Auto Shop with Rental
For Sale
$330,000
1467 Main Street, St Joseph, MI 49085
Main Street property near downtown and the beaches of St. Joseph, offering continued automotive or broader commercial use.
Property Size1,175 SF
Days on Market42
Property Features for 1467 Main Street
General Information
Standard status
Active
Size
1,175 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,550
Building Details
Building Size
1,175 SF
Year Built
1950
Buildings
1
Stories
1
Units
1
Listing Agency:
Realty Executives Instant Equity
(616) 638-7185
Listed By:
Anthony F Clark
Source:
Erareardonrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Realty Executives Instant Equity
Investment Insights
Based on property information with market context.
This Main Street commercial property is currently operated as Hardin's Auto Repair and Car Rental, providing an established automotive-oriented configuration with the flexibility to continue in a similar role or support another commercial use. The building dates to 1950.
The property is positioned in St. Joseph, Michigan, a couple of blocks from downtown and the beaches. Its location at a heavily traveled local intersection adds convenient exposure for an automotive business or other commercial operation, subject to applicable approvals.
The property is positioned in St. Joseph, Michigan, a couple of blocks from downtown and the beaches. Its location at a heavily traveled local intersection adds convenient exposure for an automotive business or other commercial operation, subject to applicable approvals.
Key Highlights
- Currently operated as Hardin's Auto Repair and Car Rental
- Main Street location in St. Joseph, Michigan
- A couple of blocks from downtown and the beaches
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
$12,198
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
3.70%
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%
$243,960
$244.0K
Cap Rate 7%
$174,257
$174.3K
Cap Rate 9%
$135,533
$135.5K
Market Conditions
NOI Build-Up for 1,175 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
$18.2K $15.48/SF
− Vacancy
−$764 −$0.65/SF
EGI
$17.4K $14.83/SF
− OpEx
−$5.2K −$4.45/SF
NOI
$12.2K $10.38/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$243,960
Cap Rate 7%
$174,257
Cap Rate 9%
$135,533
Alternative Uses
Best Use
Retail
$174.3K
$152.5K – $203.3K
NOI $12,198 @ 7.0% cap · market cap 3.70%
Second Best
Industrial
$75.0K
$65.6K – $87.5K
NOI $5,249 @ 7.0% cap · market cap 1.59%
Theoretical Best
Office A
$247.3K
$216.4K – $288.5K
NOI $17,308 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Balanced
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 Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Le Roys of St Joe — 2504 Pixley Ave, St Joseph, MI 49085
- First Choice Auto Glass Center — St Joseph, MI 49085
- Hardin's Auto Service — 1467 main st, st joseph, mi 49085
- Zielke's — 1207 Broad St, St Joseph, MI 49085
Frequently Asked Questions
What type of property is this?
Auto shop - Main Street property near downtown and the beaches of St. Joseph, offering continued automotive or broader commercial use.
Where is this auto shop located?
The property is located at 1467 Main Street St Joseph, MI.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Currently operated as Hardin's Auto Repair and Car Rental; Main Street location in St. Joseph, Michigan; A couple of blocks from downtown and the beaches
