Commercial Land with Existing
For Sale
Under Contract
$649,900
04950 Cecilia Drive, South Haven, MI 49090
Commercial Sale, South Haven, MI
Property Size2,825 SF
Lot Size2.10 Acres
Price / SF$230.05
Days on Market178
Property Features for 04950 Cecilia Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
South Haven
Middle school district
South Haven
High school district
South Haven
Directions
Take Phoenix Road east, turn right (south) onto 73rd Street, then left (east) onto Cecilia Drive. Property is on the left.
Standard status
Active Under Contract
APN
801701102630
Size
2,825 SF
Lot size
2.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
On File
Tax Annual Amount
6427
Legal Description
On File
Utilities
Utilities
Cable Available
Heating system
Radiant
Cooling system
Central Air
Building Details
Year built
1990
Floors in Building
2
Number of units
1
Building materials
Vinyl Siding, Brick, Stone
Roof type
Composition
Listing Agency:
Jaqua REALTORS
(269) 637-6537
Listed By:
Amy O'Sullivan · License #6506040161
(269) 214-1257
Added: Apr 8
Changed: Oct 2
Last Checked: Oct 2 at 5:06PM
MLS# 26014187
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 commercial land offering spans 2.1 acres across two parcels and includes an existing 2,825-square-foot structure built in 1990. The building has a basement, two bathrooms, vinyl siding with brick and stone elements, radiant heat, central air, a composition roof, and broadband-related interior features. Cable service is available.
The property is situated near CR 388 and provides convenient access to South Haven, downtown, and I-94. Established businesses and new development are present in the surrounding corridor. The existing improvements provide a foundation for continued use or future redevelopment, subject to applicable approvals.
The property is situated near CR 388 and provides convenient access to South Haven, downtown, and I-94. Established businesses and new development are present in the surrounding corridor. The existing improvements provide a foundation for continued use or future redevelopment, subject to applicable approvals.
Key Highlights
- 2.1‑acre commercial land offering across two parcels
- Existing 2,825‑square‑foot structure built in 1990
- Near the CR 388 intersection with access to South Haven and I‑94
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
$29,326
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
4.51%
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%
$586,520
$586.5K
Cap Rate 7%
$418,943
$418.9K
Cap Rate 9%
$325,844
$325.8K
Market Conditions
NOI Build-Up for 2,825 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
$43.7K $15.48/SF
− Vacancy
−$1.8K −$0.65/SF
EGI
$41.9K $14.83/SF
− OpEx
−$12.6K −$4.45/SF
NOI
$29.3K $10.38/SF
Area
Van Buren 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%
$586,520
Cap Rate 7%
$418,943
Cap Rate 9%
$325,844
Alternative Uses
Best Use
Retail
$418.9K
$366.6K – $488.8K
NOI $29,326 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$34.93M
$30.56M – $40.75M
NOI $2,445,145 @ 7.0% cap · market cap 376.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
224k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 36%
Superstores 22%
Dining 20%
Groceries 7%
Walmart
Superstores
50,215 visits/mo
0.3 miles
Shell
Shops & Services
23,553 visits/mo
0.2 miles
Culver's
Dining
20,920 visits/mo
0.1 miles
Meijer Gas Station
Shops & Services
17,457 visits/mo
0.4 miles
Aldi
Groceries
15,177 visits/mo
0.1 miles
Demographics for 49090, MI
13,286
Population
8,904
Households
1.5
Avg Household Size
49
Median Age
31%
College-Educated
89%
High-School Grad
78.3 sq mi
ZIP Area
170
Density / Sq Mi
$64,643
Median Household Income
$40,067
Median Earnings
$914
Median Rent
$251,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Commercial land - Two-parcel commercial site near CR 388 with an existing building and access to central South Haven and I-94.
Where is this commercial land located?
The property is located at 04950 Cecilia Drive South Haven, MI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 2.1‑acre commercial land offering across two parcels; Existing 2,825‑square‑foot structure built in 1990; Near the CR 388 intersection with access to South Haven and I‑94
