Flex Space with Loading
New
For Sale
$899,000
2188 Michigan 139, Benton Harbor, MI 49022
COMMERCIAL - Benton Harbor, MI
Property Size17,834 SF
Lot Size1.65 Acres
Price / SF$50.41
Days on Market1
Property Features for 2188 Michigan 139
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Parking
65
Interior features
Broadband
Elementary school district
Benton Harbor
Middle school district
Benton Harbor
High school district
Benton Harbor
Standard status
Active
APN
110300310041016
Size
17,834 SF
Lot size
1.65 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM 495'S OF E1/4 PST OF SEC 31 T4S R18W TH S 165'TH W 435.3'TH N 165' TH E 435.3'TO BEG
Tax Annual Amount
22147
Legal Description
COM 495'S OF E1/4 PST OF SEC 31 T4S R18W TH S 165'TH W 435.3'TH N 165' TH E 435.3'TO BEG
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2005
Floors in Building
2
Number of units
2
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
The Shore Real Estate Group
(269) 921-7261
Listed By:
Cheyenne Chernugel
(269) 252-6595
Added: Aug 18
Last Checked: Aug 18 at 9:06PM
MLS# 26043328
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2005, this metal-sided flex property provides a mix of office, showroom, warehouse, and storage improvements on 1.65 acres. The interior includes 7+ private offices, 2+ conference rooms, a large showroom, and 2 warehouse areas, creating a varied commercial layout. A loading dock supports shipping and receiving, while a kitchen, 3 bathrooms, laundry area, and shower room add operational convenience.
The property fronts Michigan 139 in Benton Harbor, placing the building along an established commercial corridor with direct roadway exposure. Eleven gated storage units are positioned at the rear of the site, adding secure storage capacity and an additional functional component. Central air, forced-air heat, a metal roof, cable availability, and broadband service are also included.
The property fronts Michigan 139 in Benton Harbor, placing the building along an established commercial corridor with direct roadway exposure. Eleven gated storage units are positioned at the rear of the site, adding secure storage capacity and an additional functional component. Central air, forced-air heat, a metal roof, cable availability, and broadband service are also included.
Key Highlights
- 1.65‑acre commercial property along Michigan 139 in Benton Harbor
- Built in 2005 with metal siding and a metal roof
- 7+ private offices and 2+ conference rooms
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
$79,676
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
8.86%
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%
$1,593,520
$1.6M
Cap Rate 7%
$1,138,229
$1.1M
Cap Rate 9%
$885,289
$885.3K
Market Conditions
NOI Build-Up for 17,834 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
$124.1K $6.96/SF
− Vacancy
−$10.3K −$0.58/SF
EGI
$113.8K $6.38/SF
− OpEx
−$34.1K −$1.91/SF
NOI
$79.7K $4.47/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /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%
$1,593,520
Cap Rate 7%
$1,138,229
Cap Rate 9%
$885,289
Alternative Uses
Best Use
Office B
$2.81M
$2.46M – $3.27M
NOI $196,466 @ 7.0% cap · market cap 21.85%
Second Best
Retail
$2.64M
$2.31M – $3.09M
NOI $185,133 @ 7.0% cap · market cap 20.59%
Theoretical Best
Office A
$3.75M
$3.28M – $4.38M
NOI $262,692 @ 7.0% cap · market cap 29.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49022, MI
30,143
Population
14,484
Households
2.1
Avg Household Size
39
Median Age
18%
College-Educated
85%
High-School Grad
67.3 sq mi
ZIP Area
448
Density / Sq Mi
$39,859
Median Household Income
$29,530
Median Earnings
$797
Median Rent
$140,500
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Metal-sided commercial building combines offices, showroom, warehouse areas, and gated rear storage.
Where is this flex space located?
The property is located at 2188 Michigan 139 Benton Harbor, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1.65‑acre commercial property along Michigan 139 in Benton Harbor; Built in 2005 with metal siding and a metal roof; 7+ private offices and 2+ conference rooms
