Downtown Restaurant
For Sale
Under Contract
$324,900
287 E Main Street, Benton Harbor, MI 49022
COMMERCIAL - Benton Harbor, MI
Property Size1,945 SF
Lot Size0.46 Acres
Price / SF$167.04
Days on Market186
Property Features for 287 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
28
Interior features
Broadband
Elementary school district
Benton Harbor
Middle school district
Benton Harbor
High school district
Benton Harbor
Standard status
Active Under Contract
APN
11-54-0340-0118-02-8
Size
1,945 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOTS 9 10 11 & 12 BLK 13 ORIGINAL PLAT OF CITY OF BENTON HARBOR SEE 11-54-9975-0516-00-7
Tax Annual Amount
6913
Legal Description
LOTS 9 10 11 & 12 BLK 13 ORIGINAL PLAT OF CITY OF BENTON HARBOR SEE 11-54-9975-0516-00-7
Utilities
Utilities
Cable Available
Building Details
Year built
1964
Number of units
1
Building materials
Block, Metal Siding
Roof type
Metal
Listing Agency:
Keller Williams Realty Swm
(269) 982-7653
Listed By:
Dan Morissette · License #6501295859
(269) 449-4198
Added: Feb 27
Changed: Aug 4
Last Checked: Sep 1 at 8:06AM
MLS# 26007145
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 1,945-square-foot commercial building dates to 1964 and was formerly the Roxy Drive-In Restaurant. The structure features block and metal siding construction, a metal roof, broadband, and cable availability. Its classification as a conventional restaurant property supports consideration of restaurant-oriented commercial use.
The property occupies 0.46 acres in Benton Harbor’s downtown Arts District. It provides 200 feet of frontage along E Main Street and 100 feet along 4th Street, placing the building at the intersection of two named streets. The site is near downtown amenities and attractions, with the address at 287 E Main Street.
The property occupies 0.46 acres in Benton Harbor’s downtown Arts District. It provides 200 feet of frontage along E Main Street and 100 feet along 4th Street, placing the building at the intersection of two named streets. The site is near downtown amenities and attractions, with the address at 287 E Main Street.
Key Highlights
- 1,945‑square‑foot building on 0.46 acres
- 200 feet of frontage on E Main Street
- 100 feet of frontage on 4th Street
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
$21,633
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
6.66%
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%
$432,660
$432.7K
Cap Rate 7%
$309,043
$309.0K
Cap Rate 9%
$240,367
$240.4K
Market Conditions
NOI Build-Up for 1,945 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
$30.1K $15.48/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$28.8K $14.83/SF
− OpEx
−$7.2K −$3.71/SF
NOI
$21.6K $11.12/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$432,660
Cap Rate 7%
$309,043
Cap Rate 9%
$240,367
Alternative Uses
Best Use
Specialty Retail
$309.0K
$270.4K – $360.6K
NOI $21,633 @ 7.0% cap · market cap 6.66%
Second Best
Retail
$288.4K
$252.4K – $336.5K
NOI $20,191 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$409.3K
$358.1K – $477.5K
NOI $28,650 @ 7.0% cap · market cap 8.82%
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
423
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49022, MI
30,143
Population
14,484
Households
2.1
Avg Household Size
39
Median Age
18%
College-Educated
85%
High-School Grad
67.3 sq mi
ZIP Area
448
Density / Sq Mi
$39,859
Median Household Income
$29,530
Median Earnings
$797
Median Rent
$140,500
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Block construction, metal siding, and a metal roof characterize this downtown Benton Harbor property.
Where is this conventional restaurant located?
The property is located at 287 E Main Street Benton Harbor, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,945‑square‑foot building on 0.46 acres; 200 feet of frontage on E Main Street; 100 feet of frontage on 4th Street
