Updated Retail
For Sale
$119,900
102 N Lincoln Avenue, Three Rivers, MI 49093
COMMERCIAL - Three Rivers, MI
Property Size600 SF
Lot Size0.20 Acres
Price / SF$199.83
Days on Market208
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
Amenities
on-site parking
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: Aug 4
Last Checked: Aug 12 at 2:06AM
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 retail space is housed in a wood-sided commercial building constructed in 1955. Recent improvements include new electrical and plumbing systems, fresh interior paint, and updated floor coverings. The property includes a bathroom, baseboard heating, a composition roof, and electricity available at the site.
Located at 102 N Lincoln Avenue in Three Rivers, the building offers on-site parking and a compact layout suited to retail or other small commercial operations. Its modest footprint provides an efficient setting for a storefront, office, boutique, or specialty business.
Located at 102 N Lincoln Avenue in Three Rivers, the building offers on-site parking and a compact layout suited to retail or other small commercial operations. Its modest footprint provides an efficient setting for a storefront, office, boutique, or specialty business.
Key Highlights
- 600 SF retail space
- New electrical and plumbing systems
- Fresh interior paint and updated floor coverings
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
Retail
$89.0K
$77.9K – $103.8K
NOI $6,229 @ 7.0% cap · market cap 5.20%
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
Lease Details
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Updated commercial space with on-site parking, refreshed interiors, and electrical and plumbing improvements.
Where is this retail space 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 SF retail space; New electrical and plumbing systems; Fresh interior paint and updated floor coverings
