Mixed-Use Property with
For Sale
$169,000
191 McKinley Avenue N, Battle Creek, MI 49017
Combines a two-story residence with detached commercial space on a double lot.
Property Size1,248 SF
Days on Market59
Property Features for 191 McKinley Avenue N
General Information
Standard status
Active
Size
1,248 SF
Property subtype
Business Opportunity
Building Details
Building Size
1,248 SF
Year Built
1920
Units
7
Listing Agency:
Pearse Realty, Inc.
(269) 986-6782
Listed By:
Rebecca Spenelli · License #6501395920
(269) 986-6782
Source:
Homesforsaleinmich
Added: Jun 18
Changed: Aug 13
Last Checked: Aug 14 at 1:51PM
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 Pearse Realty, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property includes a 3-bedroom, 2-story house alongside a detached 2,600-square-foot commercial building on a double lot. Built in 1920, the property offers a residential component and substantial business-oriented space in one holding.
The commercial building contains a 900-square-foot garage with two 10-foot-high garage doors, a utility door, 12-foot ceilings, and a small loading dock leading to the warehouse area. The adjoining 1,700-square-foot warehouse provides a heated, open interior with 10-foot ceilings. Running water is not currently available in the commercial space. The property is being sold as-is, with no repairs by the seller, and buyers are responsible for verifying permitted commercial uses.
The commercial building contains a 900-square-foot garage with two 10-foot-high garage doors, a utility door, 12-foot ceilings, and a small loading dock leading to the warehouse area. The adjoining 1,700-square-foot warehouse provides a heated, open interior with 10-foot ceilings. Running water is not currently available in the commercial space. The property is being sold as-is, with no repairs by the seller, and buyers are responsible for verifying permitted commercial uses.
Key Highlights
- 3‑bedroom, 2‑story house paired with a detached commercial building
- 2,600‑square‑foot commercial space on a double lot
- 900‑square‑foot garage with two 10‑foot‑high garage doors
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
$15,500
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
9.17%
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%
$310,000
$310.0K
Cap Rate 7%
$221,429
$221.4K
Cap Rate 9%
$172,222
$172.2K
Market Conditions
NOI Build-Up for 1,248 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
$27.0K $21.60/SF
− Vacancy
−$2.2K −$1.73/SF
EGI
$24.8K $19.87/SF
− OpEx
−$9.3K −$7.45/SF
NOI
$15.5K $12.42/SF
Area
Calhoun County, MI
Vacancy
8.00%
Lease Rate
$21.60 /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%
$310,000
Cap Rate 7%
$221,429
Cap Rate 9%
$172,222
Alternative Uses
Best Use
Flex RnD
$241.6K
$211.4K – $281.9K
NOI $16,911 @ 7.0% cap · market cap 10.01%
Second Best
Mixed Use
$221.4K
$193.8K – $258.3K
NOI $15,500 @ 7.0% cap · market cap 9.17%
Theoretical Best
Healthcare Medical
$14.80M
$12.95M – $17.27M
NOI $1,036,296 @ 7.0% cap · market cap 613.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 49017, MI
21,377
Population
9,701
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
56.8 sq mi
ZIP Area
376
Density / Sq Mi
$58,500
Median Household Income
$40,386
Median Earnings
$946
Median Rent
$134,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines a two-story residence with detached commercial space on a double lot.
Where is this mixed-use property located?
The property is located at 191 McKinley Avenue N Battle Creek, MI.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑story house paired with a detached commercial building; 2,600‑square‑foot commercial space on a double lot; 900‑square‑foot garage with two 10‑foot‑high garage doors
