Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    93402 Lee St Dowagiac, MI 49047

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $379,900

    Three homes near Big Crooked Lake with deeded access.

    Lot size:
    0.28 Acres

    Property Features for 93402 Lee St

    General Information

    Property type
    Investment
    Standard status
    Active
    Lot size
    0.28 Acres

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Christopher Radics
    Christopher Radics
    Source: Elliman

    Listing Agent: Christopher Radics

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Sister Lakes Multifamily Investment Opportunity

    This listing features three homes in Sister Lakes, offering private deeded access to Big Crooked Lake. The access point, located down the road, includes a pier and a sandy area suitable for swimming. The properties are potentially suitable for long-term or short-term rentals, subject to township approval. All three homes include two bedrooms and one bathroom. Home #1 is fully renovated and spans approximately 840 square feet, featuring new siding, a deck, a furnace, central air conditioning, flooring, replacement windows, and a gas hot water heater, along with fresh paint and other updates. Home #2, approximately 1060 square feet, is undergoing similar renovations, allowing the buyer to customize countertops, siding, and other features. House #3, approximately 950 square feet, was updated around 10 years ago. The property is located within two hours of Chicago and 45 minutes from South Bend and Kalamazoo. The zoning is single family residential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Restaurant Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy Big Box & Wholesale Store Hotel & Motel Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dowagiac
    County
    Cass
    State
    Michigan
    Longitude
    -86.188705
    Latitude
    42.080463

    Nearby Similar for Sale

    • $315,000
      2,527 SF

      Downtown Dowagiac Renovated Commercial Property

      Renovated commercial property in downtown Dowagiac, steps from local amenities.
      111 Commercial St, Dowagiac, MI 49047
      View Details
    • $344,900
      6,578 SF

      Storage and Warehouse Opportunity

      Storage units and warehouse on a busy corner.
      67734 M-152, Dowagiac, MI 49047
      View Details
    • $195,000
      2,064 SF

      Redevelopment Opportunity in Dowagiac, MI

      High-visibility commercial property with existing infrastructure and redevelopment potential.
      28102 M 152, Dowagiac, MI 49047
      View Details
    • $2,650,000
      63,148 SF

      Industrial Property with Long-Term Lease

      Triple net industrial property leased through 2039 with scheduled rent.
      55905 92Nd Ave, Dowagiac, MI 49047
      View Details
    • $199,900
      0.38 Acres

      Spacious Three-Unit Investment Property

      Three-unit property with garage and large yard in Dowagiac, MI.
      423 E Division St, Dowagiac, MI 49047
      View Details
    • $250,000
      6,678 SF

      Downtown Dowagiac Mixed-Use Building

      Versatile commercial building with residential potential in downtown Dowagiac.
      145 S Front St, Dowagiac, MI 49047
      View Details
    • $450,000
      4,246 SF

      Downtown Investment Opportunity with Apartment

      Updated commercial space with luxury apartment in thriving downtown.
      143 S Front St, Dowagiac, MI 49047
      View Details
    • $339,000

      Downtown Dowagiac Renovated Commercial Property

      Renovated commercial property in Downtown Dowagiac with rental income potential.
      111 Commercial St, Dowagiac, MI 49047
      View Details
    • $199,900

      Spacious Three-Unit Investment Property

      Three units, garage, and large yard investment opportunity.
      423 E Division St, Dowagiac, MI 49047
      View Details
    • $2,650,000

      Industrial Property with Long-Term Lease

      Industrial property with lease through 2039 and scheduled rent.
      55905 92Nd Ave, Dowagiac, MI 49047
      View Details
    • $99,900
      Pending

      Two Cottages Near Big Crooked Lake

      Two updated cottages on separate lots near Big Crooked Lake.
      66476 Oak St, Dowagiac, MI 49047
      View Details
    • $125,000

      Versatile Commercial/Residential Property on Acres

      Mixed-use property with storefront, apartment, and additional building.
      54474 M 51 N, Dowagiac, MI 49047
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Three homes near Big Crooked Lake with deeded access.
    Where is this multifamily property located?
    The property is located at 93402 Lee St Dowagiac, MI.
    What is the asking price?
    The asking price for this property is $379,900.
    What are key features of this property?
    This property features: - Private deeded access to Big Crooked Lake with sandy swimming area and pier.; - Three separate homes on one property, suitable for multi-family living or rental income.; - **Home #1 is completely renovated with new siding, deck, furnace, central air, flooring, windows, and more.**
    (269) 876-1452
    Request Owner's contact information
    93402 Lee St Dowagiac, MI 49047
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    93402 Lee St
    Dowagiac, MI 49047
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    93402 Lee St Dowagiac, MI 49047
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Christopher Radics
    Christopher Radics
    (269) 876-1452 (269) 424-5500
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!