Historic Downtown Mixed-Use
New
For Sale
$350,000
132 Brady St, Allegan, MI 49010
Two-story brick property combining a street-level bar, apartment, and adaptable upper-floor space.
Property Size6,941 SF
Price / SF$50.43
Days on Market2
Property Features for 132 Brady St
General Information
Standard status
Active
Size
6,941 SF
Additional Details
Liquor License
Yes
Amenities
river views
Building Details
Year Built
1885
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices MI
Listed By:
Cheri S Schulz · License #6502136063
(269) 720-4735
Source:
Katie-k
Added: Sep 15
Last Checked: Sep 15 at 2:34PM
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.
Constructed in 1885, this two-story brick mixed-use property contains 6,941 square feet in downtown Allegan. The ground floor includes the Sherwoods Cove bar along with a one-bedroom apartment, while the entire second level remains open for future residential construction or other permitted improvements.
The building is positioned across from Mahan City Park and has views toward the Kalamazoo River. Allegan municipal offices will assist a new owner with grant applications related to upstairs residential work. A liquor license is also available through a separate purchase.
The building is positioned across from Mahan City Park and has views toward the Kalamazoo River. Allegan municipal offices will assist a new owner with grant applications related to upstairs residential work. A liquor license is also available through a separate purchase.
Key Highlights
- 6,941‑square‑foot mixed‑use building constructed in 1885
- Two‑story brick construction in downtown Allegan
- Main level includes Sherwoods Cove bar and a 1‑bedroom apartment
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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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Liquor license
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 - Two-story brick property combining a street-level bar, apartment, and adaptable upper-floor space.
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: 6,941‑square‑foot mixed‑use building constructed in 1885; Two‑story brick construction in downtown Allegan; Main level includes Sherwoods Cove bar and a 1‑bedroom apartment
