Renovated Mixed-Use Spring Lake
For Sale
$895,000
116 S Jackson St, Spring Lake, MI 49456
Iconic, renovated mixed-use building in the Village of Spring Lake.
Property Size3,100 SF
Lot Size0.13 Acres
Price / SF$288.71
Days on Market163
Property Features for 116 S Jackson St
General Information
Standard status
Active
Size
3,100 SF
Lot size
0.13 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,462
Building Details
Year Built
2005
Units
2
Listing Agency:
Core Realty Partners LLC
(231) 750-9627
Listed By:
Troy Wasserman · License #6501349494
(231) 750-9627
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 20 at 8:07AM
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 Core Realty Partners LLC
Investment Insights
Based on property information with market context.
This renovated building, constructed in 1919, is located in the Village of Spring Lake. The upper floor, encompassing 2,400 square feet, was converted to residential use in the early 2000s and features high-end finishes. The main level has been renovated for use as an entertainment venue, showcasing original brick walls and wood finishes. The lower level provides storage, cooler, and equipment areas associated with the entertainment venue. Approximately 700 square feet of the lower level has been built out as professional office space. This property offers an opportunity for the creative entrepreneur. A Class C liquor license (DDA license) was recently secured by the seller and could be available to the buyer.
Key Highlights
- Prime location in the heart of Spring Lake.
- Upper floor (2,400 SF) converted to high‑end residential space.
- Main level renovated as an entertainment venue with original brick and wood.
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
$34,479
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
3.85%
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%
$689,580
$689.6K
Cap Rate 7%
$492,557
$492.6K
Cap Rate 9%
$383,100
$383.1K
Market Conditions
NOI Build-Up for 3,100 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
$48.0K $15.48/SF
− Vacancy
−$2.0K −$0.65/SF
EGI
$46.0K $14.83/SF
− OpEx
−$11.5K −$3.71/SF
NOI
$34.5K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$689,580
Cap Rate 7%
$492,557
Cap Rate 9%
$383,100
Alternative Uses
Best Use
Specialty Retail
$492.6K
$431.0K – $574.7K
NOI $34,479 @ 7.0% cap · market cap 3.85%
Second Best
Mixed Use
$382.5K
$334.7K – $446.3K
NOI $26,777 @ 7.0% cap · market cap 2.99%
Theoretical Best
Multifamily LT 5
$38.55M
$33.73M – $44.97M
NOI $2,698,454 @ 7.0% cap · market cap 301.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,746 visits/mo
0.1 miles
Demographics for 49456, MI
19,727
Population
9,776
Households
2
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
780
Density / Sq Mi
$85,807
Median Household Income
$50,887
Median Earnings
$1,184
Median Rent
$294,500
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?
Mixed-use property - Iconic, renovated mixed-use building in the Village of Spring Lake.
Where is this mixed-use property located?
The property is located at 116 S Jackson St Spring Lake, MI.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Prime location in the heart of Spring Lake.; Upper floor (2,400 SF) converted to high‑end residential space.; Main level renovated as an entertainment venue with original brick and wood.
