Multi-Structure Mixed-Use
For Sale
$699,000
15320 Three Oaks Rd, Three Oaks, MI 49128
Versatile commercial property with on-site residences, warehouse support, garage space, and outdoor amenities.
Property Size6,568 SF
Price / SF$106.43
Days on Market53
Property Features for 15320 Three Oaks Rd
General Information
Standard status
Active
Size
6,568 SF
Listing Agency:
Coldwell Banker Realty
Listed By:
Sandy Fenderbosch · License #6506040710
(269) 449-4663
Source:
Katie-k
Added: Jul 14
Changed: Sep 2
Last Checked: Sep 1 at 9:10PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This multi-structure mixed-use property combines commercial, residential, storage, and service-oriented improvements in one setting. The main building includes 2,667 sq. ft. of lower-level commercial space, while its upper level contains a 1,917 sq. ft. two-bedroom residence. A separate building adds a newly constructed one-bedroom apartment, creating additional on-site residential capacity. The property also includes a 992 sq. ft. warehouse and a 1200 sq. ft. garage for storage, production, logistics, or related operational needs.
The commercial area is positioned along Three Oaks Road, with proximity to downtown Three Oaks and Harbor County destinations. Additional site features include ample parking, maintained outdoor areas, an inground pool, and a gazebo. The combination of multiple structures and varied spaces supports a broad range of commercial and live-work configurations, subject to applicable approvals and requirements.
The commercial area is positioned along Three Oaks Road, with proximity to downtown Three Oaks and Harbor County destinations. Additional site features include ample parking, maintained outdoor areas, an inground pool, and a gazebo. The combination of multiple structures and varied spaces supports a broad range of commercial and live-work configurations, subject to applicable approvals and requirements.
Key Highlights
- 2,667 sq. ft. of lower‑level commercial space in the main building
- 1,917 sq. ft. two‑bedroom residence on the main building’s upper level
- Newly constructed one‑bedroom apartment in the secondary building
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
$35,631
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
5.10%
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%
$712,620
$712.6K
Cap Rate 7%
$509,014
$509.0K
Cap Rate 9%
$395,900
$395.9K
Market Conditions
NOI Build-Up for 6,568 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
$45.7K $6.96/SF
− Vacancy
−$3.8K −$0.58/SF
EGI
$41.9K $6.38/SF
− OpEx
−$6.3K −$0.96/SF
NOI
$35.6K $5.42/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$712,620
Cap Rate 7%
$509,014
Cap Rate 9%
$395,900
Alternative Uses
Best Use
Office B
$1.03M
$904.4K – $1.21M
NOI $72,355 @ 7.0% cap · market cap 10.35%
Second Best
Retail
$974.0K
$852.3K – $1.14M
NOI $68,182 @ 7.0% cap · market cap 9.75%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,746 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 49128, MI
3,448
Population
1,929
Households
1.8
Avg Household Size
52
Median Age
24%
College-Educated
94%
High-School Grad
43.7 sq mi
ZIP Area
79
Density / Sq Mi
$73,023
Median Household Income
$41,460
Median Earnings
$984
Median Rent
$247,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile commercial property with on-site residences, warehouse support, garage space, and outdoor amenities.
Where is this mixed-use property located?
The property is located at 15320 Three Oaks Rd Three Oaks, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,667 sq. ft. of lower‑level commercial space in the main building; 1,917 sq. ft. two‑bedroom residence on the main building’s upper level; Newly constructed one‑bedroom apartment in the secondary building
