Mixed-Use Building with
For Sale
$950,000
133 Mason Street, Saugatuck, MI 49453
Separate commercial and residential areas create a live-work configuration in downtown Saugatuck.
Property Size3,690 SF
Days on Market53
Property Features for 133 Mason Street
General Information
Standard status
Active
Size
3,690 SF
Property subtype
Commercial
Zoning
C-1
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$10,188
Amenities
in-unit laundry
gas fireplace
private deck
Building Details
Building Size
3,690 SF
Year Built
1908
Buildings
1
Stories
4
Units
2
Listing Agency:
Coldwell Banker Woodland Schmidt
(616) 392-2335
Listed By:
The Jim and Bernie Team · License #6506041602
Source:
Erareardonrealty
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 30 at 5:47PM
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 Coldwell Banker Woodland Schmidt
Investment Insights
Based on property information with market context.
Built in 1908, this 3,690-square-foot mixed-use property combines approximately 2,300 square feet of commercial space across the main and lower levels with a private-entry residence above. The commercial area was formerly occupied by Hoopdee Scootee and includes an open layout suited to the property’s established boutique, gallery, and personal-service positioning.
The second and third floors contain a one-bedroom, one-and-a-half-bath apartment with in-unit laundry, a gas fireplace, private deck, and water glimpses from the bedroom. The property is located in downtown Saugatuck, steps from the waterfront and neighboring businesses including Kilwins and Pumpernickles. Separate commercial and residential components support either a live-work arrangement or distinct occupancy uses.
The second and third floors contain a one-bedroom, one-and-a-half-bath apartment with in-unit laundry, a gas fireplace, private deck, and water glimpses from the bedroom. The property is located in downtown Saugatuck, steps from the waterfront and neighboring businesses including Kilwins and Pumpernickles. Separate commercial and residential components support either a live-work arrangement or distinct occupancy uses.
Key Highlights
- Approximately 2,300 square feet of commercial space on the main and lower levels
- One‑bedroom, one‑and‑a‑half‑bath apartment with private entry
- In‑unit laundry, gas fireplace, and private deck
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
$40,650
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
4.28%
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%
$813,000
$813.0K
Cap Rate 7%
$580,714
$580.7K
Cap Rate 9%
$451,667
$451.7K
Market Conditions
NOI Build-Up for 3,690 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
$62.9K $17.04/SF
− Vacancy
−$8.7K −$2.35/SF
EGI
$54.2K $14.69/SF
− OpEx
−$13.6K −$3.67/SF
NOI
$40.7K $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%
$813,000
Cap Rate 7%
$580,714
Cap Rate 9%
$451,667
Alternative Uses
Best Use
Office B
$580.7K
$508.1K – $677.5K
NOI $40,650 @ 7.0% cap · market cap 4.28%
Second Best
Retail
$547.2K
$478.8K – $638.4K
NOI $38,305 @ 7.0% cap · market cap 4.03%
Theoretical Best
Hotel Hospitality
$34.65M
$30.32M – $40.43M
NOI $2,425,704 @ 7.0% cap · market cap 255.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 49453, MI
2,950
Population
2,113
Households
1.4
Avg Household Size
53
Median Age
52%
College-Educated
98%
High-School Grad
10.4 sq mi
ZIP Area
284
Density / Sq Mi
$101,250
Median Household Income
$49,970
Median Earnings
$766
Median Rent
$487,400
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?
Mixed-use property - Separate commercial and residential areas create a live-work configuration in downtown Saugatuck.
Where is this mixed-use property located?
The property is located at 133 Mason Street Saugatuck, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 2,300 square feet of commercial space on the main and lower levels; One‑bedroom, one‑and‑a‑half‑bath apartment with private entry; In‑unit laundry, gas fireplace, and private deck
