Updated Office
For Sale
$119,900
102 N Lincoln Avenue, Three Rivers, MI 49093
Turnkey, fully updated office building with new electrical and plumbing and prime frontage for strong day-to-day accessibility.
Property Size600 SF
Days on Market221
Property Features for 102 N Lincoln Avenue
General Information
Standard status
Active
Size
600 SF
Total Parking Spaces
10
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,893
Building Details
Building Size
600 SF
Year Built
1955
Units
1
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 806-4525
Listed By:
Josh Nagy · License #6506046197
(269) 806-4525
Source:
Carolbollo
Added: Jan 16
Changed: Aug 8
Last Checked: Aug 25 at 8:09AM
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 Berkshire Hathaway HomeServices Michigan Real Estate
Investment Insights
Based on property information with market context.
This fully updated small commercial building is turnkey and ready for immediate occupancy. Improvements include new electrical and plumbing, fresh interior paint, and updated floor coverings throughout. The property is presented in a condition suitable for office and specialty business use, with a straightforward footprint designed for a variety of professional concepts.
The building is located at 102 N Lincoln Avenue in Three Rivers, with prime frontage along both West Michigan Avenue and Lincoln Drive. It also offers ample on-site parking for customers, employees, and visitors, supporting convenient access for daily operations.
The property is well suited for an owner-operator or business seeking an affordable footprint without needing a major buildout. The combination of updated building systems, refreshed interiors, and prominent frontage makes it a practical fit for startups, boutique offices, and specialty businesses that want a move-in ready space with reliable parking and straightforward accessibility.
The building is located at 102 N Lincoln Avenue in Three Rivers, with prime frontage along both West Michigan Avenue and Lincoln Drive. It also offers ample on-site parking for customers, employees, and visitors, supporting convenient access for daily operations.
The property is well suited for an owner-operator or business seeking an affordable footprint without needing a major buildout. The combination of updated building systems, refreshed interiors, and prominent frontage makes it a practical fit for startups, boutique offices, and specialty businesses that want a move-in ready space with reliable parking and straightforward accessibility.
Key Highlights
- Year built 1955
- Fully updated small commercial office building
- New electrical and new plumbing
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
$6,610
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
5.51%
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%
$132,200
$132.2K
Cap Rate 7%
$94,429
$94.4K
Cap Rate 9%
$73,444
$73.4K
Market Conditions
NOI Build-Up for 600 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
$10.2K $17.04/SF
− Vacancy
−$1.4K −$2.35/SF
EGI
$8.8K $14.69/SF
− OpEx
−$2.2K −$3.67/SF
NOI
$6.6K $11.02/SF
Area
St. Joseph 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%
$132,200
Cap Rate 7%
$94,429
Cap Rate 9%
$73,444
Alternative Uses
Best Use
Office B
$94.4K
$82.6K – $110.2K
NOI $6,610 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$7.48M
$6.54M – $8.72M
NOI $523,331 @ 7.0% cap · market cap 436.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 49093, MI
18,215
Population
8,512
Households
2.1
Avg Household Size
41
Median Age
20%
College-Educated
92%
High-School Grad
105.6 sq mi
ZIP Area
172
Density / Sq Mi
$63,040
Median Household Income
$36,916
Median Earnings
$824
Median Rent
$174,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Turnkey, fully updated office building with new electrical and plumbing and prime frontage for strong day-to-day accessibility.
Where is this office units located?
The property is located at 102 N Lincoln Avenue Three Rivers, MI.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Year built 1955; Fully updated small commercial office building; New electrical and new plumbing
