Diner With Pole
For Sale
$399,900
938 Doster Rd, Plainwell, MI 49080
Established diner with kitchen equipment, a separate pole barn, and land across from Pine Lake.
Property Size3,450 SF
Lot Size3.00 Acres
Price / SF$115.91
Days on Market13
Property Features for 938 Doster Rd
General Information
Standard status
Active
Size
3,450 SF
Lot size
3.00 Acres
Property subtype
Industrial
Additional Details
Business Included
Yes
Amenities
3
Composition
1001334
Building Details
Year Built
1950
Listing Agency:
Jaqua, REALTORS
(269) 303-0709
Listed By:
Amy Hamilton · License #6501343755
(269) 303-0709
Source:
Xome
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 10 at 3:26AM
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 Jaqua, REALTORS
Investment Insights
Based on property information with market context.
This established diner property includes a 3,450-square-foot restaurant building and a separate pole barn on 3 acres. Major kitchen equipment is included, providing existing restaurant infrastructure for continued operation or a revised concept. The building dates to 1950.
The property is located at 938 Doster Rd in Plainwell, Michigan, directly across from Pine Lake. The additional barn provides separate enclosed space associated with the property, while the acreage offers room for outdoor uses or future plans, subject to applicable approvals.
The property is located at 938 Doster Rd in Plainwell, Michigan, directly across from Pine Lake. The additional barn provides separate enclosed space associated with the property, while the acreage offers room for outdoor uses or future plans, subject to applicable approvals.
Key Highlights
- 3,450‑square‑foot diner building
- Separate pole barn included with the property
- 3 acres of land
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
$16,133
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
4.03%
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%
$322,660
$322.7K
Cap Rate 7%
$230,471
$230.5K
Cap Rate 9%
$179,256
$179.3K
Market Conditions
NOI Build-Up for 3,450 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
$23.7K $6.88/SF
− Vacancy
−$688 −$0.20/SF
EGI
$23.0K $6.68/SF
− OpEx
−$6.9K −$2.00/SF
NOI
$16.1K $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%
$322,660
Cap Rate 7%
$230,471
Cap Rate 9%
$179,256
Alternative Uses
Best Use
Specialty Retail
$548.2K
$479.7K – $639.5K
NOI $38,372 @ 7.0% cap · market cap 9.60%
Second Best
Industrial
$230.5K
$201.7K – $268.9K
NOI $16,133 @ 7.0% cap · market cap 4.03%
Theoretical Best
Hotel Hospitality
$32.40M
$28.35M – $37.80M
NOI $2,267,935 @ 7.0% cap · market cap 567.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pine Lake Diner, LLC — 938 Doster Rd, Plainwell, MI 49080
Frequently Asked Questions
What type of property is this?
Breakfast & diner - Established diner with kitchen equipment, a separate pole barn, and land across from Pine Lake.
Where is this breakfast & diner located?
The property is located at 938 Doster Rd Plainwell, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 3,450‑square‑foot diner building; Separate pole barn included with the property; 3 acres of land
