Freestanding Bank Branch with
For Sale
$375,000
215 N 20th St, Springfield, MI 49037
Freestanding bank building with a four-lane drive-thru, suited for retail, office, medical, service, or redevelopment.
Property Size2,987 SF
Lot Size0.86 Acres
Price / SF$125.54
Days on Market81
Property Features for 215 N 20th St
General Information
Standard status
Active
Size
2,987 SF
Lot size
0.86 Acres
Property subtype
Commercial
Zoning
B-2
Taxes and HOA fees
Annual Taxes
$11,588
Building Details
Year Built
1964
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
Source:
Elliman
Added: Jun 3
Changed: Aug 14
Last Checked: Aug 21 at 12:12PM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
The property is a freestanding former bank branch totaling 2,987 SF on 0.86 acres in Springfield, Michigan. An additional 1,200 SF four-lane drive-thru supports convenient customer access and flexible service layouts. The offering is positioned for a range of uses, including retail, office, medical, service, or redevelopment, depending on tenant or buyer requirements.
The building is located on N 20th Street with convenient access to W Dickman Road and W Columbia Avenue. The property sits between established industrial, automotive, and retail corridors, supporting connectivity throughout the Battle Creek market. The site is zoned B-2 General Commercial.
For users seeking a freestanding, drive-thru-capable site, this configuration can accommodate a variety of front-facing commercial and appointment-based needs, subject to zoning and intended program. For investors or owner-users considering redevelopment, the combination of the existing branch building and drive-thru footprint offers a platform for re-tenanting or adapting the site to a new commercial concept. Availability is noted for September 2026.
The building is located on N 20th Street with convenient access to W Dickman Road and W Columbia Avenue. The property sits between established industrial, automotive, and retail corridors, supporting connectivity throughout the Battle Creek market. The site is zoned B-2 General Commercial.
For users seeking a freestanding, drive-thru-capable site, this configuration can accommodate a variety of front-facing commercial and appointment-based needs, subject to zoning and intended program. For investors or owner-users considering redevelopment, the combination of the existing branch building and drive-thru footprint offers a platform for re-tenanting or adapting the site to a new commercial concept. Availability is noted for September 2026.
Key Highlights
- Freestanding former bank branch building totaling 2,987 SF on 0.86 acres in Springfield, MI
- Includes an additional 1,200 SF four‑lane drive‑thru
- Zoned B‑2 General Commercial
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
$33,223
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
8.86%
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%
$664,460
$664.5K
Cap Rate 7%
$474,614
$474.6K
Cap Rate 9%
$369,144
$369.1K
Market Conditions
NOI Build-Up for 2,987 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
$46.2K $15.48/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$44.3K $14.83/SF
− OpEx
−$11.1K −$3.71/SF
NOI
$33.2K $11.12/SF
Area
Calhoun County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$664,460
Cap Rate 7%
$474,614
Cap Rate 9%
$369,144
Alternative Uses
Best Use
Specialty Retail
$474.6K
$415.3K – $553.7K
NOI $33,223 @ 7.0% cap · market cap 8.86%
Second Best
Office B
$470.1K
$411.3K – $548.4K
NOI $32,906 @ 7.0% cap · market cap 8.77%
Theoretical Best
Healthcare Medical
$35.43M
$31.00M – $41.34M
NOI $2,480,300 @ 7.0% cap · market cap 661.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 49037, MI
21,427
Population
9,971
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
88%
High-School Grad
19.3 sq mi
ZIP Area
1,110
Density / Sq Mi
$42,598
Median Household Income
$32,024
Median Earnings
$843
Median Rent
$90,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Freestanding bank building with a four-lane drive-thru, suited for retail, office, medical, service, or redevelopment.
Where is this bank located?
The property is located at 215 N 20th St Springfield, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Freestanding former bank branch building totaling 2,987 SF on 0.86 acres in Springfield, MI; Includes an additional 1,200 SF four‑lane drive‑thru; Zoned B‑2 General Commercial
