Mixed-Use Property with
For Sale
$585,800
1 S Griffith Street, New Buffalo, MI 49117
Commercial Sale, New Buffalo, MI
Property Size2,708 SF
Lot Size0.21 Acres
Price / SF$216.32
Days on Market210
Property Features for 1 S Griffith Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
GCD
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
10
Interior features
Broadband
Elementary school district
New Buffalo
Middle school district
New Buffalo
High school district
New Buffalo
Directions
Red Arrow Hwy South towards New Buffalo to Property or I-94 exit to either New Buffalo exit to property
Standard status
Active
APN
11-62-8200-0084-00-2
Size
2,708 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Meters and Bounds Per Title Work
Tax Annual Amount
3360
Legal Description
Meters and Bounds Per Title Work
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1966
Number of units
2
Building materials
Aluminum Siding
Roof type
Composition
Listing Agency:
Prestige Properties and Professionals Southwest Michigan R.E.
(269) 983-0682
Listed By:
Elena A Oelke · License #6502348783
(269) 932-1200
Added: Feb 17
Changed: Sep 4
Last Checked: Sep 15 at 12:06AM
MLS# 26005803
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 mixed-use property provides a business setting alongside residential accommodations, with three bedrooms, a kitchen, living and dining areas, and three total baths. The 2708-square-foot building sits on 0.21 acres and includes central air, forced-air heat, broadband, aluminum siding, and a composition roof. Built in 1966, the property also offers plenty of parking and can support an owner-occupant arrangement or use of the commercial and residential areas as separate spaces.
Located in New Buffalo, the property is minutes from Lake Michigan, marinas, dining, and wine trails. Red Arrow Highway and US 12 provide local access, while I-94 is nearby. The New Buffalo Amtrak station offers service to Chicago, with Chicago approximately 1.5 hour away and South Bend approximately 40 min. away.
Located in New Buffalo, the property is minutes from Lake Michigan, marinas, dining, and wine trails. Red Arrow Highway and US 12 provide local access, while I-94 is nearby. The New Buffalo Amtrak station offers service to Chicago, with Chicago approximately 1.5 hour away and South Bend approximately 40 min. away.
Key Highlights
- 2708 square feet on 0.21 acres in New Buffalo
- Three bedrooms, kitchen, living and dining areas, and 3 total baths
- Commercial and residential spaces within one mixed‑use property
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
$29,832
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
5.09%
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%
$596,640
$596.6K
Cap Rate 7%
$426,171
$426.2K
Cap Rate 9%
$331,467
$331.5K
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
$46.1K $17.04/SF
− Vacancy
−$6.4K −$2.35/SF
EGI
$39.8K $14.69/SF
− OpEx
−$9.9K −$3.67/SF
NOI
$29.8K $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%
$596,640
Cap Rate 7%
$426,171
Cap Rate 9%
$331,467
Alternative Uses
Best Use
Office B
$426.2K
$372.9K – $497.2K
NOI $29,832 @ 7.0% cap · market cap 5.09%
Second Best
Retail
$401.6K
$351.4K – $468.5K
NOI $28,111 @ 7.0% cap · market cap 4.80%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
410
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Mixed-use property - Flexible building combines commercial space with living quarters and access to New Buffalo amenities and regional transportation.
Where is this mixed-use property located?
The property is located at 1 S 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: 2708 square feet on 0.21 acres in New Buffalo; Three bedrooms, kitchen, living and dining areas, and 3 total baths; Commercial and residential spaces within one mixed‑use property
