Retail Space with Kitchen
New
For Sale
$430,000
225 N Whittaker Street, New Buffalo, MI 49117
COMMERCIAL - New Buffalo, MI
Property Size1,142 SF
Price / SF$376.53
Days on Market3
Property Features for 225 N Whittaker Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
New Buffalo
Middle school district
New Buffalo
High school district
New Buffalo
Directions
North on Whittaker Street, just past the Amtrak station. Bridgewater building on the right. Unit #5.
Standard status
Active
APN
11-62-0900-0005-00-6
Size
1,142 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 5 BRIDGEWATER PLACE FOURTH AMENDMENT LIBER 218 PAGE 110 FORMERLY KNOWN AS LIGHT HARBOR PRESERVE
Tax Annual Amount
6753
Legal Description
UNIT 5 BRIDGEWATER PLACE FOURTH AMENDMENT LIBER 218 PAGE 110 FORMERLY KNOWN AS LIGHT HARBOR PRESERVE
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Amenities
Fitness center
swimming pool
Elevator to the rooftop terrace
meeting room with a kitchenette
Building Details
Year built
2006
Floors in Building
1
Number of units
6
Building materials
Vinyl Siding
Listing Agency:
The Shore Real Estate Group
(269) 921-7261
Listed By:
Joy Schwarting · License #6501353727
(269) 519-4777
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 6:06AM
MLS# 26041136
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 1,142-square-foot retail unit is located within the Bridgewater Development and includes business inventory suited to food-oriented operations. The equipment package includes a commercial cooler, refrigerator, oven, kitchen equipment, and stainless steel shelving. A private owner entrance connects the unit to the development’s gated parking area. The space also includes a bathroom, broadband access, forced-air heating, and central air conditioning.
The property is at 225 N Whittaker Street in New Buffalo, near the Amtrak station, Stray Dog, the marina district, and Lake Michigan beach. Bridgewater Development amenities include a fitness center, swimming pool, rooftop terrace access by elevator, and a meeting room with kitchenette. The building was constructed in 2006 and has vinyl siding.
The property is at 225 N Whittaker Street in New Buffalo, near the Amtrak station, Stray Dog, the marina district, and Lake Michigan beach. Bridgewater Development amenities include a fitness center, swimming pool, rooftop terrace access by elevator, and a meeting room with kitchenette. The building was constructed in 2006 and has vinyl siding.
Key Highlights
- 1,142 SF retail unit in the Bridgewater Development
- Commercial cooler, refrigerator, oven, kitchen equipment, and stainless steel shelving included
- Private owner entrance from the development’s gated parking area
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
$12,702
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
2.95%
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%
$254,040
$254.0K
Cap Rate 7%
$181,457
$181.5K
Cap Rate 9%
$141,133
$141.1K
Market Conditions
NOI Build-Up for 1,142 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
$17.7K $15.48/SF
− Vacancy
−$742 −$0.65/SF
EGI
$16.9K $14.83/SF
− OpEx
−$4.2K −$3.71/SF
NOI
$12.7K $11.12/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$254,040
Cap Rate 7%
$181,457
Cap Rate 9%
$141,133
Alternative Uses
Best Use
Specialty Retail
$181.5K
$158.8K – $211.7K
NOI $12,702 @ 7.0% cap · market cap 2.95%
Second Best
Retail
$169.4K
$148.2K – $197.6K
NOI $11,855 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$240.3K
$210.3K – $280.4K
NOI $16,821 @ 7.0% cap · market cap 3.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 49117, MI
3,710
Population
3,790
Households
1
Avg Household Size
54
Median Age
46%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
195
Density / Sq Mi
$75,268
Median Household Income
$48,056
Median Earnings
$749
Median Rent
$448,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Versatile commercial unit with food-service equipment, private owner access, and shared development amenities.
Where is this retail space located?
The property is located at 225 N Whittaker Street New Buffalo, MI.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 1,142 SF retail unit in the Bridgewater Development; Commercial cooler, refrigerator, oven, kitchen equipment, and stainless steel shelving included; Private owner entrance from the development’s gated parking area
