Office Building with Natural
New
For Sale
$419,000
131 N Main St Unit 2, Plainwell, MI 49080
Includes a conference room, private restroom, and city-maintained parking directly outside the property.
Property Size3,067 SF
Price / SF$136.62
Days on Market5
Property Features for 131 N Main St Unit 2
General Information
Standard status
Active
Size
3,067 SF
Amenities
conference room
open work area
private restroom
large windows
signage opportunities
Building Details
Year Built
1900
Listing Agency:
Jaqua, REALTORS
(269) 267-2820
Listed By:
Roger A Lynch
Source:
Katie-k
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 12:05PM
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 property offers 3,067 square feet in a building constructed in 1900. The unit includes a dedicated conference room, an open work area, and a private restroom. Large windows bring natural light into the workspace, while exterior signage opportunities provide a way to identify the business from the property.
Located at 131 N Main St Unit 2 in Plainwell, the office is near restaurants and shopping. A city-owned, city-maintained parking lot is positioned directly outside the building, providing convenient access for occupants and visitors.
Located at 131 N Main St Unit 2 in Plainwell, the office is near restaurants and shopping. A city-owned, city-maintained parking lot is positioned directly outside the building, providing convenient access for occupants and visitors.
Key Highlights
- 3,067 square feet of office space in a building constructed in 1900
- Conference room, open work area, and private restroom
- Large windows provide natural light throughout the workspace
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
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
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Frequently Asked Questions
What type of property is this?
Office building - Includes a conference room, private restroom, and city-maintained parking directly outside the property.
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: 3,067 square feet of office space in a building constructed in 1900; Conference room, open work area, and private restroom; Large windows provide natural light throughout the workspace
