Retail Storefront with Large
For Sale
$309,900
134 W Main Street, Midland, MI 48640
COMMERCIAL - Midland, MI
Property Size1,000 SF
Lot Size0.03 Acres
Price / SF$309.90
Days on Market258
Property Features for 134 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Original of Midland
Standard status
Active
APN
180-141-650-552-00
Size
1,000 SF
Lot size
0.03 Acres
Utilities
Water source
Public
Building Details
Year built
1900
Listing Agency:
Century 21 Signature Realty Midland · Century 21 Real Estate
(989) 837-2100
Listed By:
Jennifer Slavik · License #6501433519
(734) 260-3013
Added: Nov 24, 2025
Changed: Aug 4
Last Checked: Aug 9 at 5:06PM
MLS# 50194972
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale retail storefront at 134 W. Main Street features large storefront windows and a flexible interior layout designed to support a range of street-facing concepts. With approximately 1,000 square feet of space, the room configuration can be adapted for retail, dining, or a mixed-use approach, depending on how an operator wants to program the frontage and interior flow.
The property is positioned directly on Main Street in downtown Midland. It is adjacent to The Commons, described as a two-block pedestrian plaza that becomes an active gathering place during warmer months, with dining patios, live music, games, and community events. The listing also notes pedestrian traffic benefits from being steps from the Tridge, a three-way wooden pedestrian bridge spanning the Chippewa and Tittabawassee Rivers.
For tenants, buyers, or operators seeking a visible street-level presence, the combination of large storefront glazing and a location embedded in a walkable downtown core aligns well with uses such as boutique retail, local artisan or experiential concepts, or a full-service food and beverage establishment. The flexible interior supports tailoring the space to the customer experience you intend to create at the street.
The property is positioned directly on Main Street in downtown Midland. It is adjacent to The Commons, described as a two-block pedestrian plaza that becomes an active gathering place during warmer months, with dining patios, live music, games, and community events. The listing also notes pedestrian traffic benefits from being steps from the Tridge, a three-way wooden pedestrian bridge spanning the Chippewa and Tittabawassee Rivers.
For tenants, buyers, or operators seeking a visible street-level presence, the combination of large storefront glazing and a location embedded in a walkable downtown core aligns well with uses such as boutique retail, local artisan or experiential concepts, or a full-service food and beverage establishment. The flexible interior supports tailoring the space to the customer experience you intend to create at the street.
Key Highlights
- Directly on W. Main Street in downtown Midland with storefront windows and pedestrian‑oriented frontage
- Large storefront windows and a flexible interior layout adaptable to dining, retail, or mixed‑use concepts
- Adjacent to The Commons, a two‑block pedestrian plaza with dining patios, live music, games, and community events
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
$10,008
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
3.23%
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%
$200,160
$200.2K
Cap Rate 7%
$142,971
$143.0K
Cap Rate 9%
$111,200
$111.2K
Market Conditions
NOI Build-Up for 1,000 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
$15.5K $15.48/SF
− Vacancy
−$2.1K −$2.14/SF
EGI
$13.3K $13.34/SF
− OpEx
−$3.3K −$3.34/SF
NOI
$10.0K $10.01/SF
Area
Midland County, MI
Vacancy
13.80%
Lease Rate
$15.48 /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%
$200,160
Cap Rate 7%
$142,971
Cap Rate 9%
$111,200
Alternative Uses
Best Use
Specialty Retail
$143.0K
$125.1K – $166.8K
NOI $10,008 @ 7.0% cap · market cap 3.23%
Second Best
Retail
$98.5K
$86.2K – $114.9K
NOI $6,896 @ 7.0% cap · market cap 2.23%
Theoretical Best
Flex RnD
$180.5K
$157.9K – $210.6K
NOI $12,634 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48640, MI
31,840
Population
14,340
Households
2.2
Avg Household Size
41
Median Age
38%
College-Educated
96%
High-School Grad
105.1 sq mi
ZIP Area
303
Density / Sq Mi
$81,630
Median Household Income
$43,353
Median Earnings
$928
Median Rent
$191,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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- Lapelle's Flowers & Gifts — 1605 Bookness St, Midland, MI 48640
Frequently Asked Questions
What type of property is this?
Storefront property - Downtown storefront on Main Street with large windows and a flexible interior suited to retail or dining use.
Where is this storefront property located?
The property is located at 134 W Main Street Midland, MI.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Directly on W. Main Street in downtown Midland with storefront windows and pedestrian‑oriented frontage; Large storefront windows and a flexible interior layout adaptable to dining, retail, or mixed‑use concepts; Adjacent to The Commons, a two‑block pedestrian plaza with dining patios, live music, games, and community events
