Mixed-Use Building with Creek
For Sale
$214,900
309 W Main Street, Kingsley, MI 49649
Commercial, Kingsley, MI
Property Size800 SF
Lot Size0.23 Acres
Price / SF$268.63
Days on Market51
Property Features for 309 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Vinyl, Brick, Stucco/Drivit
Lot features
Freestanding
Directions
One block west of the intersection of M-113/Main Street and Brownson Avenue/Garfield Road.
Subdivision
Grand Traverse
Standard status
Active
Size
800 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LOT 2 & E 1/2 OF LOT 3 BLK 4 VILLAGE OF PARADISE.
Tax Annual Amount
1356
Legal Description
LOT 2 & E 1/2 OF LOT 3 BLK 4 VILLAGE OF PARADISE.
Building Details
Building materials
Block, Frame
Roof type
Asphalt
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
Jeremy Fenske · License #6501453481
(906) 231-9017
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 20 at 11:06PM
MLS# 1947450
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 800-square-foot mixed-use property occupies a 0.23-acre parcel in Kingsley. The existing building combines vinyl, brick, and stucco/Drivit exterior elements with block and frame construction, topped by an asphalt roof. Its configuration supports several possible approaches, including a business with living space, an income-producing use, or a live-work arrangement.
The property includes 75 feet of frontage along M-113, where average daily traffic exceeds 6,600 vehicles. It is situated within the Kingsley Downtown Development Authority district 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.
The property includes 75 feet of frontage along M-113, where average daily traffic exceeds 6,600 vehicles. It is situated within the Kingsley Downtown Development Authority district 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.
Key Highlights
- 800‑square‑foot building on a 0.23‑acre parcel
- 75 feet of frontage along M‑113
- Average daily traffic exceeds 6,600 vehicles
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
3.99%
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 3.99%
Second Best
Mixed Use
$97.5K
$85.3K – $113.8K
NOI $6,825 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 5.66%
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 - DDA-located property with potential for business and living space.
Where is this mixed-use property located?
The property is located at 309 W Main Street Kingsley, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 800‑square‑foot building on a 0.23‑acre parcel; 75 feet of frontage along M‑113; Average daily traffic exceeds 6,600 vehicles
