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 Market105
Property Features for 405 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 5
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: Aug 4
Last Checked: Aug 12 at 12:06AM
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
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
$53,824
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
7.69%
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%
$1,076,480
$1.1M
Cap Rate 7%
$768,914
$768.9K
Cap Rate 9%
$598,044
$598.0K
Market Conditions
NOI Build-Up for 11,386 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
$102.5K $9.00/SF
− Vacancy
−$4.6K −$0.41/SF
EGI
$97.9K $8.59/SF
− OpEx
−$44.0K −$3.87/SF
NOI
$53.8K $4.73/SF
Area
Ionia County, MI
Vacancy
4.50%
Lease Rate
$9.00 /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%
$1,076,480
Cap Rate 7%
$768,914
Cap Rate 9%
$598,044
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
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
