Historic Two-Story Mixed-Use
For Sale
$350,000
132 BRADY ST, Allegan, MI 49010
Brick construction, hospitality space, and an occupied one-bedroom apartment support varied commercial and residential use.
Property Size6,941 SF
Price / SF$50.43
Days on Market89
Property Features for 132 BRADY ST
General Information
Standard status
Active
Size
6,941 SF
Property subtype
Industrial
Additional Details
Liquor License
No
Amenities
3
Building Details
Year Built
1885
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 673-3030
Listed By:
Cheri Schulz · License #6502136063
(269) 720-4735
Source:
Xome
Added: Jun 14
Changed: Sep 9
Last Checked: Sep 9 at 4:05PM
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 Berkshire Hathaway HomeServices MI
Investment Insights
Based on property information with market context.
Built in 1885, this two-story brick mixed-use building contains over 6,941 square feet in downtown Allegan. The main level includes established bar space along with an occupied one-bedroom apartment, while the second floor offers an open area for future configuration. A liquor license is available separately.
The property sits across from Mahan City Park and includes views toward the Kalamazoo River. Allegan municipal offices will assist the new owner with grant applications related to upstairs residential construction. The combination of existing hospitality space, an occupied apartment, and additional upper-level area creates a varied property configuration within the downtown setting.
The property sits across from Mahan City Park and includes views toward the Kalamazoo River. Allegan municipal offices will assist the new owner with grant applications related to upstairs residential construction. The combination of existing hospitality space, an occupied apartment, and additional upper-level area creates a varied property configuration within the downtown setting.
Key Highlights
- Over 6,941 square feet in a two‑story building constructed in 1885
- Brick mixed‑use building with main‑level bar space and an occupied 1‑bedroom apartment
- Open second floor offers additional space for residential construction
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
$26,832
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
7.67%
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%
$536,640
$536.6K
Cap Rate 7%
$383,314
$383.3K
Cap Rate 9%
$298,133
$298.1K
Market Conditions
NOI Build-Up for 6,941 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
$47.8K $6.88/SF
− Vacancy
−$4.8K −$0.69/SF
EGI
$42.9K $6.19/SF
− OpEx
−$16.1K −$2.32/SF
NOI
$26.8K $3.87/SF
Area
Allegan County, MI
Vacancy
10.10%
Lease Rate
$6.88 /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%
$536,640
Cap Rate 7%
$383,314
Cap Rate 9%
$298,133
Alternative Uses
Best Use
Specialty Retail
$1.10M
$965.0K – $1.29M
NOI $77,200 @ 7.0% cap · market cap 22.06%
Second Best
Retail
$1.03M
$900.7K – $1.20M
NOI $72,054 @ 7.0% cap · market cap 20.59%
Theoretical Best
Hotel Hospitality
$65.18M
$57.04M – $76.05M
NOI $4,562,821 @ 7.0% cap · market cap 1,303.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
14k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 17%
Home Improvements & Furnishings 2%
Shell
Shops & Services
5,401 visits/mo
0.2 miles
Sunoco
Shops & Services
3,211 visits/mo
0.2 miles
Huntington Bank
Shops & Services
2,722 visits/mo
0.1 miles
Pizza Hut
Dining
2,431 visits/mo
0.1 miles
Andy's Ace Hardware
Home Improvements & Furnishings
219 visits/mo
0.3 miles
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick construction, hospitality space, and an occupied one-bedroom apartment support varied commercial and residential use.
Where is this mixed-use property located?
The property is located at 132 BRADY ST Allegan, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Over 6,941 square feet in a two‑story building constructed in 1885; Brick mixed‑use building with main‑level bar space and an occupied 1‑bedroom apartment; Open second floor offers additional space for residential construction
