Mixed-Use Property with Retail
For Sale
Contact for pricing
208 S Elm Street, Three Oaks, MI 49128
Combined retail, residential, storage, and development components create a diversified commercial property in Three Oaks.
Property Size16,474 SF
Price / SF$119.89
Days on Market14
Property Features for 208 S Elm Street
General Information
Standard status
Active
Size
16,474 SF
Property subtype
Land, Multifamily, Retail
Building Details
Year Built
1900
Buildings
2
Units
9
Tenancy
Multi
Listing Agency:
ChooseChad Team, Coldwell Banker Realty New Buffalo
Listed By:
Chad Gradowski · License #MI 6506040711
Source:
Crexi
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 31 at 6:08PM
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 ChooseChad Team, Coldwell Banker Realty New Buffalo
Investment Insights
Based on property information with market context.
This mixed-use property combines an occupied retail building with residential and storage improvements. The retail component contains over 9000 sf under one roof and includes a restaurant, fitness center, and retail shop. A 4100 sf updated home facing South Elm Street includes an attached apartment suitable for short- or long-term rental or live/work use. The offering also includes a 1400 sf storage building and an adjacent 1.54-acre parcel that will not be sold separately.
The retail building provides 132' of frontage on US-12, while the adjacent land adds another 82' of US 12 frontage. The property is in Three Oaks, a tourist community just over an hour from Chicago and 45 minutes from South Bend/Notre Dame. The Harbor Country setting includes live theater, dining, and entertainment options. Improvements date to 1900, and the sale includes the commercial building, house, apartment, storage building, and vacant land under two tax ID numbers.
The retail building provides 132' of frontage on US-12, while the adjacent land adds another 82' of US 12 frontage. The property is in Three Oaks, a tourist community just over an hour from Chicago and 45 minutes from South Bend/Notre Dame. The Harbor Country setting includes live theater, dining, and entertainment options. Improvements date to 1900, and the sale includes the commercial building, house, apartment, storage building, and vacant land under two tax ID numbers.
Key Highlights
- Over 9000 sf of occupied retail space under one roof
- Restaurant, fitness center, and retail shop included
- 132' of frontage on US‑12
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
$171,015
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
8.66%
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%
$3,420,300
$3.4M
Cap Rate 7%
$2,443,071
$2.4M
Cap Rate 9%
$1,900,167
$1.9M
Market Conditions
NOI Build-Up for 16,474 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
$255.0K $15.48/SF
− Vacancy
−$10.7K −$0.65/SF
EGI
$244.3K $14.83/SF
− OpEx
−$73.3K −$4.45/SF
NOI
$171.0K $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%
$3,420,300
Cap Rate 7%
$2,443,071
Cap Rate 9%
$1,900,167
Alternative Uses
Best Use
Retail
$2.44M
$2.14M – $2.85M
NOI $171,015 @ 7.0% cap · market cap 8.66%
Second Best
Mixed Use
$2.38M
$2.08M – $2.78M
NOI $166,799 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$3.47M
$3.03M – $4.04M
NOI $242,660 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
212
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined retail, residential, storage, and development components create a diversified commercial property in Three Oaks.
Where is this mixed-use property located?
The property is located at 208 S Elm Street Three Oaks, MI.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Over 9000 sf of occupied retail space under one roof; Restaurant, fitness center, and retail shop included; 132' of frontage on US‑12
