Spacious Condo Near Downtown
For Sale
$355,000
2535 Holiday House Saint, Saint Joseph, MI 49085
Condominium with open floor plan, close to downtown and beaches.
Property Size2,134 SF
Price / SF$166.35
Days on Market518
Property Features for 2535 Holiday House Saint
General Information
Standard status
Active
Size
2,134 SF
Property subtype
Condominium
Amenities
Fireplace
Forced Air
Dishwasher
Dryer
Microwave
Range/Oven
Refrigerator
Washer
Building Details
Building Size
2,134 SF
Year Built
2005
Stories
3
Listing Agency:
Sunrise Real Estate
(269) 927-1655
Listed By:
Brian Newton · License #6502412621
(269) 927-1655
Source:
Kw
Added: Apr 1, 2025
Changed: Aug 17
Last Checked: Aug 31 at 1:13AM
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
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 = 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
$17,417
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
4.91%
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%
$348,340
$348.3K
Cap Rate 7%
$248,814
$248.8K
Cap Rate 9%
$193,522
$193.5K
Market Conditions
NOI Build-Up for 2,134 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
$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 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%
$348,340
Cap Rate 7%
$248,814
Cap Rate 9%
$193,522
Alternative Uses
Best Use
Apartment 5plus
$248.8K
$217.7K – $290.3K
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
NOI $31,434 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
