Light-Industrial Flex Building with
For Sale
Contact for pricing
2202 Plaza Drive, Benton Harbor, MI 49022
Light-industrial flex building with a warehouse/shop area, overhead door, fenced storage yard, and substantial vehicle parking.
Property Size4,800 SF
Lot Size1.00 Acre
Price / SF$88.54
Days on Market54
Property Features for 2202 Plaza Drive
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
40
Lot size
1.00 Acre
Property subtype
Industrial, Retail, Office, Land, Special Purpose
Zoning
Light Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Drive-In Doors
1
Building Details
Year Built
1968
Buildings
1
Units
2
Listing Agency:
Gold Realty
(269) 332-8580
Listed By:
Michael Lirones · License #6504302579
Source:
Crexi
Added: Jun 29
Changed: Aug 14
Last Checked: Aug 21 at 11:53AM
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 light-industrial flex building is offered for sale and includes a warehouse/shop area of 4,800 square feet. The property features a 10x10 overhead door for loading and access, along with a large fenced storage yard designed for outside storage needs. On-site parking is available for 30+ vehicles, supporting customer and workforce arrival as well as day-to-day vehicle operations.
Located on Plaza Drive within a commercial corridor in Benton Harbor, Michigan, the site is positioned for convenient regional connectivity with excellent access to I-94 and high visibility along the corridor.
The current zoning is Light Industrial, making the property a practical fit for a range of operational uses such as manufacturing, distribution, auto services, and storage. The combination of an indoor shop/warehouse component, direct overhead door access, fenced yard space, and ample parking supports businesses that need both working space and secure exterior staging. This offering may also be of interest to buyers seeking a single-site option for an established or planned operating use requiring light-industrial improvements and vehicle-ready site features.
Located on Plaza Drive within a commercial corridor in Benton Harbor, Michigan, the site is positioned for convenient regional connectivity with excellent access to I-94 and high visibility along the corridor.
The current zoning is Light Industrial, making the property a practical fit for a range of operational uses such as manufacturing, distribution, auto services, and storage. The combination of an indoor shop/warehouse component, direct overhead door access, fenced yard space, and ample parking supports businesses that need both working space and secure exterior staging. This offering may also be of interest to buyers seeking a single-site option for an established or planned operating use requiring light-industrial improvements and vehicle-ready site features.
Key Highlights
- 6,000 SF light‑industrial/flex building built in 1968 on nearly 1 acre in the Plaza Drive commercial corridor
- Includes 4,800 SF warehouse/shop area with a 10x10 overhead door
- Large fenced storage yard for equipment or materials
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
$26,040
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
6.13%
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%
$520,800
$520.8K
Cap Rate 7%
$372,000
$372.0K
Cap Rate 9%
$289,333
$289.3K
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
$33.4K $6.96/SF
− Vacancy
−$2.8K −$0.58/SF
EGI
$30.6K $6.38/SF
− OpEx
−$4.6K −$0.96/SF
NOI
$26.0K $5.42/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$520,800
Cap Rate 7%
$372,000
Cap Rate 9%
$289,333
Alternative Uses
Best Use
Warehouse
$372.0K
$325.5K – $434.0K
NOI $26,040 @ 7.0% cap · market cap 6.13%
Second Best
Flex RnD
$343.3K
$300.4K – $400.6K
NOI $24,033 @ 7.0% cap · market cap 5.65%
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
1
Drive-in doors
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
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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 - Light-industrial flex building with a warehouse/shop area, overhead door, fenced storage yard, and substantial vehicle parking.
Where is this flex space located?
The property is located at 2202 Plaza Drive 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: 6,000 SF light‑industrial/flex building built in 1968 on nearly 1 acre in the Plaza Drive commercial corridor; Includes 4,800 SF warehouse/shop area with a 10x10 overhead door; Large fenced storage yard for equipment or materials
