Vineyard Tasting Room
For Sale
$395,000
321 State Street, St Joseph, MI 49085
Commercial Sale, St. Joseph, MI
Property Size2,000 SF
Lot Size0.15 Acres
Price / SF$197.50
Days on Market85
Property Features for 321 State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Directions
Main St, to West on Broad to State St.
Standard status
Active
APN
11-76-0170-0001-00-2
Size
2,000 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
As per title policy
Legal Description
As per title policy
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1886
Floors in Building
1
Number of units
1
Building materials
Aluminum Siding
Listing Agency:
Realty Executives Instant Equity · Realty Executives International
(269) 983-7721
Listed By:
Jill Golden · License #6501424803
(269) 208-8996
Added: Jun 16
Changed: Sep 7
Last Checked: Sep 8 at 9:06PM
MLS# 26029690
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 established winery business operates from a remodeled 2,000-square-foot tasting room at 321 State Street in downtown St. Joseph. The space includes two handicap-accessible bathrooms, a full basement, a custom-built tasting bar, and tables. Forced-air heating and central air conditioning serve the building, which was constructed in 1886.
The current lease runs through 12/31/31, with an option to renew for an additional 10 years. The business is situated within a Michigan Social District area, where licensing allows additional yearly revenue opportunities. The sale includes the tasting room business assets, business name, trademark, logo, and other proprietary rights. The license, building, and equipment are excluded.
The current lease runs through 12/31/31, with an option to renew for an additional 10 years. The business is situated within a Michigan Social District area, where licensing allows additional yearly revenue opportunities. The sale includes the tasting room business assets, business name, trademark, logo, and other proprietary rights. The license, building, and equipment are excluded.
Key Highlights
- 2,000‑square‑foot remodeled tasting room
- Current lease in place through 12/31/31 with an additional 10‑year renewal opportunity
- Two handicap‑accessible bathrooms and a full basement
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
$20,762
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
5.26%
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%
$415,240
$415.2K
Cap Rate 7%
$296,600
$296.6K
Cap Rate 9%
$230,689
$230.7K
Market Conditions
NOI Build-Up for 2,000 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
$31.0K $15.48/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$29.7K $14.83/SF
− OpEx
−$8.9K −$4.45/SF
NOI
$20.8K $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%
$415,240
Cap Rate 7%
$296,600
Cap Rate 9%
$230,689
Alternative Uses
Best Use
Retail
$296.6K
$259.5K – $346.0K
NOI $20,762 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$420.9K
$368.3K – $491.0K
NOI $29,460 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
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 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?
Vineyard - Remodeled tasting room business with branded assets, an existing lease, and social district licensing access.
Where is this vineyard located?
The property is located at 321 State Street St Joseph, MI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2,000‑square‑foot remodeled tasting room; Current lease in place through 12/31/31 with an additional 10‑year renewal opportunity; Two handicap‑accessible bathrooms and a full basement
