Leased Mixed-Use Building with
W 405 W Main Street Unit SourceFi Ionia, MI 48846
W 405 W Main Street Unit SourceFi, Ionia, MI, 48846
$700,000
For Sale
$700,000
Fully leased mixed-use building with street-level retail and five leased second-floor apartments.
Property Size11,386 SF
Price / SF$61.48
Days on Market83
Property Features for W 405 W Main Street Unit SourceFi
General Information
- Standard status
- Active
- Size
- 11,386 SF
- Property subtype
- Business Opportunities
Building Details
- Year Built
- 1890
Listing Agency
KW Rivertown Hoppough
(616) 915-2890
Listed by
Cathy Hoppough · License #6502365936
(616) 915-2890
Source
Xome
Added: Apr 27 Checked: Jul 18 at 4:23 am
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 KW Rivertown Hoppough
Investment Insights
Based on property information with market context.
The Stevenson Building is a fully leased mixed-use property featuring street-level retail space and leased residential units above. The second floor has five apartments that are currently leased, supporting ongoing rental income.
Located on W Main Street in the heart of historic downtown Ionia, the building includes two retail spaces at street level. Recent improvements include a new roof.
The third floor provides additional flexibility, with the possibility to create four loft-style apartments. The building is offered for sale as an income-producing mixed-use asset.
Located on W Main Street in the heart of historic downtown Ionia, the building includes two retail spaces at street level. Recent improvements include a new roof.
The third floor provides additional flexibility, with the possibility to create four loft-style apartments. The building is offered for sale as an income-producing mixed-use asset.
Key Highlights
- Fully leased mixed‑use building with street‑level retail plus five leased apartments on the second floor
- Year built: 1890
- Composition roof with recent improvements reported as a new roof
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.5k | $9.00 |
| − Vacancy | −$4.6k | −$0.41 |
| EGI | $97.9k | $8.59 |
| − OpEx | −$44.0k | −$3.87 |
| NOI | $53.8k | $4.73 |
11,386 SF · lease $9.00/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$1.65M
$1.44M – $1.92M
NOI $115,283 @ 7.0% cap · market cap 16.47%
Second Best
Retail
$1.59M
$1.39M – $1.85M
NOI $111,184 @ 7.0% cap · market cap 15.88%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,871 @ 7.0% cap · market cap 21.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ionia Smoothie Company
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Fully leased mixed-use building with street-level retail and five leased second-floor apartments.
Where is this mixed-use property located?
The property is located at W 405 W Main Street Unit SourceFi Ionia, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Fully leased mixed‑use building with street‑level retail plus five leased apartments on the second floor; Year built: 1890; Composition roof with recent improvements reported as a new roof
