Updated Storefront Commercial
For Sale
$350,000
301 W Michigan Avenue, Paw Paw, MI 49079
Commercial storefront with updated roof, heating and air, interior and exterior painting, and on-site parking.
Property Size2,869 SF
Price / SF$121.99
Days on Market305
Property Features for 301 W Michigan Avenue
General Information
Standard status
Active
Size
2,869 SF
Total Parking Spaces
20
Property subtype
Business Opportunities
Amenities
3
Composition
132215
Building Details
Year Built
1958
Listing Agency:
Evenboer Walton, REALTORS
(269) 598-2059
Listed By:
Julie Soudek · License #6501284849
(269) 598-2059
Source:
Xome
Added: Oct 9, 2025
Changed: Aug 8
Last Checked: Aug 9 at 5:08AM
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 Evenboer Walton, REALTORS
Investment Insights
Based on property information with market context.
The 2,869-square-foot commercial storefront was built in 1958 and has received updates to the roof, heating and air, and interior and exterior painting within the last couple years. The property is described for grocery, deli, retail, and potential party store use, with senior living residents’ apartments. Up to 20+ parking spaces support the property.
Located on West Michigan Avenue in Paw Paw, the storefront is near surrounding homes and businesses, as well as new homes and apartments in Paw Paw Village. The remarks also identify the corridor as the Red Arrow Highway.
Located on West Michigan Avenue in Paw Paw, the storefront is near surrounding homes and businesses, as well as new homes and apartments in Paw Paw Village. The remarks also identify the corridor as the Red Arrow Highway.
Key Highlights
- 2,869 SQ FT commercial storefront
- Built in 1958 with updates to the roof, heating and air, and interior and exterior painting
- Up to 20+ parking spaces
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
$29,783
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
8.51%
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%
$595,660
$595.7K
Cap Rate 7%
$425,471
$425.5K
Cap Rate 9%
$330,922
$330.9K
Market Conditions
NOI Build-Up for 2,869 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
$44.4K $15.48/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$42.5K $14.83/SF
− OpEx
−$12.8K −$4.45/SF
NOI
$29.8K $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%
$595,660
Cap Rate 7%
$425,471
Cap Rate 9%
$330,922
Alternative Uses
Best Use
Specialty Retail
$474.1K
$414.8K – $553.1K
NOI $33,185 @ 7.0% cap · market cap 9.48%
Second Best
Retail
$425.5K
$372.3K – $496.4K
NOI $29,783 @ 7.0% cap · market cap 8.51%
Theoretical Best
Multifamily LT 5
$35.47M
$31.04M – $41.39M
NOI $2,483,229 @ 7.0% cap · market cap 709.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
23k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Shops & Services 48%
Electronics 3%
BIGGBY COFFEE
Dining
11,260 visits/mo
0.5 miles
Marathon Petroleum
Shops & Services
5,423 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
2,770 visits/mo
0.5 miles
Huntington Bank
Shops & Services
2,477 visits/mo
0.5 miles
Verizon
Electronics
760 visits/mo
0.5 miles
Demographics for 49079, MI
13,766
Population
6,019
Households
2.3
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
83.4 sq mi
ZIP Area
165
Density / Sq Mi
$72,119
Median Household Income
$41,376
Median Earnings
$841
Median Rent
$214,600
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?
Storefront property - Commercial storefront with updated roof, heating and air, interior and exterior painting, and on-site parking.
Where is this storefront property located?
The property is located at 301 W Michigan Avenue Paw Paw, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,869 SQ FT commercial storefront; Built in 1958 with updates to the roof, heating and air, and interior and exterior painting; Up to 20+ parking spaces
