Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Established Party Store For Sale Title is generated by Realmo AI

    231 Western Avenue, Allegan, MI 49010

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $349,900

    Long-established party store with licenses in a great location.

    Type:Commercial/Industrial
    Property size:
    2,706 SF
    Lot size:
    0.30 Acres
    Price / SF:
    $129/SF
    Added:
    Mar 12, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 5 at 8:09 pm

    Property Features for 231 Western Avenue

    General Information

    Standard status
    Active
    Size
    2,706 SF
    Lot size
    0.30 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    James Freeman

    Listing agent James Freeman

    Listing office Freeman Real Estate

    Listing date Mar 12, 2026

    Source Exitrealty

    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 Freeman Real Estate

    HighLights

    • Long established business
    • SDD (Specially Designated Distributor) license included
    • SDM (Specially Designated Merchant) license included
    • Benefit from Sunday sales license
    • Great location
    • Year Built: 1960

    Overview

    This is a long-established party store for sale, featuring SDD, SDM, and Sunday sales licenses. The property is 2706 square feet and is located in a great location. It is suitable for retail and commercial real estate purposes, including use as a grocery or convenience store.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $334.4K
    NOI $30,097 @ 9.00% cap · cautious / downside scenario
    Moderate
    $430.0K
    NOI $30,097 @ 7.00% cap · market / base-case scenario
    Aggressive
    $601.9K
    NOI $30,097 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $41.9k $15.48
    − Vacancy −$1.8k −$0.65
    EGI $40.1k $14.83
    − OpEx −$10.0k −$3.71
    NOI $30.1k $11.12
    2,706 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $430.0K
    $376.2K – $501.6K (±1% cap)
    NOI $30,097 @ 7.0% cap · market cap 8.60%
    Second Best
    Retail
    $401.3K
    $351.1K – $468.2K (±1% cap)
    NOI $28,091 @ 7.0% cap · market cap 8.03%
    Theoretical Best
    Hotel Hospitality
    $25.41M
    $22.24M – $29.65M (±1% cap)
    NOI $1,778,850 @ 7.0% cap · market cap 508.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mighty Midget (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Village Market- Allegan, Michigan — 100 Monroe St, Allegan, MI 49010

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.8615
    Latitude
    42.5283

    Nearby Similar for Sale

    • $299,900
      5,500 SF

      Allegan Commercial Office Opportunity

      Commercial office building on 5 acres in Allegan, Michigan.
      2565 111th Avenue, Allegan, MI 49010
      View Details
    • $209,900
      1,739 SF

      Office Space with Riverfront Views

      Well-maintained office space in Allegan's Central Business District.
      233 Hubbard Street, Allegan, MI 49010
      View Details
    • $400,000
      5,610 SF

      Mixed-Use Property in Allegan, MI

      Mixed-use property with commercial and residential potential in Allegan.
      314 & 316 Western Avenue, Allegan, MI 49010
      View Details
    • $299,900
      4,000 SF

      Commercial Building Near M-89

      4,000 SF commercial building near M-89 in Allegan, MI.
      2569 111th Avenue, Allegan, MI 49010
      View Details
    • $750,000
      6,072 SF

      Downtown Allegan Mixed-Use Building

      Redeveloped mixed-use building with retail and residential units.
      245 Hubbard Street, Allegan, MI 49010
      View Details
    • $184,900
      3,324 SF

      Mixed-Use Investment Opportunity in Allegan

      Mixed-use property with income in place in downtown Allegan.
      110 Locust Street, Allegan, MI 49010
      View Details
    • $169,900
      3,300 SF

      Mixed-Use Building in Downtown Allegan

      Redevelopment opportunity in a historic, walkable downtown district.
      106 Locust Street, Allegan, MI 49010
      View Details
    • $349,900
      6,600 SF

      Downtown Allegan Redevelopment Opportunity

      Two contiguous properties ideal for mixed-use redevelopment or commercial investment.
      110 106 Locust Street, Allegan, MI 49010
      View Details
    • $975,000
      19,200 SF

      Retail Center on Lincoln Road

      Retail center with development potential in Allegan, Michigan.
      1253 Lincoln Road, Allegan, MI 49010
      View Details
    • $205,000
      2,888 SF

      Allegan Warehouse on Lincoln Road

      2,888 SF warehouse on 0.791 acres, high visibility.
      1231 Lincoln Road, Allegan, MI 49010
      View Details
    • $840,000
      7,200 SF

      Fully Leased Retail Strip Center

      7,200 SF fully leased retail strip center for sale.
      633 Hooker Road, Allegan, MI 49010
      View Details
    • $400,000
      8,544 SF

      Industrial Warehouses on Lincoln Road

      Two industrial buildings on 0.972 acres with signage opportunity.
      1235.5 Lincoln Road, Allegan, MI 49010
      View Details

    FAQs

    What type of property is this?
    Grocery and convenience store - Long-established party store with licenses in a great location.
    Where is this grocery and convenience store located?
    The property is located at 231 Western Avenue Allegan, MI.
    What is the asking price?
    The asking price for this property is $349,900.
    What are key features of this property?
    This property features: Long established business; SDD (Specially Designated Distributor) license included; SDM (Specially Designated Merchant) license included
    (269) 686-8800
    We can help!
    Listing Contact
    James Freeman
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    231 Western Avenue, Allegan, MI 49010
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!