Profitable Auto Shop Investment
For Sale
Contact for pricing
291 12th St, Plainwell, MI 49080
NNN leased auto shop with corporate guarantee and high volume.
Property Size12,480 SF
Price / SF$105.29
Days on Market894
Property Features for 291 12th St
General Information
Standard status
Active
Size
12,480 SF
Class
A
Property subtype
Retail
Net Operating Income
$92,000
Listing Agency:
CRS, Commercial Real Estate Services
Listed By:
Leo Gonzalez · License #MI 6502126741
Source:
Crexi
Added: Mar 10, 2024
Changed: Aug 17
Last Checked: Aug 19 at 9:56PM
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 CRS, Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This property is an auto shop generating $94,500 per year in rent on a NNN lease. The lease structure involves limited landlord responsibilities, making it a passive investment opportunity. The annual rent is scheduled to increase in July 2025 to $99,228. The average cap rate is 6.45. The Boyd Group provides a corporate guarantee for the lease. Gerber, a member of the Boyd Group Services, currently operates 700 locations. The property includes a parking lot that was resealed and restriped in September 2022. The roof was recently replaced. The property is the only nationally recognized collision brand in the Plainwell market and is considered a high-volume store. The property size is 12,480 square feet. The seller will provide a current phase 1 and 2 environmental report and survey.
Key Highlights
- Corporate Guarantee from The Boyd Group (Gerber - 700 locations)
- NNN Lease with limited landlord responsibilities (passive investment)
- High volume store
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
$58,361
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
4.44%
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%
$1,167,220
$1.2M
Cap Rate 7%
$833,729
$833.7K
Cap Rate 9%
$648,456
$648.5K
Market Conditions
NOI Build-Up for 12,480 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
$85.9K $6.88/SF
− Vacancy
−$2.5K −$0.20/SF
EGI
$83.4K $6.68/SF
− OpEx
−$25.0K −$2.00/SF
NOI
$58.4K $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%
$1,167,220
Cap Rate 7%
$833,729
Cap Rate 9%
$648,456
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.16M
NOI $129,553 @ 7.0% cap · market cap 9.86%
Second Best
Industrial
$833.7K
$729.5K – $972.7K
NOI $58,361 @ 7.0% cap · market cap 4.44%
Theoretical Best
Hotel Hospitality
$117.20M
$102.55M – $136.73M
NOI $8,204,007 @ 7.0% cap · market cap 624.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Well-served
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 Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- gmps-midway — midway chevrolet, 381 12th st, plainwell, mi 49080
- Gerber Collision & Glass — 291 12th St, Plainwell, MI 49080
- Steensma Lawn & Power Equipment — 361 12th St, Plainwell, MI 49080
- Service Center - Midway Chevrolet — 381 12th St, Plainwell, MI 49080
- Walmart Auto Care Centers — 412 Oaks Crossing, Plainwell, MI 49080
Frequently Asked Questions
What type of property is this?
Auto shop - NNN leased auto shop with corporate guarantee and high volume.
Where is this auto shop located?
The property is located at 291 12th St Plainwell, MI.
What is the asking price?
The asking price for this property is $1,314,000.
What are key features of this property?
This property features: Corporate Guarantee from The Boyd Group (Gerber - 700 locations); NNN Lease with limited landlord responsibilities (passive investment); High volume store
