Retail Space with CBD
For Sale
$185,000
302 W Superior Street, Wayland, MI 49348
Grandfathered non-conforming residential use remains possible alongside the property's commercial positioning.
Property Size864 SF
Lot Size0.28 Acres
Price / SF$214.12
Days on Market17
Property Features for 302 W Superior Street
General Information
Standard status
Active
Size
864 SF
Lot size
0.28 Acres
Property subtype
Commercial
Zoning
CBD
Taxes and HOA fees
Annual Taxes
$2,565
Building Details
Building Size
864 SF
Year Built
1910
Units
1
Listing Agency:
Greenridge Realty (EGR)
(616) 458-3655
Listed By:
Lisa M Stewart
(616) 540-7132
Source:
Housewant
Added: Oct 13
Changed: Oct 27
Last Checked: Oct 27 at 4:22AM
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 Greenridge Realty (EGR)
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Investment Insights
Based on property information with market context.
This retail property at 302 W Superior Street in downtown Wayland was built in 1910 and has been updated. The site measures 0.28 acres and carries CBD zoning.
Grandfathered non-conforming residential use remains possible, including use as a single-family home or rental property.
Grandfathered non-conforming residential use remains possible, including use as a single-family home or rental property.
Key Highlights
- CBD‑zoned retail property in downtown Wayland
- 0.28‑acre lot
- Built in 1910 and updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,610
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$192,200
$192.2K
Cap Rate 7%
$137,286
$137.3K
Cap Rate 9%
$106,778
$106.8K
Market Conditions
NOI Build-Up for 864 SF
Gross rent
$13.4K $15.48/SF
− Vacancy
−$562 −$0.65/SF
EGI
$12.8K $14.83/SF
− OpEx
−$3.2K −$3.71/SF
NOI
$9.6K $11.12/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$192,200
Cap Rate 7%
$137,286
Cap Rate 9%
$106,778
Alternative Uses
Best Use
Specialty Retail
$137.3K
$120.1K – $160.2K
NOI $9,610 @ 7.0% cap · market cap 5.19%
Second Best
Retail
$128.1K
$112.1K – $149.5K
NOI $8,969 @ 7.0% cap · market cap 4.85%
Theoretical Best
Hotel Hospitality
$8.11M
$7.10M – $9.47M
NOI $567,970 @ 7.0% cap · market cap 307.01%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 49348, MI
14,989
Population
5,629
Households
2.7
Avg Household Size
36
Median Age
23%
College-Educated
94%
High-School Grad
65.7 sq mi
ZIP Area
228
Density / Sq Mi
$79,267
Median Household Income
$41,955
Median Earnings
$1,123
Median Rent
$247,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Grandfathered non-conforming residential use remains possible alongside the property's commercial positioning.
Where is this retail space located?
The property is located at 302 W Superior Street Wayland, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: CBD‑zoned retail property in downtown Wayland; 0.28‑acre lot; Built in 1910 and updated
