Mixed-Use Building with Retail and
For Sale
$700,000
405 W Main Street, Ionia, MI 48846
COMMERCIAL - Ionia, MI
Property Size11,386 SF
Lot Size0.21 Acres
Price / SF$61.48
Days on Market94
Property Features for 405 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bathroom 3, Bathroom 1, Bathroom 6, Bathroom 4, Bathroom 2
Interior features
Broadband
Elementary school district
Ionia
Middle school district
Ionia
High school district
Ionia
Directions
Dexter St to Main St
Standard status
Active
APN
201-050-000-355-00
Size
11,386 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF IONIA ORIGINAL TOWN LOT 43 AND E 2FT OF LOT 42
Tax Annual Amount
10485
Legal Description
CITY OF IONIA ORIGINAL TOWN LOT 43 AND E 2FT OF LOT 42
Utilities
Heating system
Baseboard
Cooling system
Central Air
Building Details
Year built
1890
Floors in Building
2
Number of units
7
Building materials
Brick
Roof type
Composition
Listing Agency:
KW Rivertown Hoppough · Keller Williams Realty
(616) 523-4300
Listed By:
Cathy A Hoppough · License #6502365936
(616) 915-2890
Added: Apr 30
Changed: Jul 25
Last Checked: Aug 1 at 1:06AM
MLS# 26018942
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.
The Stevenson Building at 405 W Main Street in Ionia is a mixed-use property offering both residential and retail income. The second floor has five apartments that are currently leased. At street level, there are two retail spaces.
Recent improvements include a new roof. The third floor provides additional opportunity, with space that could be reconfigured to create four loft-style apartments, subject to necessary approvals and scope.
The property totals 11,386 square feet and sits on a 0.21-acre lot. Available for sale at $700,000.
Recent improvements include a new roof. The third floor provides additional opportunity, with space that could be reconfigured to create four loft-style apartments, subject to necessary approvals and scope.
The property totals 11,386 square feet and sits on a 0.21-acre lot. Available for sale at $700,000.
Key Highlights
- Iconic red brick Stevenson Building in historic downtown Ionia, featuring mixed‑use space with residential units and retail storefronts
- Second floor has five apartments, all currently leased
- Street level includes two retail spaces
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.5k | $9.00 |
| − Vacancy | −$4.6k | −$0.41 |
| EGI | $97.9k | $8.59 |
| − OpEx | −$44.0k | −$3.87 |
| NOI | $53.8k | $4.73 |
11,386 SF · lease $9.00/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$1.65M
$1.44M – $1.92M
NOI $115,283 @ 7.0% cap · market cap 16.47%
Second Best
Retail
$1.59M
$1.39M – $1.85M
NOI $111,184 @ 7.0% cap · market cap 15.88%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,871 @ 7.0% cap · market cap 21.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 48846, MI
22,470
Population
7,597
Households
3
Avg Household Size
38
Median Age
12%
College-Educated
88%
High-School Grad
110.6 sq mi
ZIP Area
203
Density / Sq Mi
$66,717
Median Household Income
$37,858
Median Earnings
$804
Median Rent
$172,300
Median Home Value
Market
Properties on Market for Mixed-use properties in Ionia County
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use building with street-level retail and five leased apartments on the second floor.
Where is this mixed-use property located?
The property is located at 405 W Main Street Ionia, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Iconic red brick Stevenson Building in historic downtown Ionia, featuring mixed‑use space with residential units and retail storefronts; Second floor has five apartments, all currently leased; Street level includes two retail spaces
