Flex Space with Fenced
For Sale
$425,000
2202 Plaza Dr, Benton Harbor, MI 49022
Flex property with warehouse space, overhead access, secured outdoor storage, and convenient connection to I-94.
Property Size6,000 SF
Price / SF$88.54
Days on Market17
Property Features for 2202 Plaza Dr
General Information
Standard status
Active
Size
6,000 SF
Zoning
Light Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Warehouse Space
4,800 SF
Building Details
Year Built
1968
Building Size
6,000 SF
Listing Agency:
Gold Realty
(269) 332-8580
Listed By:
Michael George Lirones · License #6504302579
Source:
Katie-k
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 28 at 10:27AM
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 Gold Realty
Investment Insights
Based on property information with market context.
This flex property includes 4,800 square feet of warehouse and shop area within a commercial building constructed in 1968. The improvements include a 10-by-10-foot overhead door, a fenced storage yard, and on-site parking for more than 30 vehicles. The property is classified for Light Industrial use and can accommodate manufacturing, distribution, auto service, and storage operations as identified in the available property information.
Located at 2202 Plaza Dr in Benton Harbor, the site occupies nearly 1 acre in the Plaza Drive commercial corridor. Access to I-94 and the property's position along the corridor support practical movement of vehicles and materials. The combination of enclosed work area, outdoor storage, parking, and industrial zoning provides a functional setting for a range of flex-space operations.
Located at 2202 Plaza Dr in Benton Harbor, the site occupies nearly 1 acre in the Plaza Drive commercial corridor. Access to I-94 and the property's position along the corridor support practical movement of vehicles and materials. The combination of enclosed work area, outdoor storage, parking, and industrial zoning provides a functional setting for a range of flex-space operations.
Key Highlights
- 4,800 SF warehouse and shop area
- 10‑by‑10‑foot overhead door
- Nearly 1 acre with a large fenced storage yard
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
$24,033
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
5.65%
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%
$480,660
$480.7K
Cap Rate 7%
$343,329
$343.3K
Cap Rate 9%
$267,033
$267.0K
Market Conditions
NOI Build-Up for 4,800 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
$40.3K $8.40/SF
− Vacancy
−$3.3K −$0.70/SF
EGI
$37.0K $7.70/SF
− OpEx
−$12.9K −$2.70/SF
NOI
$24.0K $5.01/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
35.00%
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%
$480,660
Cap Rate 7%
$343,329
Cap Rate 9%
$267,033
Alternative Uses
Best Use
Flex RnD
$343.3K
$300.4K – $400.6K
NOI $24,033 @ 7.0% cap · market cap 5.65%
Second Best
Industrial
$306.4K
$268.1K – $357.4K
NOI $21,445 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$1.01M
$883.8K – $1.18M
NOI $70,703 @ 7.0% cap · market cap 16.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
440
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- CK Catering — 2430 Plaza Dr, Benton Harbor, MI 49022
- Drunken Grill & Kitchen — 1800 Pipestone Rd, Benton Harbor, MI 49022
Frequently Asked Questions
What type of property is this?
Flex space - Flex property with warehouse space, overhead access, secured outdoor storage, and convenient connection to I-94.
Where is this flex space located?
The property is located at 2202 Plaza Dr Benton Harbor, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4,800 SF warehouse and shop area; 10‑by‑10‑foot overhead door; Nearly 1 acre with a large fenced storage yard
