Three-Story Mixed-Use
New
For Sale
$1,490,000
98 W Center Street, Douglas, MI 49406
Remodeled three-story property combines adaptable retail space with apartments and private parking in downtown Douglas.
Property Size4,548 SF
Days on Market7
Property Features for 98 W Center Street
General Information
Standard status
Active
Size
4,548 SF
Total Parking Spaces
6
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,400
Building Details
Building Size
4,548 SF
Year Built
1900
Year Renovated
2025
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Jaqua Realtors
(616) 836-2816
Listed By:
Rob P Joon · License #6501290168
(616) 836-2816
Source:
Buyatthelake
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 11 at 2:02PM
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 three-story mixed-use building combines commercial and residential components in a downtown Douglas setting. The property was remodeled in 2025 and relocated onto a new foundation in 2002. Its main level currently contains two retail units, with a layout that can be reworked into one to three commercial spaces. The residential portion includes three apartments approved for short-term or long-term rentals, along with a newly added one-bedroom lower-level apartment featuring a patio and additional unfinished rooms.
Six private parking spaces serve the property. Appliances are included, and tenants pay utilities. The building also offers a flexible arrangement of retail, apartment, and unfinished areas within a single 1900-built property.
Six private parking spaces serve the property. Appliances are included, and tenants pay utilities. The building also offers a flexible arrangement of retail, apartment, and unfinished areas within a single 1900-built property.
Key Highlights
- Remodeled in 2025
- Three apartments approved for short‑term or long‑term rentals
- Main floor currently configured as two retail units
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
Multifamily LT 5
$480.6K
$420.5K – $560.7K
NOI $33,639 @ 7.0% cap · market cap 2.26%
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
286
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
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 - Remodeled three-story property combines adaptable retail space with apartments and private parking in downtown Douglas.
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: Remodeled in 2025; Three apartments approved for short‑term or long‑term rentals; Main floor currently configured as two retail units
