Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    116 Spencer Rd Cassopolis, MI 49031

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $179,900

    Updated commercial building with parking in downtown Cassopolis, Michigan.

    Lot size:
    0.34 Acres

    Property Features for 116 Spencer Rd

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.34 Acres

    Building Details

    Year built
    1960

    We can help!

    Listing Contact
    Shirley Behm
    Shirley Behm
    Source: Elliman

    Listing Agency: CRESSY & EVERETT REAL ESTATE Listing Agent: Shirley Behm

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Updated Commercial Building in Cassopolis

    This updated commercial building is located in Cassopolis, Michigan, and is ready for a new owner. The property includes a parking lot with 11 spaces, as well as some off-road parking. The building features a newer roof, a restroom, a mechanical room, and a separate 200-square-foot storage space. It is located within walking distance of downtown Cassopolis, making it an ideal location for various business ventures.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cassopolis
    County
    Cass
    State
    Michigan
    Longitude
    -85.999696
    Latitude
    41.911026

    Nearby Similar for Sale

    • $350,000
      8,048 SF

      Former Bank Facility in Cassopolis

      8,048 SF former bank facility on 0.85 acres.
      116 S Broadway St, Cassopolis, MI 49031
      View Details
    • $350,000
      1,200 SF

      Established Business in Downtown Cassopolis

      Thriving pool and spa business for sale in Cassopolis.
      206 E State St, Cassopolis, MI 49031
      View Details
    • $275,000
      3,300 SF

      Versatile Building on 15 Acres

      3300 SF building on 15 acres near downtown Cassopolis.
      64016 M 62, Cassopolis, MI 49031
      View Details
    • $700,000
      5,760 SF

      Downtown Cassopolis Restaurant/Bar Investment

      Profitable restaurant/bar with liquor license and NNN lease.
      135 S Broadway St, Cassopolis, MI 49031
      View Details
    • $225,000
      Pending

      Turnkey Restaurant Opportunity Near Lakes

      Restaurant with banquet room, outdoor seating, and rental apartment.
      18089 W State St, Cassopolis, MI 49095
      View Details
    • $2,590,000

      Equestrian Ranch with Rolling Pastures

      112-acre equestrian haven with updated farmhouse and riding trails.
      3223 Dunning St, Cassopolis, MI 49031
      View Details
    • $179,900

      Updated Commercial Building in Cassopolis

      Commercial building in Cassopolis, ready for a new owner.
      116 Spencer Rd, Cassopolis, MI 49031
      View Details

    FAQs

    What type of property is this?
    Storefront property - Updated commercial building with parking in downtown Cassopolis, Michigan.
    Where is this storefront property located?
    The property is located at 116 Spencer Rd Cassopolis, MI.
    What is the asking price?
    The asking price for this property is $179,900.
    What are key features of this property?
    This property features: - Last available commercial space in Cassopolis.; - Updated commercial building ready for immediate occupancy.; - Parking lot with 11 spaces plus additional off-road parking.
    (269) 535-1021
    Request Owner's contact information
    116 Spencer Rd Cassopolis, MI 49031
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    116 Spencer Rd
    Cassopolis, MI 49031
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116 Spencer Rd Cassopolis, MI 49031
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Shirley Behm
    Shirley Behm
    (269) 535-1021 (269) 663-5164
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!