Mixed-Use Property with Retail
For Sale
$1,975,000
208 S Elm Street, Three Oaks, MI 49128
Retail, residential, and storage components are combined with additional land for parking or future expansion.
Property Size16,474 SF
Price / SF$119.89
Days on Market9
Property Features for 208 S Elm Street
General Information
Standard status
Active
Size
16,474 SF
Property subtype
Commercial
Lease Term
Cash, Conventional
Additional Details
Frontage
132 ft
Taxes and HOA fees
Annual Taxes
$8,499
Building Details
Building Size
16,474 SF
Year Built
1900
Buildings
3
Units
9
Listing Agency:
Coldwell Banker Realty
(219) 241-9083
Listed By:
ChooseChad Team
(219) 241-9083
Source:
Sabudarealty
Added: Aug 18
Changed: Aug 25
Last Checked: Aug 25 at 9:14AM
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 mixed-use property combines more than 15,000 square feet of occupied retail space beneath one roof, with a restaurant, fitness center, and retail shop. The commercial building includes 132 feet of frontage on US-12. The offering also includes a 4,400-square-foot updated residence facing South Elm Street, configured with a 3,700-square-foot main house and a 700-square-foot attached apartment. The apartment supports short- or long-term rental use or a live/work arrangement. A separate 1,400-square-foot storage building adds further utility.
An adjacent 1.54-acre parcel contributes another 82 feet of US-12 frontage and is included in the sale rather than offered separately. The property is in Three Oaks, a tourist-oriented community approximately just over an hour from Chicago and 45 minutes from South Bend/Notre Dame. The improvements date to 1900, and the package includes two tax identification numbers covering the commercial, residential, and vacant-land components.
An adjacent 1.54-acre parcel contributes another 82 feet of US-12 frontage and is included in the sale rather than offered separately. The property is in Three Oaks, a tourist-oriented community approximately just over an hour from Chicago and 45 minutes from South Bend/Notre Dame. The improvements date to 1900, and the package includes two tax identification numbers covering the commercial, residential, and vacant-land components.
Key Highlights
- >15,000 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
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 - Retail, residential, and storage components are combined with additional land for parking or future expansion.
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: >15,000 sf of occupied retail space under one roof; Restaurant, fitness center, and retail shop included; 132' of frontage on US‑12
