Mixed-Use Property with Efficiency
New
For Sale
$315,000
203 S Main Street, Crystal, MI 48818
Commercial Sale, Crystal, MI
Property Size1,290 SF
Lot Size0.20 Acres
Price / SF$244.19
Days on Market1
Property Features for 203 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
On Street
Exterior features
Awning(s), Fire Pit, Garden, Private Yard, Rain Gutters
Basement
Exterior Entry, Partial
Accessibility
Accessible Approach with Ramp
Appliances
Microwave, Refrigerator
Lot features
Back Yard, City Lot, Few Trees, Garden, Landscaped, Level, Corner Lot
Elementary school district
Carson City
Middle school district
Carson City
High school district
Carson City
Directions
Downtown - Corner of S.Main/Park st
Standard status
Active
APN
005-103-001-00
Size
1,290 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
LOT 1, BLK 3, DRAKE'S PLAT OF VILLAGE OF CRYSTAL.
Legal Description
LOT 1, BLK 3, DRAKE'S PLAT OF VILLAGE OF CRYSTAL.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Ceiling Fan(s)
Water source
Well
Amenities
efficiency apartment
private entrance
garden areas
sitting areas
covered deck/porch
storage shed
Building Details
Year built
1900
Floors in Building
2
Flooring type
Simulated wood
Building materials
Vinyl Siding
Roof type
Metal
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Kenneth Burton · License #6501414220
(517) 242-2000
Added: Aug 25
Last Checked: Aug 25 at 9:06PM
MLS# 298763
Copyright © 2026 Greater Lansing Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property at 203 S Main Street combines a 1,290-square-foot commercial building with a 410-square-foot efficiency apartment accessed through its own entrance. The property has vinyl siding, simulated wood flooring, forced-air natural gas heat, ceiling fan cooling, and a metal roof. Interior equipment includes a microwave and refrigerator, while the building also offers an accessible approach with ramp. Public sewer and a private well serve the property.
The 0.2-acre parcel includes a private yard with garden areas, several sitting spaces, and a 16' x 24' covered deck or porch. A new 12' x 20' metal storage shed adds separate utility space. On-street parking is available. The property has operated as an established business for 20 years and is located in downtown Crystal, a short walk from Crystal Lake public access and the beach.
The 0.2-acre parcel includes a private yard with garden areas, several sitting spaces, and a 16' x 24' covered deck or porch. A new 12' x 20' metal storage shed adds separate utility space. On-street parking is available. The property has operated as an established business for 20 years and is located in downtown Crystal, a short walk from Crystal Lake public access and the beach.
Key Highlights
- 1,290 SF mixed‑use property with a 410 SF efficiency apartment
- Private entrance serving the efficiency apartment
- 16' x 24' covered deck or porch with garden and sitting areas
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
$13,391
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
4.25%
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%
$267,820
$267.8K
Cap Rate 7%
$191,300
$191.3K
Cap Rate 9%
$148,789
$148.8K
Market Conditions
NOI Build-Up for 1,290 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
$20.0K $15.48/SF
− Vacancy
−$839 −$0.65/SF
EGI
$19.1K $14.83/SF
− OpEx
−$5.7K −$4.45/SF
NOI
$13.4K $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%
$267,820
Cap Rate 7%
$191,300
Cap Rate 9%
$148,789
Alternative Uses
Best Use
Mixed Use
$15.94M
$13.95M – $18.60M
NOI $1,115,803 @ 7.0% cap · market cap 354.22%
Second Best
Retail
$191.3K
$167.4K – $223.2K
NOI $13,391 @ 7.0% cap · market cap 4.25%
Theoretical Best
Self Storage
$17.85M
$15.62M – $20.83M
NOI $1,249,699 @ 7.0% cap · market cap 396.73%
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
83
Businesses Nearby
9k
Monthly Visits Nearby
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
0.1 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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial building with a private-entry living area, covered outdoor space, gardens, and a separate storage shed.
Where is this mixed-use property located?
The property is located at 203 S Main Street 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: 1,290 SF mixed‑use property with a 410 SF efficiency apartment; Private entrance serving the efficiency apartment; 16' x 24' covered deck or porch with garden and sitting areas
