Commercial Storefront Condo
For Sale
$475,000
1324 W State St, Belding, MI 48809
Commercial-zoned condo units offer flexible finish-out options with utilities located at the site.
Property Size1,980 SF
Price / SF$239.90
Days on Market44
Property Features for 1324 W State St
General Information
Standard status
Active
Size
1,980 SF
Building Details
Year Built
2005
Listing Agency:
Berkshire Hathaway HomeServices Kee Realty
(248) 709-6696
Listed By:
Frank Jajou · License #6501440153
Source:
Katie-k
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 25 at 4:57AM
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 Kee Realty
Investment Insights
Based on property information with market context.
This 2005 commercial storefront condo complex provides approximately 7,920 square feet for finish-out and occupancy. The space can be acquired and completed as a whole or in part, with the possibility of purchasing an individual unit. Each unit carries its own tax ID, supporting separate ownership options within the complex. Electrical and plumbing have been roughed in, while utilities are already at the site.
The property fronts W State Street, identified as M-44, in Belding, Michigan. Commercial zoning supports the property’s intended commercial storefront configuration.
The property fronts W State Street, identified as M-44, in Belding, Michigan. Commercial zoning supports the property’s intended commercial storefront configuration.
Key Highlights
- Approximately 7,920 square feet in a commercial storefront condo complex
- Individual units may be purchased separately
- Each unit has its own tax ID
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
$19,335
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
4.07%
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%
$386,700
$386.7K
Cap Rate 7%
$276,214
$276.2K
Cap Rate 9%
$214,833
$214.8K
Market Conditions
NOI Build-Up for 1,980 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
$29.7K $15.00/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$27.6K $13.95/SF
− OpEx
−$8.3K −$4.19/SF
NOI
$19.3K $9.76/SF
Area
Ionia County, MI
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$386,700
Cap Rate 7%
$276,214
Cap Rate 9%
$214,833
Alternative Uses
Best Use
Retail
$276.2K
$241.7K – $322.3K
NOI $19,335 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$377.3K
$330.1K – $440.2K
NOI $26,410 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
26k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 25%
Home Improvements & Furnishings 7%
McDonald's
Dining
14,905 visits/mo
0.2 miles
Marathon Petroleum
Shops & Services
4,540 visits/mo
0.2 miles
SUBWAY
Dining
3,051 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
2,045 visits/mo
0.3 miles
Belding Hometown Hardware
Home Improvements & Furnishings
1,833 visits/mo
0.3 miles
Demographics for 48809, MI
11,245
Population
4,612
Households
2.4
Avg Household Size
40
Median Age
17%
College-Educated
91%
High-School Grad
80.1 sq mi
ZIP Area
140
Density / Sq Mi
$67,172
Median Household Income
$38,610
Median Earnings
$839
Median Rent
$189,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Rosebud's Nursery and Landscape Center — 1135 W State St, Belding, MI 48809
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial-zoned condo units offer flexible finish-out options with utilities located at the site.
Where is this storefront property located?
The property is located at 1324 W State St Belding, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Approximately 7,920 square feet in a commercial storefront condo complex; Individual units may be purchased separately; Each unit has its own tax ID
