Building Details

Building Size 2,944 SF

Year Built 2020

Buildings 1

Stories 2944

Units 1

Listing Agency: Keller Williams Professionals Show Phone

Listed By: Jeffrey Glover · License #6502408794 Show Phone

Source: Yourpremiereproperties

Added: Oct 22 Changed: Oct 28 Last Checked: Oct 26 at 4:06AM

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Investment Insights

Based on property information with market context.

Built in 2020, this Wayland storefront has an open display area, several private offices, secure vault storage, and a dry basement. Recent interior work includes new flooring, a refreshed ceiling grid with LED fixtures, and fresh paint. The building also has an ADA-accessible restroom and an approved electrical inspection. Rear delivery access is available.

The property is at 122 W Superior Street in downtown Wayland and is within the Commercial Business District and Green Zone. Cannabis retail operations require municipal approval, and all proposed business uses are subject to local approvals.

Key Highlights

• Open display area with multiple private offices
• Secure vault storage and a dry basement
• Rear delivery access

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,561

Cap Rate

8.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$611,220 $611.2K

Cap Rate 7%

$436,586 $436.6K

Cap Rate 9%

$339,567 $339.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,944 SF

Gross rent

$45.6K $15.48/SF

− Vacancy

−$1.9K −$0.65/SF

EGI

$43.7K $14.83/SF

− OpEx

−$13.1K −$4.45/SF

NOI

$30.6K $10.38/SF

Area

Allegan County, MI

Vacancy

4.20%

Lease Rate

$15.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$611,220

Cap Rate 7%

$436,586

Cap Rate 9%

$339,567

Alternative Uses

Best Use

Retail

$436.6K

$382.0K – $509.4K (±1% cap)

NOI $30,561 @ 7.0% cap · market cap 8.73%

Second Best

—

—

no second resolved use

Theoretical Best

Hotel Hospitality

$27.65M

$24.19M – $32.26M (±1% cap)

NOI $1,935,304 @ 7.0% cap · market cap 552.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Andy D'Addario, LPC Counselor Lumberjack's Provisioning Center ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Spa & Massage Center Building Supply Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

302

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 49348, MI

14,989

Population

5,629

Households

2.7

Avg Household Size

36

Median Age

23%

College-Educated

94%

High-School Grad

65.7 sq mi

ZIP Area

228

Density / Sq Mi

$79,267

Median Household Income

$41,955

Median Earnings

$1,123

Median Rent

$247,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

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Retail Space with CBD Zoning

302 W Superior Street, Wayland, MI 49348

$185,000

864 SF

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Automotive Service Property

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$700,000

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Taco Bell Single-Tenant Restaurant

1158 W Superior Street, Wayland, MI 49348

Contact for pricing

2,000 SF

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Frequently Asked Questions

What type of property is this?

Storefront property - Private offices, secure storage, and rear delivery access support a range of business layouts.

Where is this storefront property located?

The property is located at 122 W Superior Street Wayland, MI.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Open display area with multiple private offices; Secure vault storage and a dry basement; Rear delivery access