Historic Mixed-Use
For Sale
$299,000
675 10TH ST, Plainwell, MI 49080
Brick commercial structure on acreage with C-2 General Business zoning near Plainwell.
Property Size5,000 SF
Price / SF$59.80
Days on Market87
Property Features for 675 10TH ST
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Business Opportunities
Zoning
C-2
Amenities
3
Composition
Building Details
Year Built
1838
Construction
triple brick
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 342-5600
Listed By:
Mark DeLavern · License #6501288825
(269) 998-4833
Source:
Xome
Added: Jun 16
Changed: Sep 9
Last Checked: Sep 9 at 4:04PM
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 Berkshire Hathaway HomeServices MI
Investment Insights
Based on property information with market context.
This mixed-use property includes a historic brick structure dating to 1838, with triple-brick construction in the original portion and later additions. The building was previously used as the Red Brick Inn and later as Sam’s Joint, reflecting a long-standing commercial history. Interior areas include bathrooms, office areas, conference rooms, and showroom space as identified in the existing plans.
The property encompasses over 5 acres at 675 10th St in Gunplain Township, just outside Plainwell city limits. C-2 General Business zoning supports a commercial setting, and the site has been considered for warehouse, storage, retail, service, and essential-service uses. The property was formerly zoned residential.
The property encompasses over 5 acres at 675 10th St in Gunplain Township, just outside Plainwell city limits. C-2 General Business zoning supports a commercial setting, and the site has been considered for warehouse, storage, retail, service, and essential-service uses. The property was formerly zoned residential.
Key Highlights
- Over 5 acres in Gunplain Township
- C‑2 General Business zoning
- Historic brick structure dating to 1838
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
$23,382
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
7.82%
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%
$467,640
$467.6K
Cap Rate 7%
$334,029
$334.0K
Cap Rate 9%
$259,800
$259.8K
Market Conditions
NOI Build-Up for 5,000 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
$34.4K $6.88/SF
− Vacancy
−$998 −$0.20/SF
EGI
$33.4K $6.68/SF
− OpEx
−$10.0K −$2.00/SF
NOI
$23.4K $4.68/SF
Area
Allegan County, MI
Vacancy
2.90%
Lease Rate
$6.88 /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%
$467,640
Cap Rate 7%
$334,029
Cap Rate 9%
$259,800
Alternative Uses
Best Use
Industrial
$334.0K
$292.3K – $389.7K
NOI $23,382 @ 7.0% cap · market cap 7.82%
Second Best
Mixed Use
$276.1K
$241.6K – $322.2K
NOI $19,329 @ 7.0% cap · market cap 6.46%
Theoretical Best
Hotel Hospitality
$46.96M
$41.09M – $54.78M
NOI $3,286,862 @ 7.0% cap · market cap 1,099.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 49080, MI
15,994
Population
6,582
Households
2.4
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
77.4 sq mi
ZIP Area
207
Density / Sq Mi
$75,250
Median Household Income
$42,775
Median Earnings
$982
Median Rent
$234,400
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial structure on acreage with C-2 General Business zoning near Plainwell.
Where is this mixed-use property located?
The property is located at 675 10TH ST Plainwell, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Over 5 acres in Gunplain Township; C‑2 General Business zoning; Historic brick structure dating to 1838
