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    502 State St Hastings, MI 49058

    Sponsored
    For Sale
    $349,000

    3 Unit Apartment - Zoned as Mixed Use PUD 502 W. State Street, Hastings MI

    Property size:
    2,278 SF

    Property Features for 502 State St

    General Information

    Property type
    Live-work space
    Investment Type
    value-add
    Square Feet
    2,278 SF
    Class
    B
    Total Parking Spaces
    8
    Elevators
    No
    Net Rentable
    2,278 SF
    Lot Size
    8,712 SF
    Occupancy
    100%
    Net Operating Income
    $31,280

    Building Details

    Year Built/Renovated
    1900/2024
    Buildings
    2
    Stories
    2
    Units
    3

    Overview

    Hastings Mixed-Use Investment Opportunity

    Located in Hastings, Michigan, this property at 502 W. State Street features a three-unit apartment building with mixed-use zoning, suitable for apartment, commercial, and office use. The property is currently fully leased to three tenants, including two one-bedroom units and one two-bedroom unit, providing immediate rental income. The flexible zoning allows for potential conversion into a boutique office or creative studio. Recent updates include two new hot water heaters, two new showers, two new range ovens, and two new refrigerators. The property is situated near downtown Hastings, with proximity to local establishments such as Walldorff Brewpub & Bistro and Seasonal Grille, as well as the Barry County Courthouse. Daily conveniences are easily accessible with Family Fare Supermarket and Walgreens nearby. Recreational opportunities include the Thornapple River Walk and Tyden Park, both located within blocks of the property. Unit #1, a two-bedroom apartment, rents for $1200 per month plus $200 for utilities and features central air. Unit #2, a large studio, rents for $950 per month plus $200 for utilities. Unit #3, a one-bedroom upstairs unit, rents for $950 per month plus $200 for utilities. Monthly utilities average $250, and water averages $75 per month. The lot size is 0.2 acres, and the property size is 2278 units.

    We can help!

    Listing Contact
    David Elwood
    David Elwood

    Learn more

    Property Insight Report

    HighLights

    • 3 current tenants. Multiple listing under different categories (Residential, Commercial and Multifamily) unit #1 2 bedroom $1200/mo plus $200 utilities "central air" ; unit #2 large studio $950/mo plus $200 utilities unit #3 1 bedroom upstairs $950/ mo plus $200 utilities monthly utilities average $250 a month water average $ 75.00 month 2 new hot water heaters 2 new showers 2 new ovens 2 new refrigerators
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bercier Family Chiropractic: ... Alternative Medicine Practice Bercier Danielle DC Alternative Medicine Practice Robert Bercier D.C. ... Alternative Medicine Practice Bercier Family Chiropractic Alternative Medicine Practice

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Hastings
    State
    Michigan
    Longitude
    -85.2957364
    Latitude
    42.6486718

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    FAQs

    What type of property is this?
    Live-work space - 3 Unit Apartment - Zoned as Mixed Use PUD 502 W. State Street, Hastings MI
    Where is this live-work space located?
    The property is located at 502 State St Hastings, MI.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: 3 current tenants. Multiple listing under different categories (Residential, Commercial and Multifamily) unit #1 2 bedroom $1200/mo plus $200 utilities "central air" ; unit #2 large studio $950/mo plus $200 utilities unit #3 1 bedroom upstairs $950/ mo plus $200 utilities monthly utilities average $250 a month water average $ 75.00 month 2 new hot water heaters 2 new showers 2 new ovens 2 new refrigerators
    (248) 923-4334
    Request Owner's contact information
    502 State St Hastings, MI 49058
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    Hastings, MI 49058
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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.

    More about this property
    502 State St Hastings, MI 49058
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    We can help!
    Listing Contact
    David Elwood
    David Elwood
    (248) 923-4334
    Learn more
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