St. Joseph Industrial Flex
For Sale
$499,000
191 Hawthorne Avenue, St Joseph, MI 49085
Versatile industrial building near Lake Michigan with multiple units.
Property Size8,000 SF
Days on Market359
Property Features for 191 Hawthorne Avenue
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Building Details
Building Size
8,000 SF
Year Built
1985
Units
4
Listing Agency:
Cressy & Everett Real Estate
(269) 449-6939
Listed By:
Michael Barber · License #6506046456
(269) 449-6939
Source:
Homesforsaleinmich
Added: Aug 30, 2025
Changed: Aug 23
Last Checked: Aug 22 at 8:25AM
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 Cressy & Everett Real Estate
Investment Insights
Based on property information with market context.
This industrial building is located in St. Joseph, near Lake Michigan. The property, zoned Industrial 1, features over 8000 square feet of total available space divided into four separate units. Three of the units include overhead doors, bathrooms, heat, and water. The property is suitable for business expansion or investment.
Key Highlights
- Prime location in St. Joseph, near Lake Michigan
- Zoned Industrial 1, offering versatile usage options
- Four separate units, providing flexibility for tenants or business operations
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
$43,400
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
8.70%
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%
$868,000
$868.0K
Cap Rate 7%
$620,000
$620.0K
Cap Rate 9%
$482,222
$482.2K
Market Conditions
NOI Build-Up for 8,000 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
$55.7K $6.96/SF
− Vacancy
−$4.6K −$0.58/SF
EGI
$51.1K $6.38/SF
− OpEx
−$7.7K −$0.96/SF
NOI
$43.4K $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%
$868,000
Cap Rate 7%
$620,000
Cap Rate 9%
$482,222
Alternative Uses
Best Use
Warehouse
$620.0K
$542.5K – $723.3K
NOI $43,400 @ 7.0% cap · market cap 8.70%
Second Best
Flex RnD
$572.2K
$500.7K – $667.6K
NOI $40,055 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,839 @ 7.0% cap · market cap 23.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
247
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 Industrial 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?
Flex space - Versatile industrial building near Lake Michigan with multiple units.
Where is this flex space located?
The property is located at 191 Hawthorne Avenue St Joseph, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Prime location in St. Joseph, near Lake Michigan; Zoned Industrial 1, offering versatile usage options; Four separate units, providing flexibility for tenants or business operations
