Retail Space with Full
For Sale
$299,900
2389 N State Road, Ionia, MI 48846
COMMERCIAL - Ionia, MI
Property Size1,344 SF
Lot Size3.70 Acres
Price / SF$223.14
Days on Market416
Property Features for 2389 N State Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Parking
20
Interior features
Broadband
Elementary school district
Ionia
Middle school district
Ionia
High school district
Ionia
Directions
M66/N State Rd. North of Ionia 2 Miles to property.
Subdivision
Grand Rapids - G
Standard status
Active
APN
34-051-001-000-095-22
Size
1,344 SF
Lot size
3.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM 290 FT S OF E 1/4 COR OF SEC, TH S 275 FT, W 581 FT, N 275 FT, E 581 FT TO POB. SEC 1-7-7
Tax Annual Amount
2319
Legal Description
COM 290 FT S OF E 1/4 COR OF SEC, TH S 275 FT, W 581 FT, N 275 FT, E 581 FT TO POB. SEC 1-7-7
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Amenities
Natural Gas
High-Speed Internet
Central Vac System
Generac Generator
surveillance system
dog park area with Electronic Card Reader access
Building Details
Year built
1985
Floors in Building
1
Number of units
2
Building materials
Vinyl Siding
Roof type
Metal
Listing Agency:
Greenridge Realty (Ionia)
(616) 527-3720
Listed By:
Darin K Elliott
(616) 902-2235
Added: Jul 2, 2025
Changed: Aug 4
Last Checked: Aug 21 at 1:06AM
MLS# 25032145
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 1,344-square-foot retail property offers a flexible layout that can function as one commercial unit or be divided into two. The building includes two bathrooms, a full basement, double mechanical systems, and designated washer and dryer areas. Vinyl siding, forced-air heating, central air, and a newer metal roof are among the existing improvements. Additional features include a Generac generator, central vacuum system, surveillance equipment, broadband access, and a well with septic service.
The property encompasses 3.7 acres along N State Road near M66 in Ionia. The grounds include a large fenced dog park with electronic card-reader access, expanding the site's existing commercial functionality. Cable service is available, and natural gas is identified among the property features.
The property encompasses 3.7 acres along N State Road near M66 in Ionia. The grounds include a large fenced dog park with electronic card-reader access, expanding the site's existing commercial functionality. Cable service is available, and natural gas is identified among the property features.
Key Highlights
- 1,344 SF building configured for use as one unit or two
- 3.7‑acre property along N State Road near M66
- Full basement with double mechanicals and washer/dryer areas
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
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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Frequently Asked Questions
What type of property is this?
Retail space - Flexible single- or two-unit configuration with two bathrooms, central air, and a newer metal roof.
Where is this retail space located?
The property is located at 2389 N State Road 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: 1,344 SF building configured for use as one unit or two; 3.7‑acre property along N State Road near M66; Full basement with double mechanicals and washer/dryer areas
