Historic Mixed-Use Townhouse
For Sale
$425,000
721 E Bridge Street, Plainwell, MI 49080
Commercial Sale, Plainwell, MI
Property Size5,142 SF
Lot Size0.15 Acres
Price / SF$82.65
Days on Market368
Property Features for 721 E Bridge Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bathroom 4, Bathroom 1, Basement
Interior features
Broadband
Elementary school district
Plainwell
Middle school district
Plainwell
High school district
Plainwell
Directions
M-89 east out of downtown Plainwell on north side of road next to Olde Mill restaurant
Subdivision
Greater Kalamazoo - K
Standard status
Active
APN
03-55-270-028-10
Size
5,142 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
see attached
Tax Annual Amount
4633
Legal Description
see attached
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
in-unit laundry
rooftop patio
private patio
Building Details
Year built
1890
Floors in Building
3
Number of units
4
Building materials
Wood Siding
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 673-3030
Listed By:
Cheri S Schulz · License #6502136063
(269) 720-4735
Added: Aug 26, 2025
Changed: Aug 25
Last Checked: Aug 28 at 5:06AM
MLS# 25050663
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property comprises a historic grainery converted into a 3-unit townhouse building with 5142 square feet on 0.15 acres. Constructed in 1890, the property retains original architectural elements and includes wood siding, a metal roof, forced-air heating, central air, broadband, and cable availability. The two upper-level townhouses each feature two bedrooms, 1 1/2 baths, in-unit laundry, and rooftop patio access. The main-level unit includes a commercial configuration with a 1/2 bath or a residential layout with finished lower-level space, kitchen, full bath, laundry, private patio, and potential for two bedrooms with modifications.
A historic caboose on the property has also been used as a rental or commercial unit. The property includes an additional parcel and has documented rental history. Its location is in Plainwell, Michigan, in Allegan County.
A historic caboose on the property has also been used as a rental or commercial unit. The property includes an additional parcel and has documented rental history. Its location is in Plainwell, Michigan, in Allegan County.
Key Highlights
- 5142 square feet on 0.15 acres
- 3‑unit townhouse building converted from an 1890 grainery
- Two upper‑level units with 2 bedrooms, 1 1/2 baths, laundry, and rooftop patio access
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
$32,998
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
7.76%
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%
$659,960
$660.0K
Cap Rate 7%
$471,400
$471.4K
Cap Rate 9%
$366,644
$366.6K
Market Conditions
NOI Build-Up for 5,142 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
$63.6K $12.36/SF
− Vacancy
−$3.6K −$0.69/SF
EGI
$60.0K $11.67/SF
− OpEx
−$27.0K −$5.25/SF
NOI
$33.0K $6.42/SF
Area
Allegan County, MI
Vacancy
5.60%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
45.00%
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%
$659,960
Cap Rate 7%
$471,400
Cap Rate 9%
$366,644
Alternative Uses
Best Use
Apartment 5plus
$471.4K
$412.5K – $550.0K
NOI $32,998 @ 7.0% cap · market cap 7.76%
Second Best
Mixed Use
$284.0K
$248.5K – $331.3K
NOI $19,877 @ 7.0% cap · market cap 4.68%
Theoretical Best
Hotel Hospitality
$48.29M
$42.25M – $56.34M
NOI $3,380,209 @ 7.0% cap · market cap 795.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
319
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Original architectural elements support flexible residential and commercial configurations across the converted grainery building.
Where is this mixed-use property located?
The property is located at 721 E Bridge Street Plainwell, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 5142 square feet on 0.15 acres; 3‑unit townhouse building converted from an 1890 grainery; Two upper‑level units with 2 bedrooms, 1 1/2 baths, laundry, and rooftop patio access
