Updated Storefront Retail
For Sale
$119,900
102 N Lincoln Avenue, Three Rivers, MI 49093
Commercial Sale, Three Rivers, MI
Property Size600 SF
Lot Size0.20 Acres
Price / SF$199.83
Days on Market253
Property Features for 102 N Lincoln Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
10
Elementary school district
Three Rivers
Middle school district
Three Rivers
High school district
Three Rivers
Subdivision
St. Joseph County - J
Standard status
Active
APN
051-365-079-00
Size
600 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E 1/2 OF LOTS 11-12 BLK 10 YAUNEYS ADD CITY OF THREE RIVERS.
Tax Annual Amount
9893
Legal Description
E 1/2 OF LOTS 11-12 BLK 10 YAUNEYS ADD CITY OF THREE RIVERS.
Utilities
Utilities
Electricity Available
Heating system
Baseboard
Building Details
Year built
1955
Floors in Building
1
Number of units
1
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 273-8185
Listed By:
Josh Nagy · License #6506046197
(269) 806-4525
Added: Jan 16
Changed: Sep 7
Last Checked: Sep 26 at 4:06AM
MLS# 26002012
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 600-square-foot storefront property is configured for a small commercial operation and includes one bathroom. Recent improvements include new electrical and plumbing, fresh interior paint, and updated floor coverings. The building was constructed in 1955 and features wood siding, baseboard heating, and a composition roof.
The property occupies 0.2 acres with frontage along West Michigan Avenue and Lincoln Drive. On-site parking supports customer and business access, while electricity is available at the property. Its compact layout and updated interior provide a straightforward setting for retail or other commercial use.
The property occupies 0.2 acres with frontage along West Michigan Avenue and Lincoln Drive. On-site parking supports customer and business access, while electricity is available at the property. Its compact layout and updated interior provide a straightforward setting for retail or other commercial use.
Key Highlights
- 600‑square‑foot storefront building
- 0.2‑acre property with frontage along West Michigan Avenue and Lincoln Drive
- New electrical and 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
$6,229
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
5.20%
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%
$124,580
$124.6K
Cap Rate 7%
$88,986
$89.0K
Cap Rate 9%
$69,211
$69.2K
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
$9.3K $15.48/SF
− Vacancy
−$390 −$0.65/SF
EGI
$8.9K $14.83/SF
− OpEx
−$2.7K −$4.45/SF
NOI
$6.2K $10.38/SF
Area
St. Joseph 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%
$124,580
Cap Rate 7%
$88,986
Cap Rate 9%
$69,211
Alternative Uses
Best Use
Retail
$89.0K
$77.9K – $103.8K
NOI $6,229 @ 7.0% cap · market cap 5.20%
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
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
99k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Home Improvements & Furnishings 16%
Shops & Services 15%
Apparel 4%
McDonald's
Dining
21,847 visits/mo
0.3 miles
Taco Bell
Dining
13,500 visits/mo
0.3 miles
Tractor Supply Co.
Home Improvements & Furnishings
10,857 visits/mo
0.5 miles
Burger King
Dining
9,499 visits/mo
0.3 miles
Dollar General
Shops & Services
9,392 visits/mo
0.4 miles
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
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?
Storefront property - Compact commercial space with refreshed finishes, updated systems, on-site parking, and frontage along two streets.
Where is this storefront property 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: 600‑square‑foot storefront building; 0.2‑acre property with frontage along West Michigan Avenue and Lincoln Drive; New electrical and plumbing
