Riverfront Mixed-Use
New
For Sale
$365,000
217 Hubbard Street, Allegan, MI 49010
Commercial Sale, Allegan, MI
Property Size3,030 SF
Lot Size0.05 Acres
Price / SF$120.46
Days on Market2
Property Features for 217 Hubbard Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C1
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Elementary school district
Allegan
Middle school district
Allegan
High school district
Allegan
Directions
From 131 take M-222 West into Allegan. Turn left onto Chestnut Street, turn left onto Hubbard Street. Destination will be on the right.
Standard status
Active
APN
03-51-305-025-00
Size
3,030 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
THE NLY 82.5 FT OF THE ELY 1/2 LOT 293 EX W 6 IN O. P. SEC 28 TAX MAP: 0.05 AC.
Tax Annual Amount
1293
Legal Description
THE NLY 82.5 FT OF THE ELY 1/2 LOT 293 EX W 6 IN O. P. SEC 28 TAX MAP: 0.05 AC.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water front
1
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Building materials
Vinyl Siding, Brick
Listing Agency:
Weichert REALTORS Plat Allegan
(269) 512-6290
Listed By:
Benjamin M Otis · License #6506045561
(616) 275-2998
Added: Sep 9
Last Checked: Sep 10 at 3:06AM
MLS# 26047868
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 3,030-square-foot mixed-use building was constructed in 1920 and includes an upper-level apartment, an open commercial storefront, and a lower level with walk-out access. The apartment features exposed brick, high ceilings, spiral ductwork, tall windows, updated flooring, and a modern kitchen. The main floor is configured for a future commercial build-out, while the lower level offers exposed stone and brick walls, high ceilings, and additional usable space.
Located at 217 Hubbard Street in downtown Allegan, the property sits along the Kalamazoo Riverfront and has both front and rear access. The 0.05-acre site includes vinyl siding and brick construction, forced-air heating, central air, and cable availability. The building’s existing arrangement supports a combination of residential and commercial use within the same property.
Located at 217 Hubbard Street in downtown Allegan, the property sits along the Kalamazoo Riverfront and has both front and rear access. The 0.05-acre site includes vinyl siding and brick construction, forced-air heating, central air, and cable availability. The building’s existing arrangement supports a combination of residential and commercial use within the same property.
Key Highlights
- 3,030‑square‑foot mixed‑use building on a 0.05‑acre site
- Upper‑level apartment with exposed brick, tall windows, modern kitchen, and updated flooring
- Open commercial storefront on the main level
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
$33,380
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
9.15%
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%
$667,600
$667.6K
Cap Rate 7%
$476,857
$476.9K
Cap Rate 9%
$370,889
$370.9K
Market Conditions
NOI Build-Up for 3,030 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
$51.6K $17.04/SF
− Vacancy
−$7.1K −$2.35/SF
EGI
$44.5K $14.69/SF
− OpEx
−$11.1K −$3.67/SF
NOI
$33.4K $11.02/SF
Area
Allegan County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$667,600
Cap Rate 7%
$476,857
Cap Rate 9%
$370,889
Alternative Uses
Best Use
Office B
$476.9K
$417.3K – $556.3K
NOI $33,380 @ 7.0% cap · market cap 9.15%
Second Best
Retail
$449.3K
$393.2K – $524.2K
NOI $31,454 @ 7.0% cap · market cap 8.62%
Theoretical Best
Hotel Hospitality
$28.45M
$24.90M – $33.20M
NOI $1,991,838 @ 7.0% cap · market cap 545.71%
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
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
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?
Mixed-use property - Three-level building combines an apartment, commercial storefront, and lower-level space with access toward the riverfront district.
Where is this mixed-use property located?
The property is located at 217 Hubbard Street Allegan, MI.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 3,030‑square‑foot mixed‑use building on a 0.05‑acre site; Upper‑level apartment with exposed brick, tall windows, modern kitchen, and updated flooring; Open commercial storefront on the main level
