Lakeshore Development
For Sale
$650,000
1719 Lakeshore Drive, St Joseph, MI 49085
COMMERCIAL - St. Joseph, MI
Property Size3,762 SF
Lot Size0.22 Acres
Price / SF$172.78
Days on Market58
Property Features for 1719 Lakeshore Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Subdivision
City of St. Joseph
Elementary school
Lincoln Community School
High school
St. Joseph High School
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Standard status
Active
APN
11-76-8550-0014-00-1
Size
3,762 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 14 & 15 Wilkinson & Burkhards Add to City
Tax Annual Amount
5360
Legal Description
Lots 14 & 15 Wilkinson & Burkhards Add to City
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Building Details
Year built
1930
Floors in Building
1
Number of units
1
Building materials
Wood Siding, Brick
Roof type
Rubber
Listing Agency:
Realty Executives Instant Equity · Realty Executives International
(269) 983-7721
Listed By:
Kimberly Webb
(269) 757-1252
Added: Jun 12
Changed: Aug 4
Last Checked: Aug 8 at 3:06AM
MLS# 26029507
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.
The property at 1719 Lakeshore Drive is a commercial asset with a total size of 3,762 square feet, situated on a 0.22-acre parcel. Public remarks indicate the site has great views of Lake Michigan. The listing also notes that height is limited to 35 feet.
Current zoning is described as allowing a 2-unit residential property. The seller’s remarks further state that City approval for a variance could allow some combination of commercial, residential, or PUD, subject to buyer and buyer’s agent verification.
As presented, this is a development-oriented offering where zoning and variance outcomes will be key to determining the final mix of uses. All information should be confirmed by interested parties.
Current zoning is described as allowing a 2-unit residential property. The seller’s remarks further state that City approval for a variance could allow some combination of commercial, residential, or PUD, subject to buyer and buyer’s agent verification.
As presented, this is a development-oriented offering where zoning and variance outcomes will be key to determining the final mix of uses. All information should be confirmed by interested parties.
Key Highlights
- Commercial property on Lake Shore Drive with lake views and a waterfront location on Lake Michigan
- One block from beach access
- Currently zoned for a 2‑unit residential property; new zoning requirements noted
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
$39,053
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
6.01%
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%
$781,060
$781.1K
Cap Rate 7%
$557,900
$557.9K
Cap Rate 9%
$433,922
$433.9K
Market Conditions
NOI Build-Up for 3,762 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
$58.2K $15.48/SF
− Vacancy
−$2.4K −$0.65/SF
EGI
$55.8K $14.83/SF
− OpEx
−$16.7K −$4.45/SF
NOI
$39.1K $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%
$781,060
Cap Rate 7%
$557,900
Cap Rate 9%
$433,922
Alternative Uses
Best Use
Retail
$557.9K
$488.2K – $650.9K
NOI $39,053 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.6K
$692.7K – $923.6K
NOI $55,414 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Commercial property on Lakeshore Drive near beach access, currently zoned for a 2-unit residential use with height capped at 35 feet.
Where is this retail space located?
The property is located at 1719 Lakeshore Drive St Joseph, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Commercial property on Lake Shore Drive with lake views and a waterfront location on Lake Michigan; One block from beach access; Currently zoned for a 2‑unit residential property; new zoning requirements noted
