Mixed-Use Property with Detached
For Sale
$499,900
25/29 S Greenville Road, Greenville, MI 48838
Includes a commercial building, home, and 5-stall detached garage on a large corner lot.
Property Size3,000 SF
Days on Market34
Property Features for 25/29 S Greenville Road
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Commercial
Zoning
commercial
Taxes and HOA fees
Annual Taxes
$5,673
Building Details
Building Size
3,000 SF
Year Built
1970
Buildings
3
Stories
1
Units
3
Listing Agency:
Five Star Real Estate (Greenv)
(616) 835-1435
Listed By:
Tori L Ensing · License #6502426724
Source:
Irishhillsfivestarhomes
Added: Jul 21
Changed: Aug 23
Last Checked: Aug 22 at 1:58PM
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 Five Star Real Estate (Greenv)
Investment Insights
Based on property information with market context.
This mixed-use property includes a 3,000-square-foot commercial building, a 2,305-square-foot home, and a 5-stall detached garage. The commercial building supports an apartment above it, creating multiple income or use options within the same asset.
The property sits on a large corner lot in a high-traffic area, positioned between Greenville, Lakeview and Stanton. It is also described as only a few miles from lakes.
For sale with the seller considering land contract terms under special conditions, the setup allows for renting each unit separately, depending on the buyer’s intended use. Schedule your showing to review the layout and possibilities on site.
The property sits on a large corner lot in a high-traffic area, positioned between Greenville, Lakeview and Stanton. It is also described as only a few miles from lakes.
For sale with the seller considering land contract terms under special conditions, the setup allows for renting each unit separately, depending on the buyer’s intended use. Schedule your showing to review the layout and possibilities on site.
Key Highlights
- 3,000 SF commercial building plus a 2,305 SF home
- 5‑stall detached garage included
- Mixed‑use setup: home, commercial building, and an apartment above the commercial building
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
$31,143
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
6.23%
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%
$622,860
$622.9K
Cap Rate 7%
$444,900
$444.9K
Cap Rate 9%
$346,033
$346.0K
Market Conditions
NOI Build-Up for 3,000 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
$46.4K $15.48/SF
− Vacancy
−$2.0K −$0.65/SF
EGI
$44.5K $14.83/SF
− OpEx
−$13.3K −$4.45/SF
NOI
$31.1K $10.38/SF
Area
Montcalm 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%
$622,860
Cap Rate 7%
$444,900
Cap Rate 9%
$346,033
Alternative Uses
Best Use
Mixed Use
$37.07M
$32.44M – $43.25M
NOI $2,594,891 @ 7.0% cap · market cap 519.08%
Second Best
Retail
$444.9K
$389.3K – $519.1K
NOI $31,143 @ 7.0% cap · market cap 6.23%
Theoretical Best
Self Storage
$41.52M
$36.33M – $48.44M
NOI $2,906,278 @ 7.0% cap · market cap 581.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 48838, MI
18,801
Population
7,461
Households
2.5
Avg Household Size
40
Median Age
19%
College-Educated
90%
High-School Grad
93.1 sq mi
ZIP Area
202
Density / Sq Mi
$66,126
Median Household Income
$36,802
Median Earnings
$910
Median Rent
$190,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a commercial building, home, and 5-stall detached garage on a large corner lot.
Where is this mixed-use property located?
The property is located at 25/29 S Greenville Road Greenville, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,000 SF commercial building plus a 2,305 SF home; 5‑stall detached garage included; Mixed‑use setup: home, commercial building, and an apartment above the commercial building
