Grocery and Convenience
For Sale
$399,900
17176 W Spring Lake Road, Spring Lake, MI 49456
Established in 1946 with RG-1 zoning and continued commercial use noted.
Property Size1,738 SF
Price / SF$230.09
Days on Market62
Property Features for 17176 W Spring Lake Road
General Information
Standard status
Active
Size
1,738 SF
Property subtype
Industrial
Zoning
RG - 1
Amenities
3
8550
Building Details
Year Built
1946
Listing Agency:
RE/MAX Lakeshore
Listed By:
Leslie Baker · License #6502416607
(616) 218-0650
Source:
Xome
Added: Jul 11
Changed: Sep 9
Last Checked: Sep 9 at 4:20PM
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 RE/MAX Lakeshore
Investment Insights
Based on property information with market context.
This grocery and convenience store property dates to 1946 and is identified for continued commercial use under RG-1 zoning. The property is located at 17176 W Spring Lake Road in Spring Lake, Michigan, within the 49456 ZIP code.
The recorded property size is 1,738, and the asset is classified within the grocery and convenience store category. Its established construction date and existing commercial-use designation provide the primary points of reference for evaluating the property.
The recorded property size is 1,738, and the asset is classified within the grocery and convenience store category. Its established construction date and existing commercial-use designation provide the primary points of reference for evaluating the property.
Key Highlights
- Grocery and convenience store classification
- Built in 1946
- RG‑1 zoning with continued commercial use noted
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
$19,331
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
4.83%
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%
$386,620
$386.6K
Cap Rate 7%
$276,157
$276.2K
Cap Rate 9%
$214,789
$214.8K
Market Conditions
NOI Build-Up for 1,738 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
$26.9K $15.48/SF
− Vacancy
−$1.1K −$0.65/SF
EGI
$25.8K $14.83/SF
− OpEx
−$6.4K −$3.71/SF
NOI
$19.3K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
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%
$386,620
Cap Rate 7%
$276,157
Cap Rate 9%
$214,789
Alternative Uses
Best Use
Specialty Retail
$276.2K
$241.6K – $322.2K
NOI $19,331 @ 7.0% cap · market cap 4.83%
Second Best
Retail
$257.7K
$225.5K – $300.7K
NOI $18,042 @ 7.0% cap · market cap 4.51%
Theoretical Best
Multifamily LT 5
$21.61M
$18.91M – $25.21M
NOI $1,512,875 @ 7.0% cap · market cap 378.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49456, MI
19,727
Population
9,776
Households
2
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
780
Density / Sq Mi
$85,807
Median Household Income
$50,887
Median Earnings
$1,184
Median Rent
$294,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Established in 1946 with RG-1 zoning and continued commercial use noted.
Where is this grocery and convenience store located?
The property is located at 17176 W Spring Lake Road Spring Lake, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Grocery and convenience store classification; Built in 1946; RG‑1 zoning with continued commercial use noted
