Live-Work Space with Photography
New
For Sale
$549,000
2 E Ash Street, Three Oaks, MI 49128
MU2-zoned brick bungalow combines residential rooms, a photography studio, and an updated kitchen.
Property Size3,755 SF
Days on Market7
Property Features for 2 E Ash Street
General Information
Standard status
Active
Size
3,755 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
MU2
Taxes and HOA fees
Annual Taxes
$2,943
Amenities
original natural woodwork
remodeled custom kitchen
enclosed front porch
three-season room
versatile basement
deck
patio
gazebo
fire pit
Building Details
Building Size
3,755 SF
Year Built
1915
Buildings
1
Stories
2
Units
1
Construction
brick
Listing Agency:
Coldwell Banker Realty
(269) 231-0060
Listed By:
Keith Claunch
(269) 231-0060
Source:
Irishhillsfivestarhomes
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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.
Built in 1915, this MU2-zoned brick bungalow is configured as a three-bedroom, one-and-a-half-bath live-work space with a professional photography studio and dressing rooms. Original woodwork remains alongside a remodeled kitchen with a large island opening to the dining area. An addition and enclosed front porch provide additional flexible areas, while the basement includes newer mechanicals, a workout area, small office, production or shipping space, and storage.
Outdoor features include a Trex deck, paver patio, gazebo, and fire pit. A detached garage offers one-vehicle parking and workshop space, and the separate parking area accommodates up to six vehicles. The property is not subject to the village residential short-term rental ordinance and is identified for potential Airbnb, VRBO, bed-and-breakfast, retail, office, and creative studio uses.
Outdoor features include a Trex deck, paver patio, gazebo, and fire pit. A detached garage offers one-vehicle parking and workshop space, and the separate parking area accommodates up to six vehicles. The property is not subject to the village residential short-term rental ordinance and is identified for potential Airbnb, VRBO, bed-and-breakfast, retail, office, and creative studio uses.
Key Highlights
- MU2 zoning with eligibility for short‑term rental use outside the village residential ordinance
- Three‑bedroom, 1.5‑bath live‑work configuration with professional photography studio
- Remodeled custom kitchen with spacious island adjoining the dining area
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 - MU2-zoned brick bungalow combines residential rooms, a photography studio, and an updated kitchen.
Where is this live-work space located?
The property is located at 2 E Ash Street 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 zoning with eligibility for short‑term rental use outside the village residential ordinance; Three‑bedroom, 1.5‑bath live‑work configuration with professional photography studio; Remodeled custom kitchen with spacious island adjoining the dining area
