Mixed-Use Building With Commercial
New
For Sale
$589,000
94 N Union Street, Sparta, MI 49345
Updated commercial space combines a ground-floor cafe and artisan store with additional upper-floor business space.
Property Size6,327 SF
Price / SF$93.09
Days on Market3
Property Features for 94 N Union Street
General Information
Standard status
Active
Size
6,327 SF
Total Parking Spaces
20
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,052
Amenities
commercial kitchen
state certified lift
Building Details
Building Size
6,327 SF
Year Built
1928
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Abandoned
No
Listing Agency:
United Realty Services LLC
(616) 965-2304
Listed By:
Chris Botruff
Source:
Eliterealtymi
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 2:52AM
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 United Realty Services LLC
Investment Insights
Based on property information with market context.
This 6,327-square-foot mixed-use property occupies three updated, finished floors in a building constructed in 1928. The ground level includes the Hot Spot Cafe and artisan store, both conveyed with the sale, along with a new commercial kitchen and a state-certified lift. The exterior has also been updated, while the second and third floors provide additional space for business expansion or separate occupancy. The upper floors are not ADA compliant.
Located at 94 N Union Street in Sparta, the building faces the civic center and sits between two parks, with views toward downtown. The property is positioned within an event-oriented downtown setting, where community activities draw visitors near the building. Additional space may be available for lease to accommodate multiple businesses.
Located at 94 N Union Street in Sparta, the building faces the civic center and sits between two parks, with views toward downtown. The property is positioned within an event-oriented downtown setting, where community activities draw visitors near the building. Additional space may be available for lease to accommodate multiple businesses.
Key Highlights
- 6,327 square feet across 3 updated, finished floors
- Ground floor includes Hot Spot Cafe and artisan store
- New commercial kitchen included with the property
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
$29,587
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
5.02%
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%
$591,740
$591.7K
Cap Rate 7%
$422,671
$422.7K
Cap Rate 9%
$328,744
$328.7K
Market Conditions
NOI Build-Up for 6,327 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
$43.5K $6.88/SF
− Vacancy
−$1.3K −$0.20/SF
EGI
$42.3K $6.68/SF
− OpEx
−$12.7K −$2.00/SF
NOI
$29.6K $4.68/SF
Area
Kent 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%
$591,740
Cap Rate 7%
$422,671
Cap Rate 9%
$328,744
Alternative Uses
Best Use
Mixed Use
$1.04M
$910.1K – $1.21M
NOI $72,809 @ 7.0% cap · market cap 12.36%
Second Best
Specialty Retail
$1.01M
$879.6K – $1.17M
NOI $70,371 @ 7.0% cap · market cap 11.95%
Theoretical Best
Office A
$1.13M
$990.2K – $1.32M
NOI $79,214 @ 7.0% cap · market cap 13.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Explore this area
Business Placement
Demographics for 49345, MI
13,734
Population
5,074
Households
2.7
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
263
Density / Sq Mi
$84,918
Median Household Income
$44,051
Median Earnings
$968
Median Rent
$261,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated commercial space combines a ground-floor cafe and artisan store with additional upper-floor business space.
Where is this mixed-use property located?
The property is located at 94 N Union Street Sparta, MI.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 6,327 square feet across 3 updated, finished floors; Ground floor includes Hot Spot Cafe and artisan store; New commercial kitchen included with the property
