Downtown Office
For Sale
Under Contract
$599,000
300 Main Street, St Joseph, MI 49085
Commercial Sale, St. Joseph, MI
Property Size1,740 SF
Lot Size0.19 Acres
Price / SF$344.25
Days on Market232
Property Features for 300 Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Directions
Main Street to West State St
Subdivision
Southwestern Michigan - S
Standard status
Active Under Contract
APN
11-76-0340-0196-02-5
Size
1,740 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 196 ORIGINAL PLAT OF CITY OF ST JOSEPH
Tax Annual Amount
12997
Legal Description
LOT 196 ORIGINAL PLAT OF CITY OF ST JOSEPH
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1980
Floors in Building
2
Number of units
1
Building materials
Aluminum Siding, Block, Brick
Roof type
Composition
Listing Agency:
Realty Executives Instant Equity · Realty Executives International
(269) 983-7721
Listed By:
Jill Golden · License #6501424803
(269) 208-8996
Added: Jan 19
Changed: Aug 31
Last Checked: Sep 8 at 5:06PM
MLS# 26002222
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 office unit provides approximately 1,740 square feet within a commercial building constructed in 1980. The property includes a bathroom, forced-air heating, central air conditioning, cable availability, and a composition roof. Exterior construction incorporates aluminum siding, block, and brick.
Positioned at 300 Main Street in downtown St. Joseph, the property is near local shops and restaurants, with access to highways described in the listing information. Its office-unit classification and adaptable commercial layout support a range of office-oriented business uses without relying on a specialized buildout.
Positioned at 300 Main Street in downtown St. Joseph, the property is near local shops and restaurants, with access to highways described in the listing information. Its office-unit classification and adaptable commercial layout support a range of office-oriented business uses without relying on a specialized buildout.
Key Highlights
- Approximately 1,740 square feet of office space
- Located at 300 Main Street in downtown St. Joseph
- Constructed in 1980
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
$19,168
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
3.20%
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%
$383,360
$383.4K
Cap Rate 7%
$273,829
$273.8K
Cap Rate 9%
$212,978
$213.0K
Market Conditions
NOI Build-Up for 1,740 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
$29.6K $17.04/SF
− Vacancy
−$4.1K −$2.35/SF
EGI
$25.6K $14.69/SF
− OpEx
−$6.4K −$3.67/SF
NOI
$19.2K $11.02/SF
Area
Berrien County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$383,360
Cap Rate 7%
$273,829
Cap Rate 9%
$212,978
Alternative Uses
Best Use
Office B
$273.8K
$239.6K – $319.5K
NOI $19,168 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$366.1K
$320.4K – $427.2K
NOI $25,630 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
838
Businesses Nearby
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Approximate 1,740-square-foot commercial space with forced-air heating and central air conditioning.
Where is this office units located?
The property is located at 300 Main Street St Joseph, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Approximately 1,740 square feet of office space; Located at 300 Main Street in downtown St. Joseph; Constructed in 1980
