Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Versatile Commercial Unit in Ionia Title is generated by Realmo AI

    1201 S State Rd 5, Ionia, MI 48846

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1.00 SF/Yr

    Adaptable commercial space suitable for retail, office, or service businesses.

    Type:Commercial
    Lot size:
    2.63 Acres
    Added:
    Mar 31, 2026
    Days on Market:
    53
    Last Refresh:
    Mar 27 at 4:13 am

    Property Features for 1201 S State Rd 5

    General Information

    Standard status
    Active
    Lot size
    2.63 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    2000

    We can help!

    Listing Contact
    James R Perry

    Listing agent James R Perry

    Listing office Clarity Realty of Greenville, LLC

    Listing date Mar 31, 2026

    Source Elliman

    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 Clarity Realty of Greenville, LLC

    HighLights

    • Versatile open layout adaptable for retail, office, or service‑based businesses.
    • Convenient location with easy access to main roads and local amenities.
    • Strong exposure and accessibility for customers and clients.
    • Ample parking available for staff and visitors.
    • Large windows providing excellent visibility and natural light.
    • Located in Ionia, offering an opportunity to establish or expand business presence.

    Overview

    This commercial unit is located in Ionia and offers a versatile space suitable for a variety of business uses. The unit features an open layout that can be easily customized to fit retail, office, or service-based operations. Large windows provide excellent visibility and natural light. The location offers strong exposure and accessibility, with easy access to main roads and local amenities. Ample parking is available for staff and visitors. The lease term is 1 year.
    Property Profile Location Intelligence

    Current Use by Public Records

    Karen A Constantine Law ... Law Firm New Image Sun ... Tanning Salon Premier Transmission Auto Repair Shop Riverside Merchants Mall Shopping Center & Mall Burning Scent-Sations Ionia (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Ionia
    County
    Ionia
    State
    Michigan
    Longitude
    -85.069251
    Latitude
    42.970806

    Nearby Similar for Lease

    • $1.00 SF/Yr
      1,492 SF

      Versatile Commercial Unit in Ionia

      Adaptable commercial space suitable for retail, office, or service businesses.
      1201 S State Road, Ionia, MI 48846
      View Details
    • $8 SF/Yr
      4,080 SF

      Retail Space in Ionia, MI

      4,000+ sq ft retail space with ample parking.
      450 S Steele Street, Ionia, MI 48846
      View Details
    • $7 SF/Yr
      15,006 SF

      Retail Space in Downtown Ionia

      Retail space for lease in Ionia's downtown district.
      420 S Steele Street, Ionia, MI 48846
      View Details
    • $7 SF/Yr
      15,006 SF

      Retail Space in Downtown Ionia

      Retail space for rent in Ionia's downtown district.
      420 S Steele Street, Ionia, MI 48846
      View Details
    • $7 SF/Yr
      15,006 SF

      Retail Space in Downtown Ionia

      Retail space for lease in Ionia's downtown district.
      420 S Steele Street, Ionia, MI 48846
      View Details
    • Contact for pricing

      Retail Space Inside Meijer Store

      Prime retail opportunity with high visibility and customer traffic.
      2770 S State Rd, Ionia, MI 48846
      View Details
    • Contact for pricing
      1,652 SF

      Retail Space in Walmart Shadow

      Retail space available in a Walmart shadow center.
      3192 Commerce Ln, Ionia, MI
      View Details
    • Contact for pricing

      Main Street Retail with Patio

      Retail space ideal for coffee shop or wine bar.
      423 West Main Street, Ionia, MI 48846
      View Details
    • Contact for pricing
      12,000 SF

      Retail Space in Ionia

      New retail space available in Ionia, Michigan.
      90 E Tuttle Rd, Ionia, MI 48846
      View Details
    • Contact for pricing
      1,525 SF

      Retail Endcap with Drive-Thru

      Retail space with drive-thru in Ionia, Michigan.
      3149-3153 Commerce Ln, Ionia, MI
      View Details
    • $14 SF/Yr
      14,512 SF

      Retail Strip Center For Rent

      14,512 SF retail space with high visibility.
      2331 S State Street, Ionia, MI 48856
      View Details

    FAQs

    What type of property is this?
    Retail space - Adaptable commercial space suitable for retail, office, or service businesses.
    Where is this retail space located?
    The property is located at 1201 S State Rd 5 Ionia, MI.
    What is the lease rate?
    The lease rate is $1.00 SF/Yr.
    What are key features of this property?
    This property features: Versatile open layout adaptable for retail, office, or service‑based businesses.; Convenient location with easy access to main roads and local amenities.; Strong exposure and accessibility for customers and clients.
    (616) 974-6012
    We can help!
    Listing Contact
    James R Perry
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    1201 S State Rd 5, IoniaCity_Ionia, MI 48846
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!