Retail Salon
For Sale
Contact for pricing
4520 Lake Street, Bridgman, MI 49106
Turnkey 1,097 SF storefront suite with salon buildout, part of a two-unit building.
Property Size1,097 SF
Price / SF$177.76
Days on Market63
Property Features for 4520 Lake Street
General Information
Standard status
Active
Size
1,097 SF
Property subtype
Retail
Building Details
Year Built
1988
Year Renovated
2020
Buildings
1
Units
1
Listing Agency:
Evergreen Real Estate
(269) 369-4640
Listed By:
Kerry Wright · License #6506043362
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 9 at 3:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Evergreen Real Estate
Investment Insights
Based on property information with market context.
This for-sale retail space totals 1,097 square feet and is currently operated as Klippers Family Salon, supporting a ready-to-occupy commercial layout for a service-focused tenant. The unit is one of two in the building, offering a distinct, self-contained storefront suite within the property.
The property is located at 4520 Lake Street in Bridgman, Michigan. It benefits from its standalone storefront presence as part of a small two-unit building configuration, which can simplify planning for an operator who wants their own space without sharing the entire building with additional tenants.
For buyers and operators, the advantage of this offering is the existing in-place use as a hair service salon. Prospective tenants or owner-users should evaluate how the current salon layout aligns with their specific operational needs, while also considering the opportunity to position the space for another retail or service use suited to a dedicated storefront suite within a two-unit building.
The property is located at 4520 Lake Street in Bridgman, Michigan. It benefits from its standalone storefront presence as part of a small two-unit building configuration, which can simplify planning for an operator who wants their own space without sharing the entire building with additional tenants.
For buyers and operators, the advantage of this offering is the existing in-place use as a hair service salon. Prospective tenants or owner-users should evaluate how the current salon layout aligns with their specific operational needs, while also considering the opportunity to position the space for another retail or service use suited to a dedicated storefront suite within a two-unit building.
Key Highlights
- 1,097 SF storefront suite currently operated as Klippers Family Salon hair service
- Salon buildout included in the 1,097 SF space
- Unit is one of two units in the building
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
$11,388
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
5.84%
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%
$227,760
$227.8K
Cap Rate 7%
$162,686
$162.7K
Cap Rate 9%
$126,533
$126.5K
Market Conditions
NOI Build-Up for 1,097 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
$17.0K $15.48/SF
− Vacancy
−$713 −$0.65/SF
EGI
$16.3K $14.83/SF
− OpEx
−$4.9K −$4.45/SF
NOI
$11.4K $10.38/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$227,760
Cap Rate 7%
$162,686
Cap Rate 9%
$126,533
Alternative Uses
Best Use
Retail
$162.7K
$142.4K – $189.8K
NOI $11,388 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$230.8K
$202.0K – $269.3K
NOI $16,159 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
SUBWAY
Dining
3,841 visits/mo
0.5 miles
Pizza Hut
Dining
1,064 visits/mo
0.5 miles
Demographics for 49106, MI
4,822
Population
2,472
Households
2
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
14.7 sq mi
ZIP Area
328
Density / Sq Mi
$75,064
Median Household Income
$40,108
Median Earnings
$1,139
Median Rent
$243,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Turnkey 1,097 SF storefront suite with salon buildout, part of a two-unit building.
Where is this storefront property located?
The property is located at 4520 Lake Street Bridgman, MI.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 1,097 SF storefront suite currently operated as Klippers Family Salon hair service; Salon buildout included in the 1,097 SF space; Unit is one of two units in the building
