Downtown Office
For Sale
$419,000
131 N Main Street, Plainwell, MI 49080
COMMERCIAL - Plainwell, MI
Property Size3,067 SF
Lot Size0.09 Acres
Price / SF$136.62
Days on Market163
Property Features for 131 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
CBD
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 4, Bathroom 3
Elementary school district
Plainwell
Middle school district
Plainwell
High school district
Plainwell
Directions
From 131 head East on W. Allegan St. for about a mile. Turn Right on S. Main Property will be on your left.
Standard status
Active
APN
55-160-050-00
Size
3,067 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 50 ALSO COM AT A PT 9 FT E OF SW COR LOT 51 TH RUNNING E ON S LINE SD LOT 51 THE FULL LENGTH OF SD LOT TH N 6.5 FT T
Tax Annual Amount
12400
Legal Description
LOT 50 ALSO COM AT A PT 9 FT E OF SW COR LOT 51 TH RUNNING E ON S LINE SD LOT 51 THE FULL LENGTH OF SD LOT TH N 6.5 FT T
Utilities
Utilities
Phone Available
Heating system
Forced Air
Amenities
conference room
open work area
private restroom
large windows
natural light
signage opportunities
nearby restaurants
shopping
Building Details
Year built
1900
Number of units
5
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Jaqua, REALTORS
(269) 341-4300
Listed By:
Roger A Lynch
(269) 267-2820
Added: Mar 6
Changed: Aug 4
Last Checked: Aug 16 at 12:06PM
MLS# 26008649
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This very nice office complex offers multiple office units designed for professional use. Each unit includes a conference room, an open work area, and a private restroom. Large windows throughout provide natural light, supporting a bright work environment.
Located in the heart of downtown Plainwell at 131 N Main Street, the property is positioned near restaurants and shopping. A city-owned and maintained parking lot is located right outside the door, providing convenient access for occupants and visitors. The building also offers signage opportunities for business visibility.
Located in the heart of downtown Plainwell at 131 N Main Street, the property is positioned near restaurants and shopping. A city-owned and maintained parking lot is located right outside the door, providing convenient access for occupants and visitors. The building also offers signage opportunities for business visibility.
Key Highlights
- Office complex with conference room and open work area in each unit, plus a private restroom
- Downtown Plainwell office building with large windows for natural light
- City‑owned and maintained parking lot located right outside the door
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
$33,787
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
8.06%
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%
$675,740
$675.7K
Cap Rate 7%
$482,671
$482.7K
Cap Rate 9%
$375,411
$375.4K
Market Conditions
NOI Build-Up for 3,067 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
$52.3K $17.04/SF
− Vacancy
−$7.2K −$2.35/SF
EGI
$45.0K $14.69/SF
− OpEx
−$11.3K −$3.67/SF
NOI
$33.8K $11.02/SF
Area
Allegan County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$675,740
Cap Rate 7%
$482,671
Cap Rate 9%
$375,411
Alternative Uses
Best Use
Office B
$482.7K
$422.3K – $563.1K
NOI $33,787 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$28.80M
$25.20M – $33.60M
NOI $2,016,161 @ 7.0% cap · market cap 481.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Explore this area
Business Placement
Demographics for 49080, MI
15,994
Population
6,582
Households
2.4
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
77.4 sq mi
ZIP Area
207
Density / Sq Mi
$75,250
Median Household Income
$42,775
Median Earnings
$982
Median Rent
$234,400
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?
Office units - Office complex with multiple units, each offering a conference room, open work area, and private restroom.
Where is this office units located?
The property is located at 131 N Main Street Plainwell, MI.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Office complex with conference room and open work area in each unit, plus a private restroom; Downtown Plainwell office building with large windows for natural light; City‑owned and maintained parking lot located right outside the door
