Mixed-Use Property with Multiple
For Sale
$400,000
314 & 316 Western Avenue, Allegan, MI 49010
Commercial Sale, Allegan, MI
Property Size5,610 SF
Lot Size0.80 Acres
Price / SF$71.30
Days on Market194
Property Features for 314 & 316 Western Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Allegan
Middle school district
Allegan
High school district
Allegan
Directions
M89 as Western Ave to subject property
Standard status
Active
APN
03-51-170-076-00
Size
5,610 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lengthy Legal. See Documents.
Tax Annual Amount
7197
Legal Description
Lengthy Legal. See Documents.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1908
Floors in Building
2
Number of units
4
Listing Agency:
Weichert REALTORS Plat Allegan
(269) 512-6290
Listed By:
Benjamin M Otis · License #6506045561
(616) 275-2998
Added: Mar 23
Changed: Sep 12
Last Checked: Oct 2 at 2:06PM
MLS# 26011301
Copyright © 2026 Michigan Regional Information Center, LLC. 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 mixed-use property includes multiple buildings totaling 5,610 square feet on 0.8 acres across four city lots. One building was most recently occupied by a large-scale service and distribution company, while another is currently configured as a multifamily rental with a history of long-term tenancy. The property was built in 1908 and includes forced-air heating, broadband, cable availability, and four bathrooms.
Located at 314 & 316 Western Avenue in Allegan, Michigan, the site offers a combination of commercial and residential components within one property. Its existing building arrangement supports continued mixed-use ownership, subject to applicable approvals and operating requirements.
Located at 314 & 316 Western Avenue in Allegan, Michigan, the site offers a combination of commercial and residential components within one property. Its existing building arrangement supports continued mixed-use ownership, subject to applicable approvals and operating requirements.
Key Highlights
- 5,610 square feet across multiple buildings
- 0.8‑acre property spanning 4 city lots
- Multifamily rental building with long‑term tenant history
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
$36,001
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
9.00%
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%
$720,020
$720.0K
Cap Rate 7%
$514,300
$514.3K
Cap Rate 9%
$400,011
$400.0K
Market Conditions
NOI Build-Up for 5,610 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
$69.3K $12.36/SF
− Vacancy
−$3.9K −$0.69/SF
EGI
$65.5K $11.67/SF
− OpEx
−$29.5K −$5.25/SF
NOI
$36.0K $6.42/SF
Area
Allegan County, MI
Vacancy
5.60%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
45.00%
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%
$720,020
Cap Rate 7%
$514,300
Cap Rate 9%
$400,011
Alternative Uses
Best Use
Office B
$882.9K
$772.5K – $1.03M
NOI $61,802 @ 7.0% cap · market cap 15.45%
Second Best
Apartment 5plus
$514.3K
$450.0K – $600.0K
NOI $36,001 @ 7.0% cap · market cap 9.00%
Theoretical Best
Hotel Hospitality
$52.68M
$46.10M – $61.46M
NOI $3,687,859 @ 7.0% cap · market cap 921.96%
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
176
Businesses Nearby
Explore this area
Business Placement
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Separate buildings support commercial space and an established multifamily rental use.
Where is this mixed-use property located?
The property is located at 314 & 316 Western Avenue Allegan, MI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 5,610 square feet across multiple buildings; 0.8‑acre property spanning 4 city lots; Multifamily rental building with long‑term tenant history
