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    Downtown Allegan Mixed-Use Building Title is generated by Realmo AI

    245 Hubbard Street, Allegan, MI 49010

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    For Sale
    $750,000

    COMMERCIAL - Allegan, MI

    Type:Retail
    Property size:
    6,072 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $123/SF
    Added:
    Jan 21, 2026
    Days on Market:
    114
    Last Refresh:
    May 15 at 6:06 pm

    Property Features for 245 Hubbard Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    5
    Rooms
    Bathroom 4, Bathroom 5, Basement, Bathroom 3, Bathroom 2, Bathroom 1
    Parking
    2
    Interior features
    Broadband
    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

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Number of units
    4
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Benjamin M Otis

    Listing agent Benjamin M Otis License #6502390146

    Listing office Weichert REALTORS Plat Allegan 223 Hubbard, Allegan, MI

    Listing date Jan 21, 2026

    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.

    HighLights

    • Unrivaled enormous outdoor deck space with Kalamazoo River views.
    • Newly renovated residential units with stone countertops and stainless appliances.
    • Prime downtown Allegan location with high foot traffic and street visibility.
    • Versatile mixed‑use building suitable for investors or business owners.
    • Spacious ground‑floor retail/office space.
    • Easy access to local shops, restaurants, and community events.

    Overview

    Located in downtown Allegan, this redeveloped mixed-use building presents an opportunity for investors or business owners. The property includes ground-floor retail or office space featuring street visibility, large display windows, and foot traffic. The upper level contains renovated residential units equipped with stone countertops, stainless appliances, and fixtures. An outdoor deck offers views of the Kalamazoo River and local events. Ample parking is available nearby. The location provides access to shops, restaurants, and community events. The property is suitable for expanding a portfolio or starting a business in a downtown setting. The building has a total size of 6072 square feet and is situated on a 0.07-acre lot.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $700.4K
    NOI $63,033 @ 9.00% cap · cautious / downside scenario
    Moderate
    $900.5K
    NOI $63,033 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.26M
    NOI $63,033 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $94.0k $15.48
    − Vacancy −$3.9k −$0.65
    EGI $90.0k $14.83
    − OpEx −$27.0k −$4.45
    NOI $63.0k $10.38
    6,072 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $900.5K
    $787.9K – $1.05M (±1% cap)
    NOI $63,033 @ 7.0% cap · market cap 8.40%
    Second Best
    Apartment 5plus
    $556.7K
    $487.1K – $649.4K (±1% cap)
    NOI $38,966 @ 7.0% cap · market cap 5.20%
    Theoretical Best
    Hotel Hospitality
    $57.02M
    $49.89M – $66.53M (±1% cap)
    NOI $3,991,565 @ 7.0% cap · market cap 532.21%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Transnation Title Agency ... Title Company

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Allegan
    County
    Allegan
    State
    Michigan
    Longitude
    -85.850945
    Latitude
    42.527524

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    FAQs

    What type of property is this?
    Mixed-use property - Redeveloped mixed-use building with retail and residential units.
    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: Unrivaled enormous outdoor deck space with Kalamazoo River views.; Newly renovated residential units with stone countertops and stainless appliances.; Prime downtown Allegan location with high foot traffic and street visibility.
    (616) 275-2998
    We can help!
    Listing Contact
    Benjamin M Otis
    Real Estate License ID: 6502390146
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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