Two-Unit Day Spa
For Sale
$550,000
225 N Whittaker #2&3, New Buffalo, MI 49117
Flexible commercial layout with separate HVAC, electric, and water utilities serving each unit.
Property Size2,250 SF
Days on Market166
Property Features for 225 N Whittaker #2&3
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
2
Property subtype
Business Opportunity
Additional Details
Furnished
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,066
Building Details
Building Size
2,250 SF
Year Built
2007
Units
2
Listing Agency:
@properties Christie's International R.E.
(269) 612-8591
Listed By:
Toni Philander Morris
(269) 612-8591
Source:
Phgrealty
Added: Feb 26
Changed: Aug 11
Last Checked: Aug 11 at 2:51AM
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 @properties Christie's International R.E.
Investment Insights
Based on property information with market context.
This spa and wellness property contains two commercial units with independently separated HVAC, electrical service, and water meters. The space most recently operated as a combined day spa and includes an existing spa-oriented buildout. Constructed in 2007, the layout can also accommodate high-end retail, boutique, or professional office use as described in the property information.
The property is located at 225 N Whittaker #2&3 in New Buffalo’s Marina District, within Bridgewater Place. It sits between The Stray Dog and Post Boy and just east of the bridge leading to the beach, placing the units near established local destinations and a pedestrian route toward the waterfront.
The property is located at 225 N Whittaker #2&3 in New Buffalo’s Marina District, within Bridgewater Place. It sits between The Stray Dog and Post Boy and just east of the bridge leading to the beach, placing the units near established local destinations and a pedestrian route toward the waterfront.
Key Highlights
- Two distinct commercial units with separate HVAC, electric, and water meters
- Existing day spa buildout with spa‑oriented improvements
- 2007 construction
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
$24,787
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
4.51%
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%
$495,740
$495.7K
Cap Rate 7%
$354,100
$354.1K
Cap Rate 9%
$275,411
$275.4K
Market Conditions
NOI Build-Up for 2,250 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
$38.3K $17.04/SF
− Vacancy
−$5.3K −$2.35/SF
EGI
$33.0K $14.69/SF
− OpEx
−$8.3K −$3.67/SF
NOI
$24.8K $11.02/SF
Area
Berrien County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$495,740
Cap Rate 7%
$354,100
Cap Rate 9%
$275,411
Alternative Uses
Best Use
Office B
$354.1K
$309.8K – $413.1K
NOI $24,787 @ 7.0% cap · market cap 4.51%
Second Best
Retail
$333.7K
$292.0K – $389.3K
NOI $23,357 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$473.5K
$414.3K – $552.4K
NOI $33,142 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Under-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Spa & wellness property - Flexible commercial layout with separate HVAC, electric, and water utilities serving each unit.
Where is this spa & wellness property located?
The property is located at 225 N Whittaker #2&3 New Buffalo, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two distinct commercial units with separate HVAC, electric, and water meters; Existing day spa buildout with spa‑oriented improvements; 2007 construction
