Courthouse-Adjacent Office
New
For Sale
$175,000
213 E Paw Paw St, Paw Paw, MI 49079
A longstanding office property retains elements of its original 1920 construction.
Property Size1,163 SF
Price / SF$150.47
Days on Market4
Property Features for 213 E Paw Paw St
General Information
Standard status
Active
Size
1,163 SF
Building Details
Year Built
1920
Listing Agency:
Golden Star Realty, Inc.
Listed By:
Barbara R Carpenter · License #6504211556
(269) 657-4830
Source:
Katie-k
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 1:36PM
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 Golden Star Realty, Inc.
Investment Insights
Based on property information with market context.
This office building dates to 1920 and retains several features and materials from its original construction. The property has served as law offices over many years.
The building sits across from the county courthouse and next to the County Park.
The building sits across from the county courthouse and next to the County Park.
Key Highlights
- Built in 1920
- Across from the county courthouse
- Adjacent to the County Park
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,920
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$238,400
$238.4K
Cap Rate 7%
$170,286
$170.3K
Cap Rate 9%
$132,444
$132.4K
Market Conditions
NOI Build-Up for 1,163 SF
Gross rent
$19.8K $17.04/SF
− Vacancy
−$3.9K −$3.37/SF
EGI
$15.9K $13.67/SF
− OpEx
−$4.0K −$3.42/SF
NOI
$11.9K $10.25/SF
Area
Van Buren County, MI
Vacancy
19.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$238,400
Cap Rate 7%
$170,286
Cap Rate 9%
$132,444
Alternative Uses
Best Use
Office B
$170.3K
$149.0K – $198.7K
NOI $11,920 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$14.38M
$12.58M – $16.78M
NOI $1,006,621 @ 7.0% cap · market cap 575.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 49079, MI
13,766
Population
6,019
Households
2.3
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
83.4 sq mi
ZIP Area
165
Density / Sq Mi
$72,119
Median Household Income
$41,376
Median Earnings
$841
Median Rent
$214,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - A longstanding office property retains elements of its original 1920 construction.
Where is this office building located?
The property is located at 213 E Paw Paw St Paw Paw, MI.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Built in 1920; Across from the county courthouse; Adjacent to the County Park
