Light Industrial Flex
For Sale
$425,000
2202 Plaza Drive, Benton Harbor, MI 49022
COMMERCIAL - Benton Harbor, MI
Property Size4,800 SF
Lot Size1.00 Acre
Price / SF$88.54
Days on Market51
Property Features for 2202 Plaza Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
light industria
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking
40
Interior features
Broadband
Elementary school district
Benton Harbor
Middle school district
Benton Harbor
High school district
Benton Harbor
Directions
Nickerson or Mall Dr to Plaza Dr
Standard status
Active
APN
11-03-5250-0011-00-8
Size
4,800 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 11 NAPIER INDUSTRIAL PARK
Tax Annual Amount
3458
Legal Description
LOT 11 NAPIER INDUSTRIAL PARK
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1968
Floors in Building
1
Number of units
2
Building materials
Block, Brick, Metal Siding
Listing Agency:
Gold Realty
(269) 332-8580
Listed By:
Michael George Lirones · License #6504302579
(269) 332-8580
Added: Jun 29
Changed: Aug 4
Last Checked: Aug 18 at 7:06PM
MLS# 26032640
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.
This light-industrial flex building offers a warehouse/shop area with an overhead door sized 10x10 and a large fenced storage yard. The property includes parking for 30+ vehicles, supporting both on-site operations and day-to-day customer or workforce access.
The site is located on Plaza Drive within a commercial corridor in Benton Harbor, MI, with excellent I-94 access and high visibility as noted in the listing remarks.
The offering is zoned Light Industrial and is positioned for uses such as manufacturing, distribution, auto services, or storage, based on the stated zoning and described property functionality.
The site is located on Plaza Drive within a commercial corridor in Benton Harbor, MI, with excellent I-94 access and high visibility as noted in the listing remarks.
The offering is zoned Light Industrial and is positioned for uses such as manufacturing, distribution, auto services, or storage, based on the stated zoning and described property functionality.
Key Highlights
- Nearly 1‑acre light‑industrial/flex building on the Plaza Drive commercial corridor
- Includes a 4,800 SF warehouse/shop area with a 10x10 overhead door
- Large fenced storage yard plus parking for 30+ vehicles
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
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 - Light-industrial flex building with a 10x10 overhead door, fenced storage yard, and parking for 30+ vehicles.
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: Nearly 1‑acre light‑industrial/flex building on the Plaza Drive commercial corridor; Includes a 4,800 SF warehouse/shop area with a 10x10 overhead door; Large fenced storage yard plus parking for 30+ vehicles
