Updated Retail
For Sale
$350,000
301 W Michigan Avenue, Paw Paw, MI 49079
Visible commercial building with recent roof, HVAC, and interior and exterior painting improvements.
Property Size2,869 SF
Price / SF$121.99
Days on Market338
Property Features for 301 W Michigan Avenue
General Information
Standard status
Active
Size
2,869 SF
Property subtype
Business Opportunities
Amenities
3
Composition
132215
Building Details
Year Built
1958
Listing Agency:
Evenboer Walton, REALTORS
(269) 324-4852
Listed By:
Julie Soudek · License #6501284849
(269) 598-2059
Source:
Xome
Added: Oct 8, 2025
Changed: Sep 9
Last Checked: Sep 9 at 3:01PM
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.
This 2,869-square-foot storefront property was built in 1958 and has received several recent improvements, including a new roof, heating and air-conditioning work, and interior and exterior painting. The building offers a practical commercial setting for retail-oriented use.
Located on West Michigan Avenue, also identified as Red Arrow Highway, the property benefits from visibility along a commercial corridor. Homes, apartments, and other businesses are located in the surrounding area, including new residential development within walking distance. More than 20 parking spaces are available on site.
Located on West Michigan Avenue, also identified as Red Arrow Highway, the property benefits from visibility along a commercial corridor. Homes, apartments, and other businesses are located in the surrounding area, including new residential development within walking distance. More than 20 parking spaces are available on site.
Key Highlights
- 2,869 SF storefront property
- More than 20 on‑site parking spaces
- Recent roof improvements
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
83k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 23%
Groceries 10%
Electronics 1%
Dollar Tree
Shops & Services
12,594 visits/mo
0.0 miles
BIGGBY COFFEE
Dining
11,260 visits/mo
0.3 miles
Save-A-Lot
Groceries
8,495 visits/mo
0.0 miles
Dollar General
Shops & Services
7,871 visits/mo
0.3 miles
Speedway
Shops & Services
7,371 visits/mo
0.4 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
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
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Frequently Asked Questions
What type of property is this?
Storefront property - Visible commercial building with recent roof, HVAC, and interior and exterior painting improvements.
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 SF storefront property; More than 20 on‑site parking spaces; Recent roof improvements
