Mixed-Use Property in Harbor
For Sale
$585,800
1 Griffith Street, New Buffalo, MI 49117
Mixed-use property with residence in stellar New Buffalo location.
Property Size2,708 SF
Price / SF$216.32
Days on Market189
Property Features for 1 Griffith Street
General Information
Standard status
Active
Size
2,708 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,360
Amenities
3
10 Parking Spaces.
66x132
Building Details
Year Built
1966
Listing Agency:
Prestige Properties and Professionals Southwest Mi
(269) 932-1200
Listed By:
Elena Oelke · License #6502348783
Source:
Xome
Added: Feb 16
Changed: Aug 23
Last Checked: Aug 23 at 9:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Prestige Properties and Professionals Southwest Mi
Investment Insights
Based on property information with market context.
This mixed-use property offers a unique opportunity for a business owner to reside on-site. The property includes three bedrooms, a kitchen, a living room, a dining area, and three bathrooms. The location provides ample parking and is situated minutes from Lake Michigan, marinas, and dining options. It also offers convenient access to Red Arrow Highway, US 12, and nearby I-94. The property is approximately 1.5 hours from Chicago and 40 minutes from South Bend. The Amtrak New Buffalo train provides service to Chicago. Located in the heart of Harbor Country, this property presents a chance to own a business and residence in one. The property, formerly the Courtyard Gallery in New Buffalo, offers multi-functional space for a creative owner to explore various opportunities in Harbor Country. The bike score is 56, indicating it is bikeable, and the walk score is 47, suggesting car dependence.
Key Highlights
- Prime location in New Buffalo, in the heart of Harbor Country.
- Mixed‑use property: live and work or lease all spaces.
- Includes a 3‑bedroom residence with 3 baths, kitchen, living, and dining areas.
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
$27,419
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
4.68%
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%
$548,380
$548.4K
Cap Rate 7%
$391,700
$391.7K
Cap Rate 9%
$304,656
$304.7K
Market Conditions
NOI Build-Up for 2,708 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
$48.7K $18.00/SF
− Vacancy
−$4.9K −$1.80/SF
EGI
$43.9K $16.20/SF
− OpEx
−$16.5K −$6.07/SF
NOI
$27.4K $10.13/SF
Area
Berrien County, MI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$548,380
Cap Rate 7%
$391,700
Cap Rate 9%
$304,656
Alternative Uses
Best Use
Mixed Use
$391.7K
$342.7K – $457.0K
NOI $27,419 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$569.8K
$498.6K – $664.8K
NOI $39,888 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 49117, MI
3,710
Population
3,790
Households
1
Avg Household Size
54
Median Age
46%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
195
Density / Sq Mi
$75,268
Median Household Income
$48,056
Median Earnings
$749
Median Rent
$448,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with residence in stellar New Buffalo location.
Where is this mixed-use property located?
The property is located at 1 Griffith Street New Buffalo, MI.
What is the asking price?
The asking price for this property is $585,800.
What are key features of this property?
This property features: Prime location in New Buffalo, in the heart of Harbor Country.; Mixed‑use property: live and work or lease all spaces.; Includes a **3‑bedroom residence with 3 baths, kitchen, living, and dining areas.**
