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    Historic Mixed-Use Retail & Apartments Title is generated by Realmo AI

    439 Butler Street, Saugatuck, MI 49453

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    Claim this Listing
    For Sale
    Under Contract
    $2,225,000

    COMMERCIAL - Saugatuck, MI

    Type:Retail
    Property size:
    9,176 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $242/SF
    Added:
    Oct 15, 2024
    Days on Market:
    599
    Last Refresh:
    Jun 5 at 9:06 am

    Property Features for 439 Butler Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    6
    Rooms
    Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Basement, Bathroom 1, Bathroom 6
    Parking
    10
    Interior features
    Broadband
    Standard status
    Active Under Contract
    APN
    0357-300-064-00
    Size
    9,176 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    S 30 FT OF N 88 FT OF LOTS 63 & 64 KALAMAZOO PLAT. TAX MAP: 0.09 AC
    Tax Annual Amount
    45062

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air, Space Heater
    Cooling system
    Central Air

    Building Details

    Year built
    1904
    Number of units
    9
    Building materials
    Wood Siding, Brick
    Roof type
    Metal, Rubber

    We can help!

    Listing Contact
    Elizabeth Ann Engel
    Elizabeth Ann Engel

    Listing agent Elizabeth Ann Engel License #6502381359

    Listing office CENTURY 21 Affiliated 62 W Center St., P.O. Box 1044, Douglas, MI

    Listing date Oct 15, 2024

    MLS# 24054366

    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.

    HighLights

    • Historic 2‑story brick building (built 1904) in downtown Saugatuck on Butler Street
    • Mix of 3 residential rentals upstairs and 5 commercial rentals on the main level
    • Upstairs residential units: one with fireplace plus 2 bdr/2 bths; one with 1 bdr/1 bth; one with fireplace and sliders to a private 30x30 deck
    • Main‑level commercial spaces converted to separate shops/businesses with separate heat and air
    • Decorative interior features include maple floors and decorative tin ceilings
    • Full basement plus ample parking, cable available, central air, and metal/rubber roof

    Overview

    Beautiful brick, two-story historic building in downtown Saugatuck with maple floors, decorative tin ceilings, a full basement, and ample parking. The property is arranged with three unique residential rentals upstairs, each supported by newer mechanics. The residential units include a fireplace-bearing unit with two bedrooms and two baths, a second unit with one bedroom and one bath, and a third unit with one bedroom and one bath featuring a fireplace and sliders to a private 30x30 deck. The main level includes five established commercial rentals that have been set up as distinct shops and businesses, with separate heat and air for each unit and a common bath shared among the commercial spaces.

    Located on Butler Street, the property offers visibility along a well-known commercial corridor. It is just a block from the Kalamazoo River and positioned next to city parks, providing an open setting that supports storefront presence.

    This configuration is well-suited for an investor or owner-operator seeking a mixed-use income stream with both residential and retail components in one building. Separate climate control for the commercial spaces and dedicated living units upstairs can help reduce tenancy friction while maintaining flexibility for future commercial tenant mix and residential occupancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Satya Yoga Gym & Fitness Center The Butler Pantry Home Decor Store Back to the Fuchsia (Bike/Boat/Book/etc) Store In The Elements Rental & Bike ... Cycling Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Saugatuck
    County
    Allegan
    State
    Michigan
    Longitude
    -86.203946
    Latitude
    42.658009

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    FAQs

    What type of property is this?
    Triplex - Brick, two-story building with upstairs rentals and multiple main-level commercial spaces, plus ample parking.
    Where is this triplex located?
    The property is located at 439 Butler Street Saugatuck, MI.
    What is the asking price?
    The asking price for this property is $2,225,000.
    What are key features of this property?
    This property features: Historic 2‑story brick building (built 1904) in downtown Saugatuck on Butler Street; Mix of 3 residential rentals upstairs and 5 commercial rentals on the main level; Upstairs residential units: one with fireplace plus 2 bdr/2 bths; one with 1 bdr/1 bth; one with fireplace and sliders to a private 30x30 deck
    (616) 836-7171
    We can help!
    Listing Contact
    Elizabeth Ann Engel
    Elizabeth Ann Engel
    Real Estate License ID: 6502381359
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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