Mixed-Use Brick Live-Work
For Sale
$549,000
2 E Ash Street E, Three Oaks, MI 49128
Brick bungalow with flexible live-work and studio layout, plus MU2 zoning for income or short-term rental use.
Property Size3,755 SF
Days on Market76
Property Features for 2 E Ash Street E
General Information
Standard status
Active
Size
3,755 SF
Total Parking Spaces
6
Property subtype
Commercial
Building Details
Building Size
3,755 SF
Year Built
1915
Units
1
Listing Agency:
Coldwell Banker Realty
(269) 231-0060
Listed By:
Keith Claunch
(269) 231-0060
Source:
Homesforsaleinmich
Added: Jun 12
Changed: Aug 23
Last Checked: Aug 25 at 8:08AM
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 meticulously maintained brick bungalow is configured as a 3-bedroom, 1.5-bath live/work space with a professional photography studio. The home includes a remodeled custom kitchen with a spacious island open to the dining area, an enclosed front porch that can function as a vestibule or three-season room, and an existing addition that can support additional bedrooms and flexible living uses. A dedicated studio area with dressing rooms can be converted back into a traditional living area. The basement adds practicality with newer mechanicals, a workout area, a small office, a production or shipping area, and ample storage, supported by an improved indoor layout.
Zoned MU2, the property is described as not restricted by the village residential short-term rental ordinance, supporting short-term rental use such as Airbnb or similar arrangements. Outside, there is a new Trex deck, paver patio, gazebo, and fire pit, creating dedicated outdoor space for tenant or guest use. Parking includes room for up to six vehicles, with a detached garage that provides parking for one vehicle plus workshop space.
The flexible configuration supports a range of owner-operator or tenant scenarios, from maintaining a live/work setup with studio production to converting the layout for short- or long-term rental. With multiple interior work and storage areas, the property can accommodate commercial activity alongside residential use, while the outdoor and parking amenities help support day-to-day functionality for residents, guests, or customers. Walk and bike scores are listed as 54 and 43, respectively.
Zoned MU2, the property is described as not restricted by the village residential short-term rental ordinance, supporting short-term rental use such as Airbnb or similar arrangements. Outside, there is a new Trex deck, paver patio, gazebo, and fire pit, creating dedicated outdoor space for tenant or guest use. Parking includes room for up to six vehicles, with a detached garage that provides parking for one vehicle plus workshop space.
The flexible configuration supports a range of owner-operator or tenant scenarios, from maintaining a live/work setup with studio production to converting the layout for short- or long-term rental. With multiple interior work and storage areas, the property can accommodate commercial activity alongside residential use, while the outdoor and parking amenities help support day-to-day functionality for residents, guests, or customers. Walk and bike scores are listed as 54 and 43, respectively.
Key Highlights
- MU2‑zoned mixed‑use property (brick bungalow) built in 1915 with flexible live‑work or income/short‑term rental use.
- Currently configured as a 3‑bedroom, 1.5‑bath live/work space with a professional photography studio.
- Can be converted from studio setup into up to a 5‑bedroom, 1.5‑bath rental layout for short- or long‑term tenants.
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
$41,366
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
7.53%
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%
$827,320
$827.3K
Cap Rate 7%
$590,943
$590.9K
Cap Rate 9%
$459,622
$459.6K
Market Conditions
NOI Build-Up for 3,755 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
$64.0K $17.04/SF
− Vacancy
−$8.8K −$2.35/SF
EGI
$55.2K $14.69/SF
− OpEx
−$13.8K −$3.67/SF
NOI
$41.4K $11.02/SF
Area
Berrien County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$827,320
Cap Rate 7%
$590,943
Cap Rate 9%
$459,622
Alternative Uses
Best Use
Office B
$590.9K
$517.1K – $689.4K
NOI $41,366 @ 7.0% cap · market cap 7.53%
Second Best
Mixed Use
$543.1K
$475.2K – $633.7K
NOI $38,019 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$790.2K
$691.4K – $921.9K
NOI $55,311 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Brick bungalow with flexible live-work and studio layout, plus MU2 zoning for income or short-term rental use.
Where is this live-work space located?
The property is located at 2 E Ash Street E Three Oaks, MI.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: MU2‑zoned mixed‑use property (brick bungalow) built in 1915 with flexible live‑work or income/short‑term rental use.; Currently configured as a 3‑bedroom, 1.5‑bath live/work space with a professional photography studio.; Can be converted from studio setup into up to a 5‑bedroom, 1.5‑bath rental layout for short- or long‑term tenants.
