Downtown Storefront
New
For Sale
$350,000
122 W Superior Street, Wayland, MI 49348
Flexible commercial layout with display space, private offices, secure storage, and rear delivery access.
Property Size2,944 SF
Price / SF$118.89
Days on Market6
Property Features for 122 W Superior Street
General Information
Standard status
Active
Size
2,944 SF
Property subtype
Industrial
Zoning
Commercial Business District
Amenities
large windows
open display area
multiple private offices
secure storage/vault
dry basement
rear delivery access
3
28112
Building Details
Year Built
2020
Buildings
1
Listing Agency:
(734) 459-4700
Listed By:
Keller Williams Professionals
Source:
Xome
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 22 at 3:35AM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This storefront property at 122 W Superior Street in downtown Wayland offers a flexible commercial configuration with large front windows, an open display area, multiple private offices, secure storage with a vault, and a dry basement. Rear delivery access supports practical receiving and service needs. The building includes an ADA-accessible restroom and has updated flooring, ceiling grid, LED lighting, and interior paint, along with an approved electrical inspection.
The property is located within Wayland’s Commercial Business District zoning and is also identified within the Green Zone, where approved cannabis retail operations may be permitted. Its storefront orientation along W Superior Street provides a visible downtown setting for retail, office, specialty business, or other uses supported by the applicable zoning and approvals.
The property is located within Wayland’s Commercial Business District zoning and is also identified within the Green Zone, where approved cannabis retail operations may be permitted. Its storefront orientation along W Superior Street provides a visible downtown setting for retail, office, specialty business, or other uses supported by the applicable zoning and approvals.
Key Highlights
- Storefront location at 122 W Superior Street in downtown Wayland
- Located within Wayland’s Commercial Business District zoning
- Green Zone designation may support approved cannabis retail operations
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial layout with display space, private offices, secure storage, and rear delivery access.
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: Storefront location at 122 W Superior Street in downtown Wayland; Located within Wayland’s Commercial Business District zoning; Green Zone designation may support approved cannabis retail operations
