Renovated Office Units with Lead-Lined
New
For Sale
$194,900
215 E Main Street, Spring Arbor, MI 49283
Commercial Sale, Spring Arbor, MI
Property Size2,090 SF
Lot Size1.26 Acres
Price / SF$93.25
Days on Market1
Property Features for 215 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C-2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Parking
20
Interior features
Broadband
Elementary school district
Western
Middle school district
Western
High school district
Western
Directions
Westbound M-60 from Spring Arbor Rd. Property is located on south side of E. Main.
Standard status
Active
APN
000-12-16-451-001-00
Size
2,090 SF
Lot size
1.26 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BEG AT PT OF INTERSECTION OF N&S 1/4 LN OF SEC 16 WITH CEN OF M-60 HWYTH S 73DEG 59'W ALG CEN OF SD HWY 115.5 FT TH S 15
Tax Annual Amount
1606
Legal Description
BEG AT PT OF INTERSECTION OF N&S 1/4 LN OF SEC 16 WITH CEN OF M-60 HWYTH S 73DEG 59'W ALG CEN OF SD HWY 115.5 FT TH S 15
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1900
Floors in Building
1
Number of units
1
Building materials
Block, Vinyl Siding
Roof type
Composition, Rubber
Listing Agency:
Howard Hanna Real Estate Services
(517) 787-9800
Listed By:
HEATHER HERNDON · License #6501335416
(517) 812-1641
Added: Sep 21
Last Checked: Sep 21 at 7:06PM
MLS# 26050247
Copyright © 2026 Michigan Regional Information Center, LLC. 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 2,090-square-foot office property sits on a 1.26-acre site and includes a renovated interior arranged for flexible professional, medical, or office use. The layout provides up to seven individual offices, two half-bathrooms, and a lead-lined room that may support X-ray or similar medical applications. Separate entrances are already in place, allowing the building to function as two potential units.
Site improvements include a concrete driveway and parking lot. The property is positioned along M-60, directly across from Spring Arbor University, with exposure to a heavily traveled roadway. Building systems include forced-air heating and central air, while the property is served by a well and has cable available. Block and vinyl siding construction, a composition and rubber roof, and a basement are also present.
Site improvements include a concrete driveway and parking lot. The property is positioned along M-60, directly across from Spring Arbor University, with exposure to a heavily traveled roadway. Building systems include forced-air heating and central air, while the property is served by a well and has cable available. Block and vinyl siding construction, a composition and rubber roof, and a basement are also present.
Key Highlights
- 2,090 SF office property on a 1.26‑acre site
- Up to seven individual offices with two half‑bathrooms
- Lead‑lined room suitable for X‑ray or similar medical applications
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
$17,516
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
8.99%
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%
$350,320
$350.3K
Cap Rate 7%
$250,229
$250.2K
Cap Rate 9%
$194,622
$194.6K
Market Conditions
NOI Build-Up for 2,090 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
$30.1K $14.40/SF
− Vacancy
−$6.7K −$3.23/SF
EGI
$23.4K $11.17/SF
− OpEx
−$5.8K −$2.79/SF
NOI
$17.5K $8.38/SF
Area
Jackson County, MI
Vacancy
22.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$350,320
Cap Rate 7%
$250,229
Cap Rate 9%
$194,622
Alternative Uses
Best Use
Healthcare Medical
$272.7K
$238.7K – $318.2K
NOI $19,092 @ 7.0% cap · market cap 9.80%
Second Best
Office B
$250.2K
$219.0K – $291.9K
NOI $17,516 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$333.6K
$291.9K – $389.2K
NOI $23,354 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 49283, MI
4,401
Population
1,383
Households
3.2
Avg Household Size
29
Median Age
34%
College-Educated
97%
High-School Grad
14.5 sq mi
ZIP Area
304
Density / Sq Mi
$93,821
Median Household Income
$21,250
Median Earnings
$1,253
Median Rent
$206,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional or medical office layout with separate entrances and a refreshed interior.
Where is this office units located?
The property is located at 215 E Main Street Spring Arbor, MI.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: 2,090 SF office property on a 1.26‑acre site; Up to seven individual offices with two half‑bathrooms; Lead‑lined room suitable for X‑ray or similar medical applications
