Mixed-Use Property with
New
For Sale
$169,000
191 McKinley Ave N, Battle Creek, MI 49017
Two-story residence paired with a detached commercial garage and warehouse, offering separate residential and business-oriented spaces.
Property Size2,600 SF
Price / SF$135.42
Days on Market5
Property Features for 191 McKinley Ave N
General Information
Standard status
Active
Size
2,600 SF
Warehouse & Industrial
Warehouse Space
1,700 SF
Drive-In Doors
2
Building Details
Year Built
1920
Buildings
1
Building Size
2,600 SF
Listing Agency:
Pearse Realty, Inc.
Listed By:
Rebecca Spenelli · License #6501395920
(269) 986-6782
Source:
Katie-k
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 11:00AM
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 at 191 McKinley Ave N combines a 3-bedroom, 2-story house with a detached commercial building on a double lot. The commercial improvement totals 2,600 square feet and is divided between a 900-square-foot garage and a 1,700-square-foot warehouse. The garage measures 32 by 27 feet, includes two 10-foot-high garage doors and a utility door, and has 12-foot ceilings with a small loading dock leading toward the warehouse area. The warehouse provides a 50-by-32-foot open heated area with 10-foot ceilings.
The commercial space is located in Battle Creek, MI, and currently does not have running water. The property is offered as-is, with no seller repairs planned. Buyers are responsible for confirming the permitted commercial use and any requirements associated with the existing improvements. The residence was built in 1920, while the commercial building provides dedicated space for storage, garage functions, or business operations subject to verification.
The commercial space is located in Battle Creek, MI, and currently does not have running water. The property is offered as-is, with no seller repairs planned. Buyers are responsible for confirming the permitted commercial use and any requirements associated with the existing improvements. The residence was built in 1920, while the commercial building provides dedicated space for storage, garage functions, or business operations subject to verification.
Key Highlights
- Detached 2,600‑square‑foot commercial garage and warehouse
- 3‑bedroom, 2‑story house on a double lot
- 900‑square‑foot garage with two 10‑foot‑high 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
Mixed Use
$221.4K
$193.8K – $258.3K
NOI $15,500 @ 7.0% cap · market cap 9.17%
Second Best
Warehouse
$133.9K
$117.2K – $156.2K
NOI $9,373 @ 7.0% cap · market cap 5.55%
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
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Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
281
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
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story residence paired with a detached commercial garage and warehouse, offering separate residential and business-oriented spaces.
Where is this mixed-use property located?
The property is located at 191 McKinley Ave 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: Detached 2,600‑square‑foot commercial garage and warehouse; 3‑bedroom, 2‑story house on a double lot; 900‑square‑foot garage with two 10‑foot‑high doors
