Redeveloped Mixed-Use
For Sale
$750,000
245 Hubbard Street, Allegan, MI 49010
Commercial Sale, Allegan, MI
Property Size6,072 SF
Lot Size0.07 Acres
Price / SF$123.52
Days on Market248
Property Features for 245 Hubbard Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C-1 CBD
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Basement, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 5
Parking
2
Interior features
Broadband
Elementary school district
Allegan
Middle school district
Allegan
High school district
Allegan
Directions
FromM-222, continue onto to Grand Street, Grand turns slightly and becomes Monroe Street. Turn left onto Chestnut Street. Turn left onto Hubbard.
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
03-51-305-047-00
Size
6,072 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
THE NLY 65.5 FT OF WLY 1/2 LOT 298 & ALSO NLY 65.5' OF ELY 18.5' LOT 299 ORIGINAL PLAT SEC 28 T2N R13W TAX MAP: 0.06 AC
Tax Annual Amount
9406
Legal Description
THE NLY 65.5 FT OF WLY 1/2 LOT 298 & ALSO NLY 65.5' OF ELY 18.5' LOT 299 ORIGINAL PLAT SEC 28 T2N R13W TAX MAP: 0.06 AC
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
enormous outdoor deck
Building Details
Year built
1900
Number of units
4
Building materials
Brick
Roof type
Rubber
Listing Agency:
Weichert REALTORS Plat Allegan
(269) 512-6290
Listed By:
Benjamin M Otis · License #6506045561
(616) 275-2998
Added: Jan 21
Changed: Sep 12
Last Checked: Sep 26 at 3:06AM
MLS# 26002654
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 6072-square-foot mixed-use building combines commercial and residential space within a recently redeveloped property. The ground floor provides retail or office space with large display windows and street exposure, while the upper level contains newly renovated residential units featuring stone countertops, stainless appliances, and upgraded fixtures. An expansive outdoor deck overlooks the Kalamazoo River and supports views of downtown events.
The property occupies a 0.07-acre site at 245 Hubbard Street in downtown Allegan, near local shops, restaurants, and community events. Nearby parking is available. Building features include brick construction, a rubber roof, forced-air heating, central air conditioning, broadband, cable availability, and a basement. The structure was built in 1900.
The property occupies a 0.07-acre site at 245 Hubbard Street in downtown Allegan, near local shops, restaurants, and community events. Nearby parking is available. Building features include brick construction, a rubber roof, forced-air heating, central air conditioning, broadband, cable availability, and a basement. The structure was built in 1900.
Key Highlights
- 6072‑square‑foot mixed‑use building on a 0.07‑acre site
- Ground‑floor retail or office space with large display windows
- Newly renovated residential units with stone countertops and stainless appliances
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
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Ground-floor commercial space pairs with renovated residential units and an outdoor deck.
Where is this mixed-use property located?
The property is located at 245 Hubbard Street 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: 6072‑square‑foot mixed‑use building on a 0.07‑acre site; Ground‑floor retail or office space with large display windows; Newly renovated residential units with stone countertops and stainless appliances
