Two-Unit Spa & Wellness
New
For Sale
$550,000
225 N Whittaker #2&3, New Buffalo, MI 49117
Each commercial unit has separate HVAC, electric, and water meters.
Property Size2,250 SF
Price / SF$244.44
Days on Market3
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
Condition
Turnkey
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,066
Building Details
Building Size
2,250 SF
Year Built
2007
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
@properties Christie's International R.E.
(269) 469-0700
Listed By:
Toni Philander Morris
(269) 612-8591
Source:
Alleyrealestatesales
Added: Nov 2
Last Checked: Nov 3 at 5:59AM
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.
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Investment Insights
Based on property information with market context.
The property contains two commercial units totaling 2,250 square feet, built in 2007. The spaces have separate HVAC systems and individual electric and water meters. They most recently operated together as a day spa, with the two-unit configuration retained for a future commercial use.
Located at 225 N Whittaker in New Buffalo’s Bridgewater Place, the property is in the Marina District. The site is near The Stray Dog and Post Boy and east of the bridge leading to the beach.
Located at 225 N Whittaker in New Buffalo’s Bridgewater Place, the property is in the Marina District. The site is near The Stray Dog and Post Boy and east of the bridge leading to the beach.
Key Highlights
- 2,250 square feet across two commercial units
- Separate HVAC, electric, and water meters for each unit
- Built in 2007
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,357
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Each commercial unit has separate HVAC, electric, and water meters.
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: 2,250 square feet across two commercial units; Separate HVAC, electric, and water meters for each unit; Built in 2007
