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    2931-2945 Niles Avenue St Joseph, MI 49085

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    For Sale
    $639,000

    COMMERCIAL - St. Joseph, MI

    Property size:
    7,271 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $87/SF
    Added:
    Oct 29, 2024
    Days on Market:
    551
    Last Refresh:
    May 2 at 11:06 pm

    Property Features for 2931-2945 Niles Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 3, Bathroom 4, Bathroom 2
    Interior features
    Broadband
    Standard status
    Active
    APN
    11-76-7260-0006-01-0
    Size
    7,271 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    As per Title
    Tax Annual Amount
    9792

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1960
    Floors in Building
    1
    Number of units
    2
    Building materials
    Block, Concrete, Brick

    We can help!

    Listing Contact
    Joy Schwarting
    Joy Schwarting

    Listing agent Joy Schwarting License #6501353727

    Listing office Century 21 Affiliated 830 Pleasant St. 3rd Floor, St. Joseph, MI

    Listing date Oct 29, 2024

    MLS# 24056884

    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.

    Overview

    St. Joseph Commercial Building

    This commercial building, located in St. Joseph, comprises two sections totaling 7,271 square feet. One section, located at 2931 Niles Ave, is currently configured as an office space, featuring an exam room, large meeting areas, and one restroom. The adjacent section, at 2945 Niles Ave, was previously used as a restaurant and includes a large dining area, tables and chairs, a kitchen area, three restrooms, a utility room, and a storage area. An attached garage area is accessible via a large overhead door off the alley. The seller has a 29.5% ownership stake in the parking lot and alley. Shared parking is available on the west side of the building, and an alleyway to the east provides access to the rear of the building. The restaurant side is 4000 sq.ft. The property is situated on a 0.16-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    St Joseph
    County
    Berrien
    State
    Michigan
    Longitude
    -86.483812
    Latitude
    42.082823

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    FAQs

    What type of property is this?
    Mixed-use property - High-visibility commercial building with office and restaurant spaces.
    Where is this mixed-use property located?
    The property is located at 2931-2945 Niles Avenue St Joseph, MI.
    What is the asking price?
    The asking price for this property is $639,000.
    What are key features of this property?
    This property features: High‑visibility commercial building in St. Joseph; Two buildings totaling 7,271 square feet; Fully equipped former restaurant space (4,000 sq. ft.) with dining area, kitchen, and three restrooms
    (269) 519-4777
    We can help!
    Listing Contact
    Joy Schwarting
    Joy Schwarting
    Real Estate License ID: 6501353727
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2931-2945 Niles Avenue, St. Joseph, MI 49085

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