Flexible Storefront
New
For Sale
$350,000
122 W Superior Street, Wayland, MI 49348
Commercial Sale, Wayland, MI
Property Size2,944 SF
Lot Size0.07 Acres
Price / SF$118.89
Days on Market4
Property Features for 122 W Superior Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Basement, Bathroom 1
Elementary school district
Wayland
Middle school district
Wayland
High school district
Wayland
Directions
US 131 south to Wayland Exit/Superior St. East to property on North side of the street.
Standard status
Active
APN
56-400-004-50
Size
2,944 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lengthy Legal - See public record start "Lot:4-5 Dist: 56 city/muni/twp: wayland city subd:I Kellogg add
Tax Annual Amount
2338
Legal Description
Lengthy Legal - See public record start "Lot:4-5 Dist: 56 city/muni/twp: wayland city subd:I Kellogg add
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
new flooring
updated ceiling grid with LED lighting
fresh paint
ADA-accessible restroom
approved electrical inspection
large windows
open display area
multiple private offices
secure storage/vault
dry basement
rear delivery access
Building Details
Year built
2020
Number of units
1
Building materials
Block
Listing Agency:
Keller Williams Professionals
(734) 459-4700
Listed By:
Jeffrey Glover · License #6502408794
(616) 594-1000
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 26043756
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 2020 commercial storefront is positioned at 122 W Superior Street and offers a flexible configuration for retail, office, and specialty business uses. The building includes large front windows, an open display area, multiple private offices, secure storage with a vault, a dry basement, and rear delivery access. Recent improvements include new flooring, an updated ceiling grid with LED lighting, fresh paint, an ADA-accessible restroom, and an approved electrical inspection. Block construction is complemented by forced-air heating and central air conditioning.
The property is located in Wayland’s Commercial Business District and is also identified as being within the Green Zone. The site includes cable availability, and municipal confirmation of business-use approvals remains required. An owner-user or investor can evaluate the existing layout and upgraded finishes for a range of commercial applications.
The property is located in Wayland’s Commercial Business District and is also identified as being within the Green Zone. The site includes cable availability, and municipal confirmation of business-use approvals remains required. An owner-user or investor can evaluate the existing layout and upgraded finishes for a range of commercial applications.
Key Highlights
- 3,136 SF commercial storefront along W Superior Street
- 0.07‑acre property in Wayland’s Commercial Business District
- Green Zone location noted for approved cannabis retail operations, subject to municipal verification
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
$30,561
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
8.73%
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%
$611,220
$611.2K
Cap Rate 7%
$436,586
$436.6K
Cap Rate 9%
$339,567
$339.6K
Market Conditions
NOI Build-Up for 2,944 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
$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 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%
$611,220
Cap Rate 7%
$436,586
Cap Rate 9%
$339,567
Alternative Uses
Best Use
Retail
$436.6K
$382.0K – $509.4K
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
NOI $1,935,304 @ 7.0% cap · market cap 552.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Updated commercial space with office areas, display windows, rear delivery access, and a dry basement.
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: 3,136 SF commercial storefront along W Superior Street; 0.07‑acre property in Wayland’s Commercial Business District; Green Zone location noted for approved cannabis retail operations, subject to municipal verification
