Three-Story Mixed-Use
For Sale
$1,490,000
98 W Center Street, Douglas, MI 49406
Commercial Sale, Douglas, MI
Property Size4,548 SF
Lot Size0.20 Acres
Price / SF$327.62
Days on Market178
Property Features for 98 W Center Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 1, Bathroom 3, Basement
Parking
6
Interior features
Broadband
Elementary school district
Saugatuck-Douglas
Middle school district
Saugatuck-Douglas
High school district
Saugatuck-Douglas
Directions
Blue Star to Center, east to downtown on north side of street
Standard status
Active
APN
59-551-002-00
Size
4,548 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lot 2 Block 1 Spencer's Addition
Tax Annual Amount
24400
Legal Description
Lot 2 Block 1 Spencer's Addition
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
patio
Building Details
Year built
1900
Floors in Building
3
Number of units
6
Building materials
Concrete, Wood Siding
Roof type
Composition
Listing Agency:
Jaqua Realtors
(269) 857-8030
Listed By:
Rob P Joon · License #6501290168
(616) 836-2816
Added: Apr 8
Changed: Oct 2
Last Checked: Oct 2 at 1:06PM
MLS# 26014228
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 three-story mixed-use building contains 4,548 square feet and was remodeled in 2025. The main floor is divided into two retail units, with a layout that can be adjusted to create one, two, or three commercial spaces. Three apartments are approved for either short-term or long-term rental. A one-bedroom apartment with a patio occupies the lower level, alongside additional unfinished rooms. The building was moved onto a new foundation in 2002 and dates to 1900.
Six private parking spaces serve the property. Appliances are included, and tenants pay their own utilities. Retail HVAC replacement is scheduled for fall 2026, with a new roof planned for October 2026.
Six private parking spaces serve the property. Appliances are included, and tenants pay their own utilities. Retail HVAC replacement is scheduled for fall 2026, with a new roof planned for October 2026.
Key Highlights
- 4,548‑square‑foot, three‑story mixed‑use building on 0.2 acres
- Three apartments approved for short‑term or long‑term rental
- Main floor currently has two retail units, with potential for one to three spaces
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
$47,212
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
3.17%
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%
$944,240
$944.2K
Cap Rate 7%
$674,457
$674.5K
Cap Rate 9%
$524,578
$524.6K
Market Conditions
NOI Build-Up for 4,548 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
$70.4K $15.48/SF
− Vacancy
−$3.0K −$0.65/SF
EGI
$67.4K $14.83/SF
− OpEx
−$20.2K −$4.45/SF
NOI
$47.2K $10.38/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$944,240
Cap Rate 7%
$674,457
Cap Rate 9%
$524,578
Alternative Uses
Best Use
Retail
$674.5K
$590.2K – $786.9K
NOI $47,212 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$416.9K
$364.8K – $486.4K
NOI $29,186 @ 7.0% cap · market cap 1.96%
Theoretical Best
Hotel Hospitality
$42.71M
$37.37M – $49.83M
NOI $2,989,729 @ 7.0% cap · market cap 200.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 49406, MI
1,031
Population
921
Households
1.1
Avg Household Size
60
Median Age
66%
College-Educated
99%
High-School Grad
1.5 sq mi
ZIP Area
687
Density / Sq Mi
$95,417
Median Household Income
$78,333
Median Earnings
$470,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown property pairs rental apartments with adaptable ground-floor retail and private parking.
Where is this mixed-use property located?
The property is located at 98 W Center Street Douglas, MI.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 4,548‑square‑foot, three‑story mixed‑use building on 0.2 acres; Three apartments approved for short‑term or long‑term rental; Main floor currently has two retail units, with potential for one to three spaces
