Versatile Flex Building on
For Sale
$799,900
1656 Hilltop Rd, Saint Joseph, MI 49085
11,350 SF flex building with showroom, warehouse, and office.
Property Size11,350 SF
Lot Size0.53 Acres
Price / SF$70.48
Days on Market117
Property Features for 1656 Hilltop Rd
General Information
Standard status
Active
Size
11,350 SF
Lot size
0.53 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,523
Building Details
Year Built
1973
Units
1
Listing Agency:
NAI Wisinski of West Michigan - Kalamazoo
(269) 459-0435
Listed By:
Kara Schroer · License #6501373674
(269) 459-0435
Source:
Elliman
Added: Apr 27
Changed: Aug 19
Last Checked: Aug 20 at 7:16AM
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 - Kalamazoo
Investment Insights
Based on property information with market context.
This 11,350 square foot flex building is located along the highly traveled Hilltop Road corridor in St. Joseph, MI. The property features a versatile layout including showroom, warehouse/storage, and office/meeting space. Situated on 0.53 acres with approximately 100 feet of frontage on Hilltop Road, the building is directly adjacent to Martin's Supermarket and between 1st Source Bank and the new Martin's Gas Station, providing strong visibility and convenient access. The building includes three internal loading docks and hanging heat in the warehouse area. Convenient front-door parking makes it well suited for service-oriented users requiring a blend of customer-facing and operational space. Benefiting from a strong daytime population and established commercial activity, the property is in proximity to the Niles Road retail corridor and surrounding amenities. The site also presents potential for redevelopment for retail or service commercial use given its strategic location within a busy neighborhood retail node. The location has a bike score of 45, indicating it is somewhat bikeable, and a walk score of 53, indicating it is somewhat walkable.
Key Highlights
- High‑visibility location on Hilltop Road with 100 ft of frontage
- Adjacent to Martin's Supermarket and near other commercial establishments
- Versatile 11,350 SF flex building suitable for showroom, warehouse/storage, and office/meeting space
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
$56,827
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
7.10%
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%
$1,136,540
$1.1M
Cap Rate 7%
$811,814
$811.8K
Cap Rate 9%
$631,411
$631.4K
Market Conditions
NOI Build-Up for 11,350 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
$95.3K $8.40/SF
− Vacancy
−$7.9K −$0.70/SF
EGI
$87.4K $7.70/SF
− OpEx
−$30.6K −$2.70/SF
NOI
$56.8K $5.01/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,136,540
Cap Rate 7%
$811,814
Cap Rate 9%
$631,411
Alternative Uses
Best Use
Flex RnD
$811.8K
$710.3K – $947.1K
NOI $56,827 @ 7.0% cap · market cap 7.10%
Second Best
Industrial
$724.4K
$633.9K – $845.1K
NOI $50,708 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,184 @ 7.0% cap · market cap 20.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 11,350 SF flex building with showroom, warehouse, and office.
Where is this flex space located?
The property is located at 1656 Hilltop Rd Saint Joseph, MI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: High‑visibility location on Hilltop Road with 100 ft of frontage; Adjacent to Martin's Supermarket and near other commercial establishments; Versatile 11,350 SF flex building suitable for showroom, warehouse/storage, and office/meeting space
