Mixed-Use Property with
For Sale
$249,900
130 E Water Street, Constantine, MI 49042
Restaurant space occupies the main level, with residential quarters and a basement below.
Property Size2,414 SF
Price / SF$208.25
Days on Market13
Property Features for 130 E Water Street
General Information
Standard status
Active
Size
2,414 SF
Property subtype
Commercial
Additional Details
Furnished
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$694
Amenities
coffee bar
dual restrooms
outside cooking area
Building Details
Building Size
2,414 SF
Year Built
1900
Buildings
1
Stories
2
Units
1
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 806-4525
Listed By:
Josh Nagy · License #6506046197
Source:
Erareardonrealty
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 29 at 5:46PM
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 Berkshire Hathaway HomeServices Michigan Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use property combines an operating restaurant space with residential and support areas. The 1,200 sq ft main level includes a furnished coffee bar, refrigeration and freezers, dual restrooms, and included fixtures and equipment. An outside cooking area has received health department permission.
The upper level contains a 2-bedroom, 2-bath apartment with a private entrance, stainless steel appliances, ceramic heated tile flooring, a whirlpool tub, and a 2-car garage. A Bruno chair lift with 400lb capacity serves the staircase to the apartment. Beneath the restaurant, the full basement offers storage or expansion space and includes a full bathroom with potential for a rental unit.
The upper level contains a 2-bedroom, 2-bath apartment with a private entrance, stainless steel appliances, ceramic heated tile flooring, a whirlpool tub, and a 2-car garage. A Bruno chair lift with 400lb capacity serves the staircase to the apartment. Beneath the restaurant, the full basement offers storage or expansion space and includes a full bathroom with potential for a rental unit.
Key Highlights
- 1,200 sq ft restaurant main level with furnished coffee bar, refrigeration, freezers, and dual restrooms
- 2‑bedroom, 2‑bath apartment with private entrance and stainless steel appliances
- 2‑car garage, ceramic heated tile flooring, and whirlpool tub
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
$14,955
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
5.98%
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%
$299,100
$299.1K
Cap Rate 7%
$213,643
$213.6K
Cap Rate 9%
$166,167
$166.2K
Market Conditions
NOI Build-Up for 1,200 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
$26.4K $21.96/SF
− Vacancy
−$2.4K −$2.02/SF
EGI
$23.9K $19.94/SF
− OpEx
−$9.0K −$7.48/SF
NOI
$15.0K $12.46/SF
Area
St. Joseph County, MI
Vacancy
9.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
37.50%
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%
$299,100
Cap Rate 7%
$213,643
Cap Rate 9%
$166,167
Alternative Uses
Best Use
Mixed Use
$213.6K
$186.9K – $249.3K
NOI $14,955 @ 7.0% cap · market cap 5.98%
Second Best
Specialty Retail
$191.1K
$167.2K – $222.9K
NOI $13,375 @ 7.0% cap · market cap 5.35%
Theoretical Best
Multifamily LT 5
$14.95M
$13.08M – $17.44M
NOI $1,046,662 @ 7.0% cap · market cap 418.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Phillips 66
Shops & Services
8,073 visits/mo
0.1 miles
Demographics for 49042, MI
4,641
Population
2,000
Households
2.3
Avg Household Size
40
Median Age
13%
College-Educated
84%
High-School Grad
57.1 sq mi
ZIP Area
81
Density / Sq Mi
$72,536
Median Household Income
$44,656
Median Earnings
$780
Median Rent
$161,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant space occupies the main level, with residential quarters and a basement below.
Where is this mixed-use property located?
The property is located at 130 E Water Street Constantine, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 1,200 sq ft restaurant main level with furnished coffee bar, refrigeration, freezers, and dual restrooms; 2‑bedroom, 2‑bath apartment with private entrance and stainless steel appliances; 2‑car garage, ceramic heated tile flooring, and whirlpool tub
