Retail Storefront
For Sale
Contact for pricing
4524 Lake Street, Bridgman, MI 49106
Standalone 1,737-square-foot retail storefront suite in a two-unit building, suited for apparel and similar uses.
Property Size1,737 SF
Price / SF$141.05
Days on Market73
Property Features for 4524 Lake Street
General Information
Standard status
Active
Size
1,737 SF
Property subtype
Retail
Building Details
Year Built
1988
Year Renovated
2020
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Evergreen Real Estate
(269) 369-4640
Listed By:
Kerry Wright · License #6506043362
Source:
Crexi
Added: Jun 10
Changed: Aug 14
Last Checked: Aug 18 at 9:41PM
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 offering is a 1,737-square-foot retail storefront suite currently operating as a clotheshorse consignment clothing shop. The unit is one of two in the building, providing independent space within a shared property configuration. The sale presents an opportunity to acquire an operating retail space ready for continuation or re-tenanting.
The property is located at 4524 Lake Street in Bridgman, Michigan. As a storefront unit within a two-unit building, it is designed for direct customer access and everyday retail use, with the surrounding context supported by the provided address information.
For tenants, buyers, and operators, the layout is aligned with apparel-related retail given the unit’s current use, though it can also support other neighborhood retail concepts depending on business needs. Since this is the sale of the individual unit within a two-unit structure, it may appeal to an owner-operator or investor seeking a defined retail space rather than acquiring the entire building. For context on the full property, the seller notes a separate listing covers the purchase of the entire building, including both units.
The property is located at 4524 Lake Street in Bridgman, Michigan. As a storefront unit within a two-unit building, it is designed for direct customer access and everyday retail use, with the surrounding context supported by the provided address information.
For tenants, buyers, and operators, the layout is aligned with apparel-related retail given the unit’s current use, though it can also support other neighborhood retail concepts depending on business needs. Since this is the sale of the individual unit within a two-unit structure, it may appeal to an owner-operator or investor seeking a defined retail space rather than acquiring the entire building. For context on the full property, the seller notes a separate listing covers the purchase of the entire building, including both units.
Key Highlights
- 1,737 sq ft standalone retail storefront suite in a two‑unit building
- Currently used as a clotheshorse consignment clothing unit
- Year built: 1988
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
$18,032
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
7.36%
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%
$360,640
$360.6K
Cap Rate 7%
$257,600
$257.6K
Cap Rate 9%
$200,356
$200.4K
Market Conditions
NOI Build-Up for 1,737 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
$26.9K $15.48/SF
− Vacancy
−$1.1K −$0.65/SF
EGI
$25.8K $14.83/SF
− OpEx
−$7.7K −$4.45/SF
NOI
$18.0K $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%
$360,640
Cap Rate 7%
$257,600
Cap Rate 9%
$200,356
Alternative Uses
Best Use
Retail
$257.6K
$225.4K – $300.5K
NOI $18,032 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$365.5K
$319.8K – $426.4K
NOI $25,586 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 73%
Dining 27%
Speedway
Shops & Services
5,565 visits/mo
0.4 miles
Dollar General
Shops & Services
4,317 visits/mo
0.5 miles
SUBWAY
Dining
3,841 visits/mo
0.1 miles
United Federal Credit Union
Shops & Services
2,261 visits/mo
0.1 miles
Super Wash
Shops & Services
1,340 visits/mo
0.2 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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Frequently Asked Questions
What type of property is this?
Retail space - Standalone 1,737-square-foot retail storefront suite in a two-unit building, suited for apparel and similar uses.
Where is this retail space located?
The property is located at 4524 Lake Street Bridgman, MI.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 1,737 sq ft standalone retail storefront suite in a two‑unit building; Currently used as a clotheshorse consignment clothing unit; Year built: 1988
