Mixed-Use Building with Creek
For Sale
$229,000
309 Main Street, Kingsley, MI 49649
The existing building offers a configuration for business use with second-floor living.
Property Size800 SF
Price / SF$286.25
Days on Market51
Property Features for 309 Main Street
General Information
Standard status
Active
Size
800 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,356
Amenities
3
75x132
Building Details
Year Built
1952
Buildings
1
Listing Agency:
REMAX Bayshore - West Shore Dr TC
(231) 941-4500
Listed By:
Jeremy Fenske · License #6501453481
Source:
Xome
Added: Jun 30
Changed: Aug 18
Last Checked: Aug 19 at 5:40AM
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 REMAX Bayshore - West Shore Dr TC
Investment Insights
Based on property information with market context.
This mixed-use property includes an existing building constructed in 1952, with potential for a commercial operation paired with second-floor living. The configuration can also accommodate a creative live-work concept or an income-producing investment, subject to the buyer’s plans and applicable requirements.
The property has 75 feet of frontage along M-113 and records average daily traffic of more than 6,600 vehicles. It is within the Kingsley DDA and backs onto Kingsley Creek and Kingsley Veterans Park. Kingsley Community Schools are one block away, while Traverse City is approximately 20 minutes from the property. Located at 309 Main Street in Kingsley, the site places business and residential-use possibilities within the village’s commercial district.
The property has 75 feet of frontage along M-113 and records average daily traffic of more than 6,600 vehicles. It is within the Kingsley DDA and backs onto Kingsley Creek and Kingsley Veterans Park. Kingsley Community Schools are one block away, while Traverse City is approximately 20 minutes from the property. Located at 309 Main Street in Kingsley, the site places business and residential-use possibilities within the village’s commercial district.
Key Highlights
- 75 feet of frontage on M‑113
- Average daily traffic counts exceed 6,600 vehicles
- Within the Kingsley Downtown Development Authority
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
$8,568
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
3.74%
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%
$171,360
$171.4K
Cap Rate 7%
$122,400
$122.4K
Cap Rate 9%
$95,200
$95.2K
Market Conditions
NOI Build-Up for 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
$13.4K $16.80/SF
− Vacancy
−$2.0K −$2.52/SF
EGI
$11.4K $14.28/SF
− OpEx
−$2.9K −$3.57/SF
NOI
$8.6K $10.71/SF
Area
Grand Traverse County, MI
Vacancy
15.00%
Lease Rate
$16.80 /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%
$171,360
Cap Rate 7%
$122,400
Cap Rate 9%
$95,200
Alternative Uses
Best Use
Office B
$122.4K
$107.1K – $142.8K
NOI $8,568 @ 7.0% cap · market cap 3.74%
Second Best
Mixed Use
$97.5K
$85.3K – $113.8K
NOI $6,825 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 49649, MI
6,919
Population
2,639
Households
2.6
Avg Household Size
38
Median Age
24%
College-Educated
93%
High-School Grad
110.5 sq mi
ZIP Area
63
Density / Sq Mi
$73,021
Median Household Income
$37,001
Median Earnings
$1,041
Median Rent
$246,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The existing building offers a configuration for business use with second-floor living.
Where is this mixed-use property located?
The property is located at 309 Main Street Kingsley, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 75 feet of frontage on M‑113; Average daily traffic counts exceed 6,600 vehicles; Within the Kingsley Downtown Development Authority
