Wyoming Mixed-Use Commercial
For Sale
$450,000
1225 Chicago Dr SW, Wyoming, MI 49509
Versatile 3,200 sq. ft. property in high-visibility Wyoming location.
Property Size3,200 SF
Price / SF$140.63
Days on Market120
Property Features for 1225 Chicago Dr SW
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,197
Building Details
Year Built
1925
Units
1
Listing Agency:
Lake Michigan Realty Mgmt
(616) 559-7979
Listed By:
Javier Rodriguez
(616) 559-7979
Source:
Elliman
Added: Apr 24
Changed: Aug 16
Last Checked: Aug 20 at 11:53AM
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 Lake Michigan Realty Mgmt
Investment Insights
Based on property information with market context.
This commercial property, located in Wyoming, MI, offers approximately 3,200 sq. ft. of space suitable for retail, office, or mixed-use purposes. Constructed in 1925, the building combines classic architectural elements with functional layout potential. The property benefits from a location on a corridor with consistent traffic. It is situated near major roads, local businesses, and residential neighborhoods. The location has a walk score of 69, indicating it is somewhat walkable, and a bike score of 47, indicating it is somewhat bikeable.
Key Highlights
- High‑visibility location in Wyoming, MI with steady traffic flow.
- Approximately 3,200 sq. ft. of versatile space suitable for retail, office, or mixed‑use.
- Excellent exposure on a prominent corridor.
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
$36,825
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
8.18%
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%
$736,500
$736.5K
Cap Rate 7%
$526,071
$526.1K
Cap Rate 9%
$409,167
$409.2K
Market Conditions
NOI Build-Up for 3,200 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
$68.4K $21.36/SF
− Vacancy
−$9.4K −$2.95/SF
EGI
$58.9K $18.41/SF
− OpEx
−$22.1K −$6.90/SF
NOI
$36.8K $11.51/SF
Area
Kent County, MI
Vacancy
13.80%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
37.50%
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%
$736,500
Cap Rate 7%
$526,071
Cap Rate 9%
$409,167
Alternative Uses
Best Use
Mixed Use
$526.1K
$460.3K – $613.8K
NOI $36,825 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.3K
$500.8K – $667.7K
NOI $40,064 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 49509, MI
28,340
Population
10,611
Households
2.7
Avg Household Size
34
Median Age
19%
College-Educated
85%
High-School Grad
7.3 sq mi
ZIP Area
3,882
Density / Sq Mi
$64,981
Median Household Income
$38,356
Median Earnings
$983
Median Rent
$183,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile 3,200 sq. ft. property in high-visibility Wyoming location.
Where is this mixed-use property located?
The property is located at 1225 Chicago Dr SW Wyoming, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: High‑visibility location in Wyoming, MI with steady traffic flow.; Approximately 3,200 sq. ft. of versatile space suitable for retail, office, or mixed‑use.; Excellent exposure on a prominent corridor.
