Corner Mixed-Use
For Sale
$219,000
2134 S Main Street, Central Lake, MI 49622
Commercial, Central Lake, MI
Property Size1,568 SF
Lot Size0.17 Acres
Price / SF$139.67
Days on Market95
Property Features for 2134 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Residential, Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Exterior features
Wood
Lot features
Corner Lot, Freestanding
Directions
Downtown Central Lake. Corner of Main Street and Ballard.
Subdivision
Antrim
Standard status
Active
Size
1,568 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
LOT 20; BLK B PLAT OF SISLEYS ADD TO CENTRAL LAKE SEC 23 T31N R8W
Legal Description
LOT 20; BLK B PLAT OF SISLEYS ADD TO CENTRAL LAKE SEC 23 T31N R8W
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Paradise Properties USA
(231) 331-4423
Listed By:
Gary Scheitler · License #6502139515
(231) 633-2323
Added: May 22
Changed: Aug 19
Last Checked: Aug 24 at 2:06PM
MLS# 1945605
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 1,568-square-foot mixed-use property occupies a 0.17-acre corner parcel in Central Lake. The building uses frame construction with wood exterior features, an asphalt roof, and one bathroom. Its configuration is suited to the retail, café, office, studio, gallery, or mixed-use concepts identified for the property.
The building fronts S Main Street, also designated M-88, and includes a parking lot reached from Ballard Street. That arrangement provides customer access separate from the main roadway while maintaining the property’s corner position. The address is 2134 S Main Street, Central Lake, MI 49622.
The building fronts S Main Street, also designated M-88, and includes a parking lot reached from Ballard Street. That arrangement provides customer access separate from the main roadway while maintaining the property’s corner position. The address is 2134 S Main Street, Central Lake, MI 49622.
Key Highlights
- 1,568‑square‑foot mixed‑use building
- 0.17‑acre corner parcel
- Frontage on S Main Street, designated M‑88
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
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?
Mixed-use property - Wood-frame commercial building with on-site parking and access from Ballard Street.
Where is this mixed-use property 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: 1,568‑square‑foot mixed‑use building; 0.17‑acre corner parcel; Frontage on S Main Street, designated M‑88
