Mixed-Use Building with
New
For Sale
$489,000
221 Trowbridge Street, Allegan, MI 49010
Commercial Sale, Allegan, MI
Property Size5,960 SF
Lot Size0.06 Acres
Price / SF$82.05
Days on Market2
Property Features for 221 Trowbridge Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial CBD
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 2, Basement
Interior features
Broadband
Elementary school district
Allegan
Middle school district
Allegan
High school district
Allegan
Directions
Downtown Allegan Square next to Theater
Standard status
Active
APN
51-105-210-00
Size
5,960 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2017
Tax Description
N 100 FT OF E 1/2 OF LOT 249 O. P. SEC 28 TAX MAP: 0.06 AC.
Tax Annual Amount
5436
Legal Description
N 100 FT OF E 1/2 OF LOT 249 O. P. SEC 28 TAX MAP: 0.06 AC.
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1899
Number of units
4
Building materials
Brick, Stone
Listing Agency:
CENTURY 21 Affiliated
(269) 857-2121
Listed By:
David Isljamovski · License #6501450775
(616) 298-4851
Added: Oct 9
Last Checked: Oct 10 at 7:06AM
MLS# 26053877
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.
Built in 1899, this 5,960-square-foot mixed-use property contains four leased units: three commercial spaces and an upper-floor residential loft. The apartment has two bedrooms, two full bathrooms, a full kitchen, in-unit laundry, and an open living area. Brick and stone construction, forced-air heat, and central air conditioning are among the building’s physical features.
The 0.06-acre property is on Allegan’s downtown square, near Riverfront Park and beside the historic theater. Its existing mix of commercial and residential space is established within the downtown setting.
The 0.06-acre property is on Allegan’s downtown square, near Riverfront Park and beside the historic theater. Its existing mix of commercial and residential space is established within the downtown setting.
Key Highlights
- Four leased units: three commercial spaces and one residential loft
- 5,960‑square‑foot building on a 0.06‑acre lot
- Upper‑level apartment includes two bedrooms, two full bathrooms, a full kitchen, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,040
Cap Rate
4.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$460,800
$460.8K
Cap Rate 7%
$329,143
$329.1K
Cap Rate 9%
$256,000
$256.0K
Market Conditions
NOI Build-Up for 5,960 SF
Gross rent
$41.0K $6.88/SF
− Vacancy
−$4.1K −$0.69/SF
EGI
$36.9K $6.19/SF
− OpEx
−$13.8K −$2.32/SF
NOI
$23.0K $3.87/SF
Area
Allegan County, MI
Vacancy
10.10%
Lease Rate
$6.88 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$460,800
Cap Rate 7%
$329,143
Cap Rate 9%
$256,000
Alternative Uses
Best Use
Retail
$883.9K
$773.4K – $1.03M
NOI $61,870 @ 7.0% cap · market cap 12.65%
Second Best
Mixed Use
$329.1K
$288.0K – $384.0K
NOI $23,040 @ 7.0% cap · market cap 4.71%
Theoretical Best
Hotel Hospitality
$55.97M
$48.97M – $65.30M
NOI $3,917,939 @ 7.0% cap · market cap 801.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
14k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 17%
Home Improvements & Furnishings 2%
Shell
Shops & Services
5,401 visits/mo
0.1 miles
Sunoco
Shops & Services
3,211 visits/mo
0.3 miles
Huntington Bank
Shops & Services
2,722 visits/mo
0.1 miles
Pizza Hut
Dining
2,431 visits/mo
0.1 miles
Andy's Ace Hardware
Home Improvements & Furnishings
219 visits/mo
0.1 miles
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
View Realmo Analytics
Market
Vacancy Rate% for Retail 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 - Four occupied spaces combine commercial frontage with an upper-level residence featuring two bedrooms and in-unit laundry.
Where is this mixed-use property located?
The property is located at 221 Trowbridge Street Allegan, MI.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Four leased units: three commercial spaces and one residential loft; 5,960‑square‑foot building on a 0.06‑acre lot; Upper‑level apartment includes two bedrooms, two full bathrooms, a full kitchen, and in‑unit laundry
