Two-Unit Spa and Wellness
New
For Sale
$550,000
225 N Whittaker #2&3, New Buffalo, MI 49117
Separately metered commercial space offers a flexible layout for retail, boutique, or office use.
Property Size2,250 SF
Days on Market2
Property Features for 225 N Whittaker #2&3
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
2
Property subtype
Commercial
Additional Details
Furnished
Yes
Utilities to Site
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$7,066
Building Details
Building Size
2,250 SF
Year Built
2007
Buildings
1
Stories
1
Units
2
Listing Agency:
@properties Christie's International R.E.
(269) 469-0700
Listed By:
Toni Philander Morris
(269) 612-8591
Source:
Irishhillsfivestarhomes
Added: Sep 18
Last Checked: Sep 18 at 2:53PM
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.
Built in 2007, this commercial property contains two distinct units that were most recently operated together as a fully outfitted day spa. Each unit has independent HVAC, electric, and water metering, providing clear physical separation between the spaces. The existing configuration can also accommodate retail, boutique, or professional office concepts.
The property is located at 225 N Whittaker Street in New Buffalo’s Marina District, within Bridgewater Place. It sits between The Stray Dog and Post Boy and east of the bridge leading to the beach. The combination of two separately serviced units, existing spa improvements, and adaptable commercial layout supports a range of business formats.
The property is located at 225 N Whittaker Street in New Buffalo’s Marina District, within Bridgewater Place. It sits between The Stray Dog and Post Boy and east of the bridge leading to the beach. The combination of two separately serviced units, existing spa improvements, and adaptable commercial layout supports a range of business formats.
Key Highlights
- Two distinct commercial units operated together as a day spa
- Independent HVAC, electric, and water meters for each unit
- Fully outfitted day spa configuration
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
$23,357
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
4.25%
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%
$467,140
$467.1K
Cap Rate 7%
$333,671
$333.7K
Cap Rate 9%
$259,522
$259.5K
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
$34.8K $15.48/SF
− Vacancy
−$1.5K −$0.65/SF
EGI
$33.4K $14.83/SF
− OpEx
−$10.0K −$4.45/SF
NOI
$23.4K $10.38/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$467,140
Cap Rate 7%
$333,671
Cap Rate 9%
$259,522
Alternative Uses
Best Use
Retail
$333.7K
$292.0K – $389.3K
NOI $23,357 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
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
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Open Analytics
Current Use
Lease Details
2
Office units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Spa & wellness property - Separately metered commercial space offers a flexible layout for retail, boutique, or office use.
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 operated together as a day spa; Independent HVAC, electric, and water meters for each unit; Fully outfitted day spa configuration
