Downtown Plainwell Office
For Sale
$419,000
131 N Main St Unit 2, Plainwell, MI 49080
Professional office spaces in the heart of downtown Plainwell.
Property Size3,067 SF
Price / SF$136.62
Days on Market131
Property Features for 131 N Main St Unit 2
General Information
Standard status
Active
Size
3,067 SF
Building Details
Year Built
1900
Listing Agency:
Jaqua, REALTORS
Listed By:
Roger A Lynch
(269) 267-2820
Source:
Katie-k
Added: Apr 27
Changed: Sep 3
Last Checked: Sep 4 at 10:59AM
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 Jaqua, REALTORS
Investment Insights
Based on property information with market context.
This office complex is situated in downtown Plainwell, offering a professional setting for small businesses. Each unit includes a conference room, an open work area, and a private restroom. Large windows provide natural light, contributing to a bright work environment. The property allows for signage opportunities. It is conveniently located near restaurants and shopping, with a city-owned and maintained parking lot providing easy access. The location has a walk score of 64, indicating it is somewhat walkable, and a bike score of 42, meaning it is somewhat bikeable.
Key Highlights
- Prime downtown Plainwell location.
- Professional office setting ideal for small businesses.
- Each unit includes a conference room, open work area, and private restroom.
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
372
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Professional office spaces in the heart of downtown Plainwell.
Where is this office building located?
The property is located at 131 N Main St Unit 2 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: Prime downtown Plainwell location.; Professional office setting ideal for small businesses.; Each unit includes a conference room, open work area, and private restroom.
