Storefront Retail Building with
For Sale
$315,000
203 S Main St, Crystal, MI 48818
Commercially zoned property with an established retail business, private-entry apartment, outdoor gathering areas, and storage improvements.
Property Size1,836 SF
Price / SF$171.57
Days on Market10
Property Features for 203 S Main St
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Retail
Zoning
Commercial
Additional Details
Business Included
Yes
Amenities
garden areas
sitting areas
covered deck/porch
metal storage shed
Building Details
Building Size
1,836 SF
Year Built
1900
Listing Agency:
Keller Williams Commercial
Listed By:
Kenneth Burton · License #6501414220
(517) 242-2000
Source:
Cpix.resimplifi
Added: Aug 25
Changed: Sep 1
Last Checked: Sep 2 at 1:20PM
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 Keller Williams Commercial
Investment Insights
Based on property information with market context.
This 1,836-square-foot storefront property, built in 1900, includes the established Candle Cottage business, now in its 20th year of operation. The commercial-zoned building also contains a 410-square-foot efficiency apartment with its own entrance. Property improvements include a metal roof, a covered 16' x 24' deck or porch, and a new 12' x 20' metal storage shed.
The property is located at 203 S Main St in downtown Crystal, Michigan, within a short walk of Crystal Lake public access and the beach. Exterior features include a private yard, garden areas, and multiple sitting spaces. The combination of retail space, an existing business, apartment accommodations, and maintained outdoor areas creates a flexible storefront property with both commercial and residential components.
The property is located at 203 S Main St in downtown Crystal, Michigan, within a short walk of Crystal Lake public access and the beach. Exterior features include a private yard, garden areas, and multiple sitting spaces. The combination of retail space, an existing business, apartment accommodations, and maintained outdoor areas creates a flexible storefront property with both commercial and residential components.
Key Highlights
- 1,836 SF storefront property with an established Candle Cottage business in its 20th year
- 410 SF efficiency apartment with a private entrance
- Commercial zoning at 203 S Main St in downtown Crystal, Michigan
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
$19,059
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
6.05%
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%
$381,180
$381.2K
Cap Rate 7%
$272,271
$272.3K
Cap Rate 9%
$211,767
$211.8K
Market Conditions
NOI Build-Up for 1,836 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
$28.4K $15.48/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$27.2K $14.83/SF
− OpEx
−$8.2K −$4.45/SF
NOI
$19.1K $10.38/SF
Area
Montcalm 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%
$381,180
Cap Rate 7%
$272,271
Cap Rate 9%
$211,767
Alternative Uses
Best Use
Retail
$272.3K
$238.2K – $317.7K
NOI $19,059 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Self Storage
$25.41M
$22.23M – $29.64M
NOI $1,778,642 @ 7.0% cap · market cap 564.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
9k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,256 visits/mo
0.3 miles
Citgo
Shops & Services
2,655 visits/mo
0.2 miles
Marathon
Shops & Services
2,363 visits/mo
0.1 miles
Demographics for 48818, MI
2,302
Population
1,416
Households
1.6
Avg Household Size
46
Median Age
20%
College-Educated
87%
High-School Grad
24.7 sq mi
ZIP Area
93
Density / Sq Mi
$59,148
Median Household Income
$41,579
Median Earnings
$752
Median Rent
$185,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercially zoned property with an established retail business, private-entry apartment, outdoor gathering areas, and storage improvements.
Where is this storefront property located?
The property is located at 203 S Main St Crystal, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,836 SF storefront property with an established Candle Cottage business in its 20th year; 410 SF efficiency apartment with a private entrance; Commercial zoning at 203 S Main St in downtown Crystal, Michigan
