Mixed-Use Commercial
For Sale
$499,900
25/29 S Greenville Road, Greenville, MI 48838
COMMERCIAL - Greenville, MI
Property Size3,000 SF
Lot Size2.00 Acres
Price / SF$166.63
Days on Market224
Property Features for 25/29 S Greenville Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Greenville
Middle school district
Greenville
High school district
Greenville
Directions
Head N on M-91, Location is on East side of road on corner of W Dickerson Lake Rd
Subdivision
Montcalm County - V
Standard status
Active
APN
014-003-009-00
Size
3,000 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
20 R E & W BY 16 R N & S IN NW COR OF NW FRL 1/4 SEC 3 T10N R8W. 2 A.
Tax Annual Amount
5673
Legal Description
20 R E & W BY 16 R N & S IN NW COR OF NW FRL 1/4 SEC 3 T10N R8W. 2 A.
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Well
Building Details
Year built
1970
Floors in Building
1
Number of units
3
Listing Agency:
Five Star Real Estate (Greenv)
(616) 835-1435
Listed By:
Tori L Ensing · License #6502426724
(616) 835-1435
Added: Jan 15
Changed: Aug 4
Last Checked: Aug 27 at 11:06AM
MLS# 26001856
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 mixed-use property includes a 3,000 square foot commercial building together with a 2,305 square foot home. The configuration also features a 5-stall detached garage, as well as an apartment above the commercial building, creating multiple distinct spaces within one site.
The property is described as being in a high-traffic location on a large corner lot, positioned between Greenville, Lakeview, and Stanton, with lakes only a few miles away.
The seller notes the property could be used as an investment by renting each unit separately. A land contract may be considered under special terms.
The property is described as being in a high-traffic location on a large corner lot, positioned between Greenville, Lakeview, and Stanton, with lakes only a few miles away.
The seller notes the property could be used as an investment by renting each unit separately. A land contract may be considered under special terms.
Key Highlights
- 3,000 SF commercial building as part of a mixed‑use property with an apartment above the commercial space
- Includes a 2,305 SF home on the same property
- 5‑stall detached garage provides additional parking or storage
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
$34,430
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
6.89%
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%
$688,600
$688.6K
Cap Rate 7%
$491,857
$491.9K
Cap Rate 9%
$382,556
$382.6K
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
$57.2K $19.08/SF
− Vacancy
−$11.3K −$3.78/SF
EGI
$45.9K $15.30/SF
− OpEx
−$11.5K −$3.83/SF
NOI
$34.4K $11.48/SF
Area
Montcalm County, MI
Vacancy
19.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
25.00%
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%
$688,600
Cap Rate 7%
$491,857
Cap Rate 9%
$382,556
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
Apartment 5plus
$33.02M
$28.89M – $38.53M
NOI $2,311,541 @ 7.0% cap · market cap 462.40%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
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 Office 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?
Live-work space - 3,000 sq. ft. commercial building plus a 2,305 sq. ft. home and 5-stall detached garage on a large corner lot.
Where is this live-work space 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 as part of a mixed‑use property with an apartment above the commercial space; Includes a 2,305 SF home on the same property; 5‑stall detached garage provides additional parking or storage
