Turnkey Pet Business
For Sale
$299,900
2389 N State Rd, Ionia, MI 48846
Established pet business for sale with real estate and equipment.
Property Size1,344 SF
Lot Size3.70 Acres
Price / SF$223.14
Days on Market151
Property Features for 2389 N State Rd
General Information
Standard status
Active
Size
1,344 SF
Lot size
3.70 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,319
Building Details
Year Built
1985
Units
2
Listing Agency:
Greenridge Realty Inc.
(616) 902-2235
Listed By:
Darin K Elliott
(616) 902-2235
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 Greenridge Realty Inc.
Investment Insights
Based on property information with market context.
This commercial property offers a prime location on High Traffic N State/M66. The 1344 sq ft structure includes 2 baths and can be used as a single or 2-unit property. A full basement with double mechanicals and washer/dryer areas provides versatile use. The property has been well cared for and features a newer metal roof. Situated on nearly 4 acres, the property includes a large fenced-in dog park area with electronic card reader access, suitable for daycare and training. Amenities include a central vacuum system, Generac generator, and surveillance system. The property is currently home to PARTICULAR PETS, a well-known business with over 50 years of operation. The sale includes all equipment, inventory, and real estate, representing a turnkey operation. The business has an established client base of 1000+, with 300 on 2-8 week rotations. The sale includes $30K+ in equipment. Natural gas and high-speed internet are available.
Key Highlights
- Turnkey business opportunity: Sale includes established pet business (Particular Pets) with equipment, inventory, and real estate
- Prime location on high‑traffic N State/M66
- Established client base: 1000+ clients with 300 on 2‑8 week rotations
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
$13,124
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
4.38%
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%
$262,480
$262.5K
Cap Rate 7%
$187,486
$187.5K
Cap Rate 9%
$145,822
$145.8K
Market Conditions
NOI Build-Up for 1,344 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
$20.2K $15.00/SF
− Vacancy
−$1.4K −$1.05/SF
EGI
$18.7K $13.95/SF
− OpEx
−$5.6K −$4.19/SF
NOI
$13.1K $9.76/SF
Area
Ionia County, MI
Vacancy
7.00%
Lease Rate
$15.00 /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%
$262,480
Cap Rate 7%
$187,486
Cap Rate 9%
$145,822
Alternative Uses
Best Use
Retail
$187.5K
$164.1K – $218.7K
NOI $13,124 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$256.1K
$224.1K – $298.8K
NOI $17,927 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48846, MI
22,470
Population
7,597
Households
3
Avg Household Size
38
Median Age
12%
College-Educated
88%
High-School Grad
110.6 sq mi
ZIP Area
203
Density / Sq Mi
$66,717
Median Household Income
$37,858
Median Earnings
$804
Median Rent
$172,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Horrocks Nursery Farms-Garden Center — 1776 N State Rd, Ionia, MI 48846
Frequently Asked Questions
What type of property is this?
Nursery and garden center - Established pet business for sale with real estate and equipment.
Where is this nursery and garden center located?
The property is located at 2389 N State Rd Ionia, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Turnkey business opportunity: Sale includes established pet business (Particular Pets) with equipment, inventory, and real estate; Prime location on high‑traffic N State/M66; Established client base: 1000+ clients with 300 on 2‑8 week rotations
