Historic Storefront with Central
For Sale
$118,000
253 W Monroe Street, Bangor, MI 49013
Commercial Sale, Bangor, MI
Property Size480 SF
Lot Size0.05 Acres
Price / SF$245.83
Days on Market97
Property Features for 253 W Monroe Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school
South Walnut Elementary School
Middle school
Bangor Middle School
High school
Bangor High School
Elementary school district
Bangor
Middle school district
Bangor
High school district
Bangor
Directions
Right next to City Hall
Standard status
Active
APN
80-54-603-006-50
Size
480 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
704 2-16 763-234 774-521 1122-552 1466-38 1475-214 1628-839 *** W 22 FT OF THE E 46 FT OF LOT 6 BLOCK 3 CROSS ADDITION.
Tax Annual Amount
1601
Legal Description
704 2-16 763-234 774-521 1122-552 1466-38 1475-214 1628-839 *** W 22 FT OF THE E 46 FT OF LOT 6 BLOCK 3 CROSS ADDITION.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1929
Number of units
1
Building materials
Brick
Roof type
Composition
Listing Agency:
eXp Realty LLC
(269) 600-4397
Listed By:
Chris Speer · License #6501418107
(269) 779-5031
Added: Jun 28
Changed: Aug 19
Last Checked: Oct 2 at 6:06PM
MLS# 26032537
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.
Built in 1929, this 480-square-foot brick storefront offers a compact commercial setting with a bathroom and broadband access. Its prior community-serving uses included office, arcade, jewelry retail, and barber shop operations, supporting a flexible format for retail, professional office, or service-based businesses.
The property includes forced-air heating, central air conditioning installed in 2022, a composition roof, and cable availability. Located at 253 W Monroe Street in Bangor, the building sits within the community’s downtown area and benefits from visibility along a route with steady traffic. Daily Amtrak service and access to South Haven and Kalamazoo are also noted in the property information.
The property includes forced-air heating, central air conditioning installed in 2022, a composition roof, and cable availability. Located at 253 W Monroe Street in Bangor, the building sits within the community’s downtown area and benefits from visibility along a route with steady traffic. Daily Amtrak service and access to South Haven and Kalamazoo are also noted in the property information.
Key Highlights
- 480 square feet of commercial building area
- Brick storefront constructed in 1929
- Central air and new furnace installed in 2022
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
$4,983
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
4.22%
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%
$99,660
$99.7K
Cap Rate 7%
$71,186
$71.2K
Cap Rate 9%
$55,367
$55.4K
Market Conditions
NOI Build-Up for 480 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
$7.4K $15.48/SF
− Vacancy
−$312 −$0.65/SF
EGI
$7.1K $14.83/SF
− OpEx
−$2.1K −$4.45/SF
NOI
$5.0K $10.38/SF
Area
Van Buren 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%
$99,660
Cap Rate 7%
$71,186
Cap Rate 9%
$55,367
Alternative Uses
Best Use
Retail
$71.2K
$62.3K – $83.1K
NOI $4,983 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.94M
$5.19M – $6.92M
NOI $415,458 @ 7.0% cap · market cap 352.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
35k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 46%
McDonald's
Dining
13,440 visits/mo
0.1 miles
Speedway
Shops & Services
7,265 visits/mo
0.1 miles
Dollar General
Shops & Services
6,441 visits/mo
0.2 miles
Shell
Shops & Services
5,158 visits/mo
0.5 miles
SUBWAY
Dining
2,844 visits/mo
0.2 miles
Demographics for 49013, MI
5,175
Population
2,045
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
80%
High-School Grad
57.0 sq mi
ZIP Area
91
Density / Sq Mi
$58,264
Median Household Income
$33,589
Median Earnings
$757
Median Rent
$140,100
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?
Storefront property - Brick commercial space suited to retail, professional office, or service-oriented use.
Where is this storefront property located?
The property is located at 253 W Monroe Street Bangor, MI.
What is the asking price?
The asking price for this property is $118,000.
What are key features of this property?
This property features: 480 square feet of commercial building area; Brick storefront constructed in 1929; Central air and new furnace installed in 2022
