Automotive Service Retail
For Sale
$429,900
223 W North Street, Lakeview, MI 48850
For sale automotive-focused property in Lakeview, Michigan with convenient route access from major northbound directions.
Property Size4,840 SF
Days on Market193
Property Features for 223 W North Street
General Information
Standard status
Active
Size
4,840 SF
Total Parking Spaces
20
Taxes and HOA fees
Annual Taxes
$1,887
Amenities
Expandable
Wall Unit(s)
Natural Gas, Forced Air, Radiant, Electric
Concrete, Gravel
Building Details
Building Size
4,840 SF
Year Built
1963
Buildings
1
Stories
1
Listing Agency:
Your Team Realty
(989) 493-0643
Listed By:
Marcia A Myers · License #6502324643
(989) 493-0643
Source:
Evrealestate
Added: Feb 9
Changed: Aug 11
Last Checked: Aug 21 at 4:11AM
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 Your Team Realty
Investment Insights
Based on property information with market context.
This for-sale automotive service retail building is positioned for businesses that need a storefront-oriented setting within an automotive property framework. The available public information does not describe interior layout, bays, or specific improvements, but the asset is categorized for automotive and retail uses.
The property is located at 223 W North Street in Lakeview, MI, within Montcalm County. Directions provided are from I-131 north of Grand Rapids: take exit 120, go east 12 miles to Youngman Rd, then turn left to the building.
Because the listing is identified as both an automotive and retail property, it may fit operators looking for a retail-facing presence tied to automotive service. Prospective buyers should review the building’s condition and any site or space details during due diligence to confirm suitability for their specific operating requirements.
The property is located at 223 W North Street in Lakeview, MI, within Montcalm County. Directions provided are from I-131 north of Grand Rapids: take exit 120, go east 12 miles to Youngman Rd, then turn left to the building.
Because the listing is identified as both an automotive and retail property, it may fit operators looking for a retail-facing presence tied to automotive service. Prospective buyers should review the building’s condition and any site or space details during due diligence to confirm suitability for their specific operating requirements.
Key Highlights
- Automotive‑focused property in Lakeview, Michigan (Montcalm County)
- Year built: 1963
- Heating includes natural gas, forced air, radiant, and electric
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
$29,934
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
6.96%
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%
$598,680
$598.7K
Cap Rate 7%
$427,629
$427.6K
Cap Rate 9%
$332,600
$332.6K
Market Conditions
NOI Build-Up for 4,840 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
$45.9K $9.48/SF
− Vacancy
−$3.1K −$0.64/SF
EGI
$42.8K $8.84/SF
− OpEx
−$12.8K −$2.65/SF
NOI
$29.9K $6.18/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /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%
$598,680
Cap Rate 7%
$427,629
Cap Rate 9%
$332,600
Alternative Uses
Best Use
Retail
$717.8K
$628.0K – $837.4K
NOI $50,243 @ 7.0% cap · market cap 11.69%
Second Best
Industrial
$427.6K
$374.2K – $498.9K
NOI $29,934 @ 7.0% cap · market cap 6.96%
Theoretical Best
Healthcare Medical
$57.41M
$50.24M – $66.98M
NOI $4,018,967 @ 7.0% cap · market cap 934.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
74k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
Wesco
Shops & Services
25,735 visits/mo
0.5 miles
McDonald's
Dining
23,736 visits/mo
0.5 miles
Dollar General
Shops & Services
7,033 visits/mo
0.4 miles
Sunoco
Shops & Services
5,141 visits/mo
0.2 miles
BP
Shops & Services
5,087 visits/mo
0.4 miles
Demographics for 48850, MI
4,563
Population
1,973
Households
2.3
Avg Household Size
41
Median Age
14%
College-Educated
88%
High-School Grad
83.2 sq mi
ZIP Area
55
Density / Sq Mi
$65,064
Median Household Income
$41,473
Median Earnings
$665
Median Rent
$170,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Sturgeon Collision Inc — 9292 Howard City Edmore Rd, Lakeview, MI 48850
Frequently Asked Questions
What type of property is this?
Auto shop - For sale automotive-focused property in Lakeview, Michigan with convenient route access from major northbound directions.
Where is this auto shop located?
The property is located at 223 W North Street Lakeview, MI.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Automotive‑focused property in Lakeview, Michigan (Montcalm County); Year built: 1963; Heating includes natural gas, forced air, radiant, and electric
