Flex Building with
For Sale
$799,900
1656 Hilltop Road, St Joseph, MI 49085
Commercial Sale, St. Joseph, MI
Property Size11,350 SF
Lot Size0.53 Acres
Price / SF$70.48
Days on Market204
Property Features for 1656 Hilltop Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Standard status
Active
APN
11-18-0135-0003-06-3
Size
11,350 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
On file.
Tax Annual Amount
5524
Legal Description
On file.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1973
Floors in Building
1
Number of units
1
Building materials
Brick, Stone
Roof type
Rubber
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Kara Schroer · License #6501373674
(269) 459-0435
Added: Mar 4
Changed: Sep 7
Last Checked: Sep 24 at 3:06AM
MLS# 26007951
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 11,350-square-foot flex property combines showroom space, warehouse and storage areas, and office or meeting rooms within a 1973 building. Three internal loading docks support operational use, while hanging heat serves the warehouse area. The structure features brick and stone construction, a rubber roof, forced-air heating, and a bathroom. Front-door parking is provided on the 0.53-acre site.
Located at 1656 Hilltop Road in St. Joseph, Michigan, the property has approximately 100 feet of Hilltop Road frontage. It sits next to Martin's Supermarket and between 1st Source Bank and Martin's Gas Station, with access to the Niles Road retail corridor and nearby commercial amenities.
Located at 1656 Hilltop Road in St. Joseph, Michigan, the property has approximately 100 feet of Hilltop Road frontage. It sits next to Martin's Supermarket and between 1st Source Bank and Martin's Gas Station, with access to the Niles Road retail corridor and nearby commercial amenities.
Key Highlights
- 11,350‑square‑foot flex building on 0.53 acres
- Approximately 100 feet of frontage on Hilltop Road
- Showroom, warehouse/storage, and office/meeting areas
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
$61,573
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
7.70%
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%
$1,231,460
$1.2M
Cap Rate 7%
$879,614
$879.6K
Cap Rate 9%
$684,144
$684.1K
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
$79.0K $6.96/SF
− Vacancy
−$6.6K −$0.58/SF
EGI
$72.4K $6.38/SF
− OpEx
−$10.9K −$0.96/SF
NOI
$61.6K $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%
$1,231,460
Cap Rate 7%
$879,614
Cap Rate 9%
$684,144
Alternative Uses
Best Use
Retail
$1.68M
$1.47M – $1.96M
NOI $117,823 @ 7.0% cap · market cap 14.73%
Second Best
Warehouse
$879.6K
$769.7K – $1.03M
NOI $61,573 @ 7.0% cap · market cap 7.70%
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
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Open Analytics
Current Use
Lease Details
3
Dock-high doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
467
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Adaptable space combines customer-facing areas with warehouse and office functions.
Where is this flex space located?
The property is located at 1656 Hilltop Road St 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: 11,350‑square‑foot flex building on 0.53 acres; Approximately 100 feet of frontage on Hilltop Road; Showroom, warehouse/storage, and office/meeting areas
