Mixed-Use Building with
For Sale
$424,900
88 N Main Street NE, Cedar Springs, MI 49319
Commercial Sale, Cedar Springs, MI
Property Size3,916 SF
Lot Size0.06 Acres
Price / SF$108.50
Days on Market50
Property Features for 88 N Main Street NE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
B-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Cedar Springs
Middle school district
Cedar Springs
High school district
Cedar Springs
Standard status
Active
APN
41-03-30-308-002
Size
3,916 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
PART OF LOTS 2 & 3 COM 18 FT N OF SW COR OF LOT 2 TH E 132 FT TH S 18 FT TH W 32 FT TH S 4 FT TH W 100 FT TH N 22 FT TO
Tax Annual Amount
8467
Legal Description
PART OF LOTS 2 & 3 COM 18 FT N OF SW COR OF LOT 2 TH E 132 FT TH S 18 FT TH W 32 FT TH S 4 FT TH W 100 FT TH N 22 FT TO
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Number of units
2
Building materials
Block, Vinyl Siding, Brick
Roof type
Rubber
Listing Agency:
Keller Williams GR North · Keller Williams Realty
(616) 447-9100
Listed By:
Roger Ackerman · License #6501295615
(810) 423-9296
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 14 at 2:06PM
MLS# 26038715
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 3916-square-foot mixed-use building combines street-level retail with a three-bedroom apartment above. The residential unit has been totally renovated, while the commercial portion features a complete buildout and metered electrical service. Building improvements include a rubber roof, vinyl siding, brick and block construction, forced-air heating, and central air conditioning. The property dates to 1900 and occupies 0.06 acres.
The building is located at 88 N Main Street NE in downtown Cedar Springs, Michigan. The lower-level commercial space is leased on an NNN basis, with 8 years remaining on a 10-year lease. The upper residence provides a distinct second-use component within the same property, creating a straightforward combination of retail and residential space.
The building is located at 88 N Main Street NE in downtown Cedar Springs, Michigan. The lower-level commercial space is leased on an NNN basis, with 8 years remaining on a 10-year lease. The upper residence provides a distinct second-use component within the same property, creating a straightforward combination of retail and residential space.
Key Highlights
- 3916 square feet on 0.06 acres
- Street‑level retail with a 3 bedroom upper‑level apartment
- Upper apartment has been totally renovated
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
$37,085
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
8.73%
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%
$741,700
$741.7K
Cap Rate 7%
$529,786
$529.8K
Cap Rate 9%
$412,056
$412.1K
Market Conditions
NOI Build-Up for 3,916 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
$71.4K $18.24/SF
− Vacancy
−$4.0K −$1.02/SF
EGI
$67.4K $17.22/SF
− OpEx
−$30.3K −$7.75/SF
NOI
$37.1K $9.47/SF
Area
Kent County, MI
Vacancy
5.60%
Lease Rate
$18.24 /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%
$741,700
Cap Rate 7%
$529,786
Cap Rate 9%
$412,056
Alternative Uses
Best Use
Mixed Use
$643.8K
$563.3K – $751.1K
NOI $45,064 @ 7.0% cap · market cap 10.61%
Second Best
Retail
$580.7K
$508.2K – $677.5K
NOI $40,652 @ 7.0% cap · market cap 9.57%
Theoretical Best
Office A
$700.4K
$612.9K – $817.1K
NOI $49,028 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 49319, MI
17,391
Population
7,150
Households
2.4
Avg Household Size
38
Median Age
20%
College-Educated
94%
High-School Grad
86.4 sq mi
ZIP Area
201
Density / Sq Mi
$78,247
Median Household Income
$44,041
Median Earnings
$1,060
Median Rent
$247,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated upper-level three-bedroom apartment complements a fully built-out commercial space.
Where is this mixed-use property located?
The property is located at 88 N Main Street NE Cedar Springs, MI.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 3916 square feet on 0.06 acres; Street‑level retail with a 3 bedroom upper‑level apartment; Upper apartment has been totally renovated
