Versatile Commercial Building in
For Sale
$1,500,000
1134 S Crystal Ave, Benton Harbor, MI 49022
27,289 SF building suitable for various commercial uses.
Property Size27,289 SF
Lot Size2.11 Acres
Price / SF$54.97
Days on Market164
Property Features for 1134 S Crystal Ave
General Information
Standard status
Active
Size
27,289 SF
Lot size
2.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,875
Building Details
Year Built
1965
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 370-6437
Listed By:
Connor Schultze · License #6504368846
(269) 370-6437
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 21 at 12:41PM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This 27,289 square foot commercial building is located in Benton Charter Township on 2.11 acres. Currently operating as a wedding and event venue, the property also holds a bingo hall certification. A liquor license is available for purchase. The location is near Red Arrow Highway and close to Lake Michigan, offering a prime location in a growing Lakeshore community. The site provides ample parking. The rear portion of the building is unfinished, allowing for warehouse use, additional leasable space, or future business expansion.
Key Highlights
- Large 27,289 SF commercial building suitable for various uses.
- Currently operating as a wedding and event venue.
- Bingo hall certification included, with liquor license available.
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
$121,917
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
8.13%
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%
$2,438,340
$2.4M
Cap Rate 7%
$1,741,671
$1.7M
Cap Rate 9%
$1,354,633
$1.4M
Market Conditions
NOI Build-Up for 27,289 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
$189.9K $6.96/SF
− Vacancy
−$15.8K −$0.58/SF
EGI
$174.2K $6.38/SF
− OpEx
−$52.3K −$1.91/SF
NOI
$121.9K $4.47/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /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%
$2,438,340
Cap Rate 7%
$1,741,671
Cap Rate 9%
$1,354,633
Alternative Uses
Best Use
Warehouse
$2.11M
$1.85M – $2.47M
NOI $148,042 @ 7.0% cap · market cap 9.87%
Second Best
Industrial
$1.74M
$1.52M – $2.03M
NOI $121,917 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$5.74M
$5.02M – $6.70M
NOI $401,963 @ 7.0% cap · market cap 26.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Explore this area
Business Placement
Demographics for 49022, MI
30,143
Population
14,484
Households
2.1
Avg Household Size
39
Median Age
18%
College-Educated
85%
High-School Grad
67.3 sq mi
ZIP Area
448
Density / Sq Mi
$39,859
Median Household Income
$29,530
Median Earnings
$797
Median Rent
$140,500
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Wedding venue - 27,289 SF building suitable for various commercial uses.
Where is this wedding venue located?
The property is located at 1134 S Crystal Ave Benton Harbor, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Large 27,289 SF commercial building suitable for various uses.; Currently operating as a wedding and event venue.; Bingo hall certification included, with liquor license available.
