Renovated Mixed-Use
For Sale
$845,000
116 S Jackson Street, Spring Lake, MI 49456
Commercial Sale, Spring Lake, MI
Property Size4,800 SF
Lot Size0.13 Acres
Price / SF$176.04
Days on Market387
Property Features for 116 S Jackson Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1
Elementary school district
Spring Lake
Middle school district
Spring Lake
High school district
Spring Lake
Directions
Savidge St (M-104) to S Jackson, on the corner of S Jackson and Exchange.
Subdivision
North Ottawa County - N
Standard status
Active
APN
70-03-15-382-012
Size
4,800 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Attached.
Tax Annual Amount
14463
Legal Description
Attached.
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2005
Number of units
2
Building materials
Brick, Stone
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6501293444
(231) 578-2508
Added: Aug 13, 2025
Changed: Aug 26
Last Checked: Sep 3 at 6:06PM
MLS# 25041041
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 renovated mixed-use building in Spring Lake combines several functional components within a 4,800-square-foot property. The upper floor contains 2,400 SF of residential space with high-end finishes, while the main level is configured as an entertainment venue with exposed original brick and wood finishes. Approximately 700 SF of the lower level has been finished as professional office space, with additional storage, cooler, and equipment areas also located below grade.
The property is located at 116 S Jackson Street in the Village of Spring Lake, Michigan. Building systems include forced-air heating and central air conditioning, and the structure features brick and stone construction. A Class C liquor license, identified as a DDA license, may be available to the buyer.
The property is located at 116 S Jackson Street in the Village of Spring Lake, Michigan. Building systems include forced-air heating and central air conditioning, and the structure features brick and stone construction. A Class C liquor license, identified as a DDA license, may be available to the buyer.
Key Highlights
- 4,800‑square‑foot mixed‑use building at 116 S Jackson Street, Spring Lake, MI 49456
- Upper‑floor residential area measures 2,400 SF and includes high‑end finishes
- Main level configured for an entertainment venue with original brick and wood finishes
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
$53,387
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
6.32%
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%
$1,067,740
$1.1M
Cap Rate 7%
$762,671
$762.7K
Cap Rate 9%
$593,189
$593.2K
Market Conditions
NOI Build-Up for 4,800 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
$74.3K $15.48/SF
− Vacancy
−$3.1K −$0.65/SF
EGI
$71.2K $14.83/SF
− OpEx
−$17.8K −$3.71/SF
NOI
$53.4K $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%
$1,067,740
Cap Rate 7%
$762,671
Cap Rate 9%
$593,189
Alternative Uses
Best Use
Specialty Retail
$762.7K
$667.3K – $889.8K
NOI $53,387 @ 7.0% cap · market cap 6.32%
Second Best
Mixed Use
$592.3K
$518.3K – $691.0K
NOI $41,460 @ 7.0% cap · market cap 4.91%
Theoretical Best
Multifamily LT 5
$59.69M
$52.23M – $69.64M
NOI $4,178,251 @ 7.0% cap · market cap 494.47%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level property combines residential, entertainment, storage, and professional office areas in downtown Spring Lake.
Where is this mixed-use property located?
The property is located at 116 S Jackson Street Spring Lake, MI.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: 4,800‑square‑foot mixed‑use building at 116 S Jackson Street, Spring Lake, MI 49456; Upper‑floor residential area measures 2,400 SF and includes high‑end finishes; Main level configured for an entertainment venue with original brick and wood finishes
