Building Details

Building Size 2,134 SF

Year Built 2005

Stories 3

Listing Agency: Sunrise Real Estate

Listed By: Brian Newton · License #6502412621 Show Phone

Source: Kw

Added: Apr 1, 2025 Changed: Oct 4 Last Checked: Oct 14 at 10:23PM

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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 Sunrise Real Estate

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Investment Insights

Based on property information with market context.

Located just south of downtown St. Joseph and its beaches, Shoreham Condominiums features an open floor plan. The kitchen includes cherry-finished cabinetry, granite countertops, a center island, a snack bar, and appliances. The kitchen opens to a living room with a vaulted ceiling, gas fireplace, and slider to the rear deck. The main floor includes a primary bedroom with tray ceilings, a walk-in closet, and a primary bath complete with a laundry area. The second floor has two large bedrooms with oversized closets. The basement features a large family room, a full bath, and a fourth bedroom with an egress window. The property size is 2134 square feet.

Key Highlights

• Open floor plan and spacious condominium unit.
• Kitchen with cherry finished cabinetry, granite countertops, center island, snack bar, and appliances.
• Large primary bedroom on the main floor with tray ceilings, walk‑in closet, and primary bath with laundry area.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,417

Cap Rate

4.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$348,340 $348.3K

Cap Rate 7%

$248,814 $248.8K

Cap Rate 9%

$193,522 $193.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,134 SF

Gross rent

$33.5K $15.72/SF

− Vacancy

−$1.9K −$0.88/SF

EGI

$31.7K $14.84/SF

− OpEx

−$14.3K −$6.68/SF

NOI

$17.4K $8.16/SF

Area

Berrien County, MI

Vacancy

5.60%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$348,340

Cap Rate 7%

$248,814

Cap Rate 9%

$193,522

Alternative Uses

Best Use

Apartment 5plus

$248.8K

$217.7K – $290.3K (±1% cap)

NOI $17,417 @ 7.0% cap · market cap 4.91%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$449.1K

$392.9K – $523.9K (±1% cap)

NOI $31,434 @ 7.0% cap · market cap 8.85%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Hair Salon Dental Office Nail Salon Plumbing Service Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

399

Businesses Nearby

Explore this area Business Placement

Demographics for 49085, MI

24,047

Population

11,468

Households

2.1

Avg Household Size

44

Median Age

49%

College-Educated

97%

High-School Grad

24.1 sq mi

ZIP Area

998

Density / Sq Mi

$101,763

Median Household Income

$58,316

Median Earnings

$1,099

Median Rent

$287,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Condominium with open floor plan, close to downtown and beaches.

Where is this apartment building located?

The property is located at 2535 Holiday House Saint Saint Joseph, MI.

What is the asking price?

The asking price for this property is $355,000.

What are key features of this property?

This property features: Open floor plan and spacious condominium unit.; Kitchen with cherry finished cabinetry, granite countertops, center island, snack bar, and appliances.; Large primary bedroom on the main floor with tray ceilings, walk‑in closet, and primary bath with laundry area.