Mixed-Use Building with
For Sale
$750,000
245 Hubbard St, Allegan, MI 49010
Redeveloped property combines commercial space with renovated residential units and a substantial outdoor deck.
Property Size6,072 SF
Price / SF$123.52
Days on Market339
Property Features for 245 Hubbard St
General Information
Standard status
Active
Size
6,072 SF
Property subtype
Commercial
Amenities
large display windows
enormous outdoor deck space
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Weichert REALTORS Plat Allegan
(616) 275-2998
Listed By:
Benjamin M Otis · License #6506045561
Source:
Vmrealestatemichigan
Added: Sep 25, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:34AM
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 Weichert REALTORS Plat Allegan
Investment Insights
Based on property information with market context.
Located at 245 Hubbard Street in downtown Allegan, this mixed-use property combines ground-floor commercial space with residential units above. The lower level is configured for retail or office use and includes large display windows facing the street. The upper units have been newly renovated with stone countertops, stainless appliances, and high-end fixtures.
An outdoor deck extends the property’s amenity package, with views toward the Kalamazoo River and visibility to local concerts and fireworks shows. Parking is available nearby, while shops, restaurants, and community events are within the downtown setting. The building dates to 1900 and has undergone redevelopment.
An outdoor deck extends the property’s amenity package, with views toward the Kalamazoo River and visibility to local concerts and fireworks shows. Parking is available nearby, while shops, restaurants, and community events are within the downtown setting. The building dates to 1900 and has undergone redevelopment.
Key Highlights
- Ground‑floor space supports retail or office use
- Upper residential units feature stone countertops, stainless appliances, and high‑end fixtures
- Outdoor deck provides views toward the Kalamazoo River
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
$63,033
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
8.40%
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%
$1,260,660
$1.3M
Cap Rate 7%
$900,471
$900.5K
Cap Rate 9%
$700,367
$700.4K
Market Conditions
NOI Build-Up for 6,072 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
$94.0K $15.48/SF
− Vacancy
−$3.9K −$0.65/SF
EGI
$90.0K $14.83/SF
− OpEx
−$27.0K −$4.45/SF
NOI
$63.0K $10.38/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$1,260,660
Cap Rate 7%
$900,471
Cap Rate 9%
$700,367
Alternative Uses
Best Use
Retail
$900.5K
$787.9K – $1.05M
NOI $63,033 @ 7.0% cap · market cap 8.40%
Second Best
Apartment 5plus
$556.7K
$487.1K – $649.4K
NOI $38,966 @ 7.0% cap · market cap 5.20%
Theoretical Best
Hotel Hospitality
$57.02M
$49.89M – $66.53M
NOI $3,991,565 @ 7.0% cap · market cap 532.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
14k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 17%
Home Improvements & Furnishings 2%
Shell
Shops & Services
5,401 visits/mo
0.3 miles
Sunoco
Shops & Services
3,211 visits/mo
0.2 miles
Huntington Bank
Shops & Services
2,722 visits/mo
0.1 miles
Pizza Hut
Dining
2,431 visits/mo
0.2 miles
Andy's Ace Hardware
Home Improvements & Furnishings
219 visits/mo
0.3 miles
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
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?
Mixed-use property - Redeveloped property combines commercial space with renovated residential units and a substantial outdoor deck.
Where is this mixed-use property located?
The property is located at 245 Hubbard St Allegan, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Ground‑floor space supports retail or office use; Upper residential units feature stone countertops, stainless appliances, and high‑end fixtures; Outdoor deck provides views toward the Kalamazoo River
