Retail Building with
For Sale
$199,500
111 N Main Street, Plainwell, MI 49080
COMMERCIAL - Plainwell, MI
Property Size2,192 SF
Lot Size0.03 Acres
Price / SF$91.01
Days on Market125
Property Features for 111 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
CBD
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement
Elementary school district
Plainwell
Middle school district
Plainwell
High school district
Plainwell
Directions
E of US 131 on M-89 to corner of Main & Bridge (M-89) (NW corner)
Standard status
Active
APN
55-160-012-00
Size
2,192 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Attached as external document.
Tax Annual Amount
3501
Legal Description
Attached as external document.
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
Brick, Stone
Roof type
Rubber
Listing Agency:
Greenridge Cornell & Associates
(269) 685-5866
Listed By:
Wendy Conner
(269) 492-5172
Added: Apr 14
Changed: Aug 4
Last Checked: Aug 16 at 12:06PM
MLS# 26015276
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 stately retail building offers a large open main-floor showroom with spacious display windows on the front and side. The layout also includes two work rooms, a half bath, and a full basement that provides additional storage. Above, there is a 2-bedroom apartment with its own private entry.
The property is located at 111 N Main Street in downtown Plainwell. On-street parking is available, and there is also a city lot conveniently located behind the building off Allegan St (M-89).
The main-floor boiler is newer and was just state inspected. The apartment is served by a gas forced air furnace.
The property is located at 111 N Main Street in downtown Plainwell. On-street parking is available, and there is also a city lot conveniently located behind the building off Allegan St (M-89).
The main-floor boiler is newer and was just state inspected. The apartment is served by a gas forced air furnace.
Key Highlights
- 1096 SF retail building with large open main room and spacious front and side display windows
- Two work rooms plus 1/2 bath on the main level
- Full basement provides added storage space
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
$14,067
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
7.05%
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%
$281,340
$281.3K
Cap Rate 7%
$200,957
$201.0K
Cap Rate 9%
$156,300
$156.3K
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
$27.1K $12.36/SF
− Vacancy
−$1.5K −$0.69/SF
EGI
$25.6K $11.67/SF
− OpEx
−$11.5K −$5.25/SF
NOI
$14.1K $6.42/SF
Area
Allegan County, MI
Vacancy
5.60%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
45.00%
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%
$281,340
Cap Rate 7%
$200,957
Cap Rate 9%
$156,300
Alternative Uses
Best Use
Retail
$325.1K
$284.4K – $379.3K
NOI $22,755 @ 7.0% cap · market cap 11.41%
Second Best
Apartment 5plus
$201.0K
$175.8K – $234.5K
NOI $14,067 @ 7.0% cap · market cap 7.05%
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
Lease Details
1
Residential units
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,193 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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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 - Features a large open retail room with front and side display windows plus a 2-bedroom apartment with 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 retail building with large open main room and spacious front and side display windows; Two work rooms plus 1/2 bath on the main level; Full basement provides added storage space
