Multistructure Mixed-Use
For Sale
Under Contract
$699,000
15320 Three Oaks Road, Three Oaks, MI 49128
Commercial Sale, Three Oaks, MI
Property Size6,568 SF
Lot Size0.77 Acres
Price / SF$106.43
Days on Market124
Property Features for 15320 Three Oaks Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 5, Bathroom 1, Bathroom 6
Parking
20
Middle school
River Valley Middlehigh School
High school
River Valley Middlehigh School
Elementary school district
River Valley
Middle school district
River Valley
High school district
River Valley
Directions
From Warren Woods Road; Right on Three Oaks Road. Second business on the left. No real estate sign. Has Ceasar's Pool Sign.
Standard status
Active Under Contract
APN
11070027007063
Size
6,568 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Survey
Tax Annual Amount
3322
Legal Description
See Survey
Utilities
Utilities
Phone Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s)
Amenities
ingroung pool
gazebo
Building Details
Floors in Building
3
Number of units
4
Building materials
Metal Siding
Roof type
Composition, Metal
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(269) 469-3950
Listed By:
Sandy Fenderbosch · License #6506040710
(269) 449-4663
Added: May 8
Changed: Sep 7
Last Checked: Sep 8 at 4:06PM
MLS# 26021038
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 mixed-use property combines several functional components across multiple structures. The main building includes 2,667 square feet of commercial space on the lower level, with an upper-level 1,917-square-foot, two-bedroom residence. A separate building adds a newly constructed one-bedroom apartment, while a 992-square-foot warehouse and 1,200-square-foot garage provide additional storage and operational space. An inground pool, gazebo, parking, and maintained outdoor areas are also included.
The property occupies 0.77 acres at 15320 Three Oaks Road in Three Oaks, Michigan, with visibility along Three Oaks Road and proximity to downtown Three Oaks. Construction includes metal siding, with forced-air heating, central air, window-unit cooling, phone availability, and a septic tank. The roofs are composition and metal.
The property occupies 0.77 acres at 15320 Three Oaks Road in Three Oaks, Michigan, with visibility along Three Oaks Road and proximity to downtown Three Oaks. Construction includes metal siding, with forced-air heating, central air, window-unit cooling, phone availability, and a septic tank. The roofs are composition and metal.
Key Highlights
- 2,667 square feet of lower‑level commercial space
- 1,917‑square‑foot two‑bedroom residence in the main building
- Newly constructed one‑bedroom apartment in a separate building
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
$35,631
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
5.10%
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%
$712,620
$712.6K
Cap Rate 7%
$509,014
$509.0K
Cap Rate 9%
$395,900
$395.9K
Market Conditions
NOI Build-Up for 6,568 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
$45.7K $6.96/SF
− Vacancy
−$3.8K −$0.58/SF
EGI
$41.9K $6.38/SF
− OpEx
−$6.3K −$0.96/SF
NOI
$35.6K $5.42/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$712,620
Cap Rate 7%
$509,014
Cap Rate 9%
$395,900
Alternative Uses
Best Use
Retail
$974.0K
$852.3K – $1.14M
NOI $68,182 @ 7.0% cap · market cap 9.75%
Second Best
Mixed Use
$950.0K
$831.3K – $1.11M
NOI $66,501 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,746 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 49128, MI
3,448
Population
1,929
Households
1.8
Avg Household Size
52
Median Age
24%
College-Educated
94%
High-School Grad
43.7 sq mi
ZIP Area
79
Density / Sq Mi
$73,023
Median Household Income
$41,460
Median Earnings
$984
Median Rent
$247,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial, residential, warehouse, and garage components create a flexible property for integrated business and living uses.
Where is this mixed-use property located?
The property is located at 15320 Three Oaks Road Three Oaks, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,667 square feet of lower‑level commercial space; 1,917‑square‑foot two‑bedroom residence in the main building; Newly constructed one‑bedroom apartment in a separate building
