Remodeled Corner Retail
For Sale
$379,000
203 Main Street, Wayland, MI 49348
Freestanding remodeled retail building on a corner lot with furnace/AC, roof, and water heater updates from a prior remodel.
Property Size1,813 SF
Price / SF$209.05
Days on Market174
Property Features for 203 Main Street
General Information
Standard status
Active
Size
1,813 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$2,500
Amenities
3
10 Parking Spaces.
66' x 130'
Building Details
Year Built
1955
Listing Agency:
(269) 349-1000
Listed By:
Callander Commercial
Source:
Xome
Added: Feb 28
Changed: Aug 12
Last Checked: Aug 20 at 5:17AM
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 Callander Commercial
Investment Insights
Based on property information with market context.
This freestanding retail building sits on a corner lot and has been completely remodeled. The current interior layout supports a beauty salon configuration with accommodations for 8 stations and 2 washbowls, and the space could be repurposed for other retail or office uses. Updates included furnace/AC, roof, and water heater as part of the remodel completed about 10 years ago.
The property is located on N Main Street in Wayland, MI and is described as having high traffic counts and strong visibility for walk-in or drive-by activity.
For prospective tenants and buyers, the building offers a turn-key, remodeled shell and a functional layout that can support multiple stations and service elements, depending on the intended use.
The property is located on N Main Street in Wayland, MI and is described as having high traffic counts and strong visibility for walk-in or drive-by activity.
For prospective tenants and buyers, the building offers a turn-key, remodeled shell and a functional layout that can support multiple stations and service elements, depending on the intended use.
Key Highlights
- Freestanding remodeled retail building on a corner lot in Wayland
- 10 parking spaces plus lot dimensions of 66' x 130'
- Remodeled about 10 years ago with furnace/AC, roof, and water heater updates included
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
$18,821
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
4.97%
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%
$376,420
$376.4K
Cap Rate 7%
$268,871
$268.9K
Cap Rate 9%
$209,122
$209.1K
Market Conditions
NOI Build-Up for 1,813 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
$28.1K $15.48/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$26.9K $14.83/SF
− OpEx
−$8.1K −$4.45/SF
NOI
$18.8K $10.38/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$376,420
Cap Rate 7%
$268,871
Cap Rate 9%
$209,122
Alternative Uses
Best Use
Retail
$268.9K
$235.3K – $313.7K
NOI $18,821 @ 7.0% cap · market cap 4.97%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$17.03M
$14.90M – $19.86M
NOI $1,191,816 @ 7.0% cap · market cap 314.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49348, MI
14,989
Population
5,629
Households
2.7
Avg Household Size
36
Median Age
23%
College-Educated
94%
High-School Grad
65.7 sq mi
ZIP Area
228
Density / Sq Mi
$79,267
Median Household Income
$41,955
Median Earnings
$1,123
Median Rent
$247,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding remodeled retail building on a corner lot with furnace/AC, roof, and water heater updates from a prior remodel.
Where is this storefront property located?
The property is located at 203 Main Street Wayland, MI.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Freestanding remodeled retail building on a corner lot in Wayland; 10 parking spaces plus lot dimensions of 66' x 130'; Remodeled about 10 years ago with furnace/AC, roof, and water heater updates included
