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    Adaptive Space in Downtown Benton Title is generated by Realmo AI

    195 Michigan St, Benton Harbor, MI 49022

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    Claim this Listing
    For Lease
    $6,000/Mo $3 SF/Yr (calc)

    20,919 SF space perfect for retail, office, or restaurant.

    Type:Commercial
    Property size:
    20,919 SF
    Added:
    Apr 15, 2026
    Days on Market:
    48
    Last Refresh:
    Apr 14 at 2:48 pm

    Property Features for 195 Michigan St

    General Information

    Standard status
    Active
    Size
    20,919 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    James Bufalino

    Listing agent James Bufalino License #6501313711

    Listing office Premier Property Services

    Listing date Apr 15, 2026

    Source Elliman

    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 Premier Property Services

    HighLights

    • Large Space: 20,919 SF above grade plus 10,000 SF basement provides ample room for various uses.
    • Adaptive Use Potential: Open floor plan, high ceilings, and excellent natural light are suitable for retail, office, restaurant, storage, or residential.
    • Emerging Downtown Location: Opportunity to be part of Benton Harbor's developing downtown area.
    • New Roof: New roof installed in 2025.
    • New Windows: New windows being installed in March 2026.
    • Ample Electricity: Sufficient electrical capacity for diverse business needs.

    Overview

    This well-built property offers an excellent opportunity to be part of Benton Harbor's emerging downtown district. The building features 20,919 square feet of above-grade space, complemented by an additional 10,000+ square feet in the basement. A new roof is slated for installation in 2025, with new windows being installed in March of 2026. The property benefits from ample electricity to support various uses. The expansive floor plan, high ceilings, and excellent natural light create a versatile canvas suitable for nearly any adaptive use. Given the City of Benton Harbor's need for more retailers to serve local residents and seasonal visitors, this property presents numerous possibilities. Potential uses include retail, office space, restaurant, storage, pharmacy, gym, grocery store, loft, apartment, or mixed-use development. The owner is flexible and seeks a long-term tenant to contribute to the improvement of the downtown district. The location has a walk score of 67, indicating it is somewhat walkable, and a bike score of 46, indicating it is somewhat bikeable.
    Location Intelligence

    Current Use by Public Records

    Batson Printing (Building ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Benton Harbor
    County
    Berrien
    State
    Michigan
    Longitude
    -86.454916
    Latitude
    42.113358

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    FAQs

    What type of property is this?
    Retail space - 20,919 SF space perfect for retail, office, or restaurant.
    Where is this retail space located?
    The property is located at 195 Michigan St Benton Harbor, MI.
    What is the lease rate?
    The lease rate is $6,000 /Mo.
    What are key features of this property?
    This property features: Large Space: 20,919 SF above grade plus 10,000 SF basement provides ample room for various uses.; Adaptive Use Potential: Open floor plan, high ceilings, and excellent natural light are suitable for retail, office, restaurant, storage, or residential.; Emerging Downtown Location: Opportunity to be part of Benton Harbor's developing downtown area.
    (313) 806-1303
    We can help!
    Listing Contact
    James Bufalino
    Real Estate License ID: 6501313711
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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