Turn-Key Mixed-Use Corner
For Sale
$219,000
2134 S Main Street, Central Lake, MI 49622
For-sale mixed-use corner property with high visibility on Main Street and a private parking lot off Ballard Street.
Property Size1,568 SF
Price / SF$139.67
Days on Market83
Property Features for 2134 S Main Street
General Information
Standard status
Active
Size
1,568 SF
Property subtype
Industrial
Amenities
Central Air
3
Asphalt
61134
Building Details
Year Built
1985
Listing Agency:
Paradise Properties USA
(231) 633-2323
Listed By:
Gary Scheitler · License #6502139515
(231) 633-2323
Source:
Xome
Added: May 20
Changed: Aug 8
Last Checked: Aug 9 at 5:00AM
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 Paradise Properties USA
Investment Insights
Based on property information with market context.
This turn-key mixed-use commercial property is positioned as an affordable, ready-to-operate option for a variety of concepts. The offering is presented as a corner asset in the heart of town, designed to support entrepreneurial use cases such as retail, café, office space, studio, or gallery, along with other mixed-use configurations.
The property sits on Main Street (M-88) and is described as having high visibility with steady year-round traffic. Access is supported by a private parking lot located off Ballard Street, intended to provide convenient parking away from the busy main roadway.
Overall, the asset combines street-front exposure and off-main parking to create a flexible setup for businesses seeking a prominent presence in a central location.
The property sits on Main Street (M-88) and is described as having high visibility with steady year-round traffic. Access is supported by a private parking lot located off Ballard Street, intended to provide convenient parking away from the busy main roadway.
Overall, the asset combines street-front exposure and off-main parking to create a flexible setup for businesses seeking a prominent presence in a central location.
Key Highlights
- Commercial/mixed‑use corner property on Main Street (M‑88)
- Private parking lot off Ballard Street with convenient off‑road access
- Year built 1985
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
$16,277
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
7.43%
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%
$325,540
$325.5K
Cap Rate 7%
$232,529
$232.5K
Cap Rate 9%
$180,856
$180.9K
Market Conditions
NOI Build-Up for 1,568 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
$24.3K $15.48/SF
− Vacancy
−$1.0K −$0.65/SF
EGI
$23.3K $14.83/SF
− OpEx
−$7.0K −$4.45/SF
NOI
$16.3K $10.38/SF
Area
Antrim 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%
$325,540
Cap Rate 7%
$232,529
Cap Rate 9%
$180,856
Alternative Uses
Best Use
Retail
$232.5K
$203.5K – $271.3K
NOI $16,277 @ 7.0% cap · market cap 7.43%
Second Best
Office B
$229.6K
$200.9K – $267.9K
NOI $16,071 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$279.0K
$244.2K – $325.6K
NOI $19,533 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49622, MI
2,473
Population
1,945
Households
1.3
Avg Household Size
54
Median Age
30%
College-Educated
97%
High-School Grad
45.2 sq mi
ZIP Area
55
Density / Sq Mi
$66,618
Median Household Income
$32,682
Median Earnings
$1,020
Median Rent
$209,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - For-sale mixed-use corner property with high visibility on Main Street and a private parking lot off Ballard Street.
Where is this flex space located?
The property is located at 2134 S Main Street Central Lake, MI.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Commercial/mixed‑use corner property on Main Street (M‑88); Private parking lot off Ballard Street with convenient off‑road access; Year built 1985
