Corner Storefront
For Sale
$950,000
558 Water St, Allegan, MI 49010
CBD-zoned retail building with dual-street access, pylon signage, and on-site parking.
Property Size6,458 SF
Lot Size1.45 Acres
Price / SF$147.10
Days on Market273
Property Features for 558 Water St
General Information
Standard status
Active
Size
6,458 SF
Lot size
1.45 Acres
Property subtype
Retail
Zoning
CBD
Site & Location
Corner Location
Yes
Pylon Signage
Yes
Road Access
Yes
Amenities
Waterfront
Building Details
Buildings
1
Listing Agency:
Advantage Commercial Real Estate
(248) 892-2634
Listed By:
Cody Smith · License #6501294153
(248) 892-2634
Source:
Carwm.resimplifi
Added: Nov 30, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:03PM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This 6,458-square-foot storefront property includes a former Ace Hardware retail building and a partial basement. The 1.45-acre site is positioned at the intersection of Water Street and Monroe Street, with vehicle access from both roads. A pylon sign and on-site parking support customer access and property identification. Zoned CBD, the property is located in downtown Allegan near Village Market, Shell, Schaendorf Brewing Co., Perrigo Outlet Store, and Pizza Hut. Its existing retail improvements, basement area, corner position, and established surrounding commercial activity provide a practical base for continued retail use or redevelopment.
Key Highlights
- 6,458 SF former Ace Hardware retail building with partial basement
- 1.45‑acre site at Water Street and Monroe Street
- CBD zoning
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
$67,040
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
7.06%
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%
$1,340,800
$1.3M
Cap Rate 7%
$957,714
$957.7K
Cap Rate 9%
$744,889
$744.9K
Market Conditions
NOI Build-Up for 6,458 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
$100.0K $15.48/SF
− Vacancy
−$4.2K −$0.65/SF
EGI
$95.8K $14.83/SF
− OpEx
−$28.7K −$4.45/SF
NOI
$67.0K $10.38/SF
Area
Allegan 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%
$1,340,800
Cap Rate 7%
$957,714
Cap Rate 9%
$744,889
Alternative Uses
Best Use
Retail
$957.7K
$838.0K – $1.12M
NOI $67,040 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$60.65M
$53.07M – $70.76M
NOI $4,245,311 @ 7.0% cap · market cap 446.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
14k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 17%
Home Improvements & Furnishings 2%
Shell
Shops & Services
5,401 visits/mo
0.1 miles
Sunoco
Shops & Services
3,211 visits/mo
0.3 miles
Huntington Bank
Shops & Services
2,722 visits/mo
0.1 miles
Pizza Hut
Dining
2,431 visits/mo
0.1 miles
Andy's Ace Hardware
Home Improvements & Furnishings
219 visits/mo
0.1 miles
Demographics for 49010, MI
18,183
Population
7,222
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
93%
High-School Grad
156.6 sq mi
ZIP Area
116
Density / Sq Mi
$72,361
Median Household Income
$42,133
Median Earnings
$1,061
Median Rent
$204,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Allegan Floral and Gifts — 118 Locust St Suite 101, Allegan, MI 49010
- Design By DeLong LLC — 118 Locust St Suite 102, Allegan, MI 49010
Frequently Asked Questions
What type of property is this?
Storefront property - CBD-zoned retail building with dual-street access, pylon signage, and on-site parking.
Where is this storefront property located?
The property is located at 558 Water St Allegan, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 6,458 SF former Ace Hardware retail building with partial basement; 1.45‑acre site at Water Street and Monroe Street; CBD zoning
