwell Flowers — 113 S Main St, Plainwell, MI 49080
Frequently Asked Questions
What type of property is this?
Storefront property - A downtown storefront with display windows and a connected 2-bedroom apartment with a private entry.
Where is this storefront property located?
The property is located at 111 N Main Street Plainwell, MI.
What is the asking price?
The asking price for this property is $199,500.
What are key features of this property?
This property features: 1096 SF downtown retail storefront with large open room and spacious display windows front and side; Connected 2‑bedroom apartment with its own private entry (or rental income option); Includes two work rooms plus 1/2 bath on the main floor and full basement for added storage
