Auto Shop With Tow
For Sale
$495,500
233 m140 M-140, Watervliet, MI 49098
COMMERCIAL - Watervliet, MI
Property Size4,200 SF
Lot Size0.10 Acres
Price / SF$117.98
Days on Market186
Property Features for 233 m140 M-140
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Watervliet
Middle school district
Watervliet
High school district
Watervliet
Directions
Napier to m140- turn left garage
Standard status
Active
APN
tbo
Size
4,200 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
tbo
Tax Annual Amount
1525
Legal Description
tbo
Utilities
Utilities
Phone Available
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Well
Building Details
Year built
1959
Number of units
1
Roof type
Composition
Listing Agency:
Active Realtors
(269) 927-4700
Listed By:
Joyce Yerington · License #6501243130
(269) 208-3337
Added: Feb 17
Changed: Aug 4
Last Checked: Aug 22 at 3:06PM
MLS# 26005765
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 4,200-square-foot auto shop was built in 1959 and includes three garage doors described as 30 feet, two air compressors, and four tow trucks. Forced-air heating supports the building, while the property is served by a well and septic tank. A bathroom is identified among the interior rooms, and the composition roof provides the primary roof covering.
The property occupies 0.1 acres at 233 M-140 in Watervliet, Michigan. Phone service is available. The existing automotive improvements and towing equipment provide a defined operating setup for a service-oriented commercial user.
The property occupies 0.1 acres at 233 M-140 in Watervliet, Michigan. Phone service is available. The existing automotive improvements and towing equipment provide a defined operating setup for a service-oriented commercial user.
Key Highlights
- 4,200‑square‑foot auto shop on 0.1 acres
- Three garage doors described as 30 feet
- Two air compressors included
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
$43,600
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
8.80%
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%
$872,000
$872.0K
Cap Rate 7%
$622,857
$622.9K
Cap Rate 9%
$484,444
$484.4K
Market Conditions
NOI Build-Up for 4,200 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
$65.0K $15.48/SF
− Vacancy
−$2.7K −$0.65/SF
EGI
$62.3K $14.83/SF
− OpEx
−$18.7K −$4.45/SF
NOI
$43.6K $10.38/SF
Area
Berrien 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%
$872,000
Cap Rate 7%
$622,857
Cap Rate 9%
$484,444
Alternative Uses
Best Use
Retail
$622.9K
$545.0K – $726.7K
NOI $43,600 @ 7.0% cap · market cap 8.80%
Second Best
Industrial
$268.1K
$234.6K – $312.7K
NOI $18,764 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$883.8K
$773.3K – $1.03M
NOI $61,865 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49098, MI
5,739
Population
3,032
Households
1.9
Avg Household Size
44
Median Age
21%
College-Educated
88%
High-School Grad
32.6 sq mi
ZIP Area
176
Density / Sq Mi
$56,899
Median Household Income
$30,278
Median Earnings
$1,253
Median Rent
$150,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Kraklau's Repair Services — 233 M-140, Watervliet, MI 49098
Frequently Asked Questions
What type of property is this?
Auto shop - Established automotive facility with service equipment, vehicle storage capacity, and supporting well and septic systems.
Where is this auto shop located?
The property is located at 233 m140 M-140 Watervliet, MI.
What is the asking price?
The asking price for this property is $495,500.
What are key features of this property?
This property features: 4,200‑square‑foot auto shop on 0.1 acres; Three garage doors described as 30 feet; Two air compressors included
