Grocery and Convenience Store with
For Sale
$649,000
278 W Maple Street, Muir, MI 48860
COMMERCIAL - Muir, MI
Property Size1,800 SF
Lot Size3.34 Acres
Price / SF$360.56
Days on Market132
Property Features for 278 W Maple Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Ionia
Middle school district
Ionia
High school district
Ionia
Directions
Buildings are located on M-21, in Muir.
Standard status
Active
APN
082-900-000-295-00
Size
1,800 SF
Lot size
3.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lengthy legal
Tax Annual Amount
8619
Legal Description
Lengthy legal
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
walk-in freezers
walk-in refrigerators
loading dock
heated shop
Building Details
Year built
1980
Number of units
1
Building materials
Metal Siding
Roof type
Rubber
Listing Agency:
Five Star Real Estate (Ada)
(616) 425-7600
Listed By:
Deborah Thornton
(616) 318-1684
Added: Apr 12
Changed: Aug 4
Last Checked: Aug 21 at 9:06AM
MLS# 26016481
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 1,800-square-foot commercial property sits on 3.34 acres and includes walk-in freezers and refrigerators, two bathrooms, and a loading dock. The 1980-built structure features metal siding, a rubber roof, forced-air heat, and central air conditioning.
A separate maintenance building adds a heated shop with three overhead doors. The property also includes parking and is located at 278 W Maple Street in Muir, Michigan. Some restrictions apply.
A separate maintenance building adds a heated shop with three overhead doors. The property also includes parking and is located at 278 W Maple Street in Muir, Michigan. Some restrictions apply.
Key Highlights
- 1,800‑square‑foot commercial building on 3.34 acres
- Walk‑in freezers and refrigerators included
- Loading dock positioned at the rear of the property
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
$24,009
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
3.70%
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%
$480,180
$480.2K
Cap Rate 7%
$342,986
$343.0K
Cap Rate 9%
$266,767
$266.8K
Market Conditions
NOI Build-Up for 1,800 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
$34.1K $18.96/SF
− Vacancy
−$2.1K −$1.18/SF
EGI
$32.0K $17.78/SF
− OpEx
−$8.0K −$4.45/SF
NOI
$24.0K $13.34/SF
Area
Ionia County, MI
Vacancy
6.20%
Lease Rate
$18.96 /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%
$480,180
Cap Rate 7%
$342,986
Cap Rate 9%
$266,767
Alternative Uses
Best Use
Specialty Retail
$343.0K
$300.1K – $400.2K
NOI $24,009 @ 7.0% cap · market cap 3.70%
Second Best
Retail
$251.1K
$219.7K – $293.0K
NOI $17,577 @ 7.0% cap · market cap 2.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,245 visits/mo
0.1 miles
Demographics for 48860, MI
1,309
Population
517
Households
2.5
Avg Household Size
39
Median Age
6%
College-Educated
94%
High-School Grad
28.2 sq mi
ZIP Area
46
Density / Sq Mi
$58,750
Median Household Income
$41,759
Median Earnings
$771
Median Rent
$162,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - The property includes loading access, parking, and a separate maintenance building with heated shop space.
Where is this grocery and convenience store located?
The property is located at 278 W Maple Street Muir, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 1,800‑square‑foot commercial building on 3.34 acres; Walk‑in freezers and refrigerators included; Loading dock positioned at the rear of the property
