Otsego Mixed-Use Investment
For Sale
Contact for pricing
120 N Farmer Street, Otsego, MI 49078
Turnkey 5-unit mixed-use building in downtown Otsego.
Property Size3,944 SF
Price / SF$95.08
Days on Market154
Property Features for 120 N Farmer Street
General Information
Standard status
Active
Size
3,944 SF
Property subtype
Mixed Use
Zoning
Commercial
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$40,000
Building Details
Year Built
1870
Buildings
1
Units
5
Tenancy
Multi
Listing Agency:
Five Star Real Estate
Listed By:
Adam Atwood · License #6501347154
(269) 377-4589
Source:
Crexi
Added: May 12
Changed: Oct 6
Last Checked: Oct 11 at 3:15AM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
This 5-unit mixed-use building is located in downtown Otsego. The property offers a total size of 3,944 square feet and features a versatile unit mix. It includes two approximately 950 square foot main-floor commercial suites with street presence, plus three residential units: a 1-bedroom/1-bath apartment, a 2-bedroom/1-bath unit, and a studio apartment. All units have been updated. The property is fully occupied and generates a gross income of $4,030 per month. The municipality handles parking areas and sidewalks.
Key Highlights
- Strong, consistent cash flow with $4,030/month gross income.
- Turnkey investment opportunity, fully occupied.
- City‑owned parking reduces maintenance costs.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,246
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$304,920
$304.9K
Cap Rate 7%
$217,800
$217.8K
Cap Rate 9%
$169,400
$169.4K
Market Conditions
NOI Build-Up for 3,944 SF
Gross rent
$27.1K $6.88/SF
− Vacancy
−$2.7K −$0.69/SF
EGI
$24.4K $6.19/SF
− OpEx
−$9.1K −$2.32/SF
NOI
$15.2K $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%
$304,920
Cap Rate 7%
$217,800
Cap Rate 9%
$169,400
Alternative Uses
Best Use
Mixed Use
$217.8K
$190.6K – $254.1K
NOI $15,246 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$37.04M
$32.41M – $43.21M
NOI $2,592,676 @ 7.0% cap · market cap 691.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 49078, MI
9,483
Population
4,315
Households
2.2
Avg Household Size
41
Median Age
19%
College-Educated
92%
High-School Grad
49.5 sq mi
ZIP Area
192
Density / Sq Mi
$77,517
Median Household Income
$44,956
Median Earnings
$1,106
Median Rent
$189,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Turnkey 5-unit mixed-use building in downtown Otsego.
Where is this mixed-use property located?
The property is located at 120 N Farmer Street Otsego, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Strong, consistent cash flow with $4,030/month gross income.; Turnkey investment opportunity, fully occupied.; City‑owned parking reduces maintenance costs.
