Short-Term Rental Property Near
For Sale
$175,000
2380 S Patterson Road, Shelbyville, MI 49344
Commercial Sale, Shelbyville, MI
Property Size1,782 SF
Lot Size0.24 Acres
Price / SF$98.20
Days on Market173
Property Features for 2380 S Patterson Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
multi-use
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
12
Elementary school district
Martin
Middle school district
Martin
High school district
Martin
Directions
From U.S. 131 take 124th street exit to the east. The building address is at the corner of S. Patterson and 124th
Standard status
Active
APN
15-500-026-00
Size
1,782 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
15-500-026-00
Tax Annual Amount
1500
Legal Description
15-500-026-00
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Wall Unit(s)
Water source
Private
Water front features
Lake
Water front
1
Building Details
Year built
2001
Number of units
4
Building materials
Wood Siding, Metal Siding
Roof type
Metal
Listing Agency:
Northern Star Real Estate
Listed By:
John C Brown
(616) 886-2434
Added: Apr 7
Changed: Sep 7
Last Checked: Sep 26 at 3:06AM
MLS# 26013840
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 1,782-square-foot short-term rental property was built in 2001 and sits on a 0.24-acre parcel. The building has wood and metal siding, a metal roof, forced-air heating, wall-unit cooling, and one bathroom. Natural gas is available, and the property uses a private water source.
The property is located across S Patterson Road from the Gun Lake launch site and boat launch. Township approval for short-term rental use is in place. The property is offered in its existing condition.
The property is located across S Patterson Road from the Gun Lake launch site and boat launch. Township approval for short-term rental use is in place. The property is offered in its existing condition.
Key Highlights
- 1,782‑square‑foot building on a 0.24‑acre parcel
- Across from the Gun Lake launch site and boat launch
- Township approval for short‑term rental use
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
$11,436
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
6.53%
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%
$228,720
$228.7K
Cap Rate 7%
$163,371
$163.4K
Cap Rate 9%
$127,067
$127.1K
Market Conditions
NOI Build-Up for 1,782 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
$22.0K $12.36/SF
− Vacancy
−$1.2K −$0.69/SF
EGI
$20.8K $11.67/SF
− OpEx
−$9.4K −$5.25/SF
NOI
$11.4K $6.42/SF
Area
Allegan County, MI
Vacancy
5.60%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
45.00%
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%
$228,720
Cap Rate 7%
$163,371
Cap Rate 9%
$127,067
Alternative Uses
Best Use
Apartment 5plus
$163.4K
$143.0K – $190.6K
NOI $11,436 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$16.73M
$14.64M – $19.52M
NOI $1,171,438 @ 7.0% cap · market cap 669.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 49344, MI
3,847
Population
2,101
Households
1.8
Avg Household Size
45
Median Age
14%
College-Educated
91%
High-School Grad
31.0 sq mi
ZIP Area
124
Density / Sq Mi
$76,420
Median Household Income
$39,596
Median Earnings
$1,289
Median Rent
$272,900
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Township approval supports short-term rental use across from the Gun Lake launch site.
Where is this short term rental property located?
The property is located at 2380 S Patterson Road Shelbyville, MI.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,782‑square‑foot building on a 0.24‑acre parcel; Across from the Gun Lake launch site and boat launch; Township approval for short‑term rental use
