Flex Space with Overhead
For Sale
$449,000
2410 S Cleveland Avenue, St Joseph, MI 49085
Commercial Sale, St. Joseph, MI
Property Size2,700 SF
Lot Size0.33 Acres
Price / SF$166.30
Days on Market49
Property Features for 2410 S Cleveland Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
201
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
12
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Directions
Cleveland, south of Hilltop, west side of road.
Standard status
Active
APN
11-76-0550-0024-01-1
Size
2,700 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
The N 106.25 of Lot 24 Assess Or's Plat No 1 City of St Joseph
Tax Annual Amount
4028
Legal Description
The N 106.25 of Lot 24 Assess Or's Plat No 1 City of St Joseph
Utilities
Utilities
Cable Available
Heating system
Forced Air, Space Heater
Cooling system
Central Air, Wall Unit(s)
Water source
Private
Amenities
bathroom
kitchenette
overhead door
Building Details
Year built
1970
Number of units
1
Building materials
Aluminum Siding, Metal Siding
Roof type
Composition, Metal
Listing Agency:
The Home Source Group
(269) 982-8544
Listed By:
Michelle Alger
(269) 876-2713
Added: Aug 9
Changed: Sep 16
Last Checked: Sep 26 at 1:06AM
MLS# 26041638
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 2,700-square-foot flex property on a 0.33-acre site includes a display area, production workspaces, storage, one bathroom, and a small kitchenette. Interior partitions are nonpermanent, allowing the layout to be adjusted for changing operational needs. Multiple workstations include electrical options, while shelving and counters support product display. A 10' overhead door serves pickup and delivery activity. The offering includes the existing business, equipment, inventory, and real property. The building was constructed in 1970 as a Butler building, with aluminum and metal siding, metal and composition roofing, space heater and forced-air heating, wall-unit and central air conditioning, cable availability, and private water service. The property is located at 2410 S Cleveland Avenue in St. Joseph, Michigan.
Key Highlights
- 2,700‑square‑foot flex property on 0.33 acres
- 10' overhead door supports pickups and deliveries
- Sale includes business, equipment, inventory, and real property
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
$28,028
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
6.24%
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%
$560,560
$560.6K
Cap Rate 7%
$400,400
$400.4K
Cap Rate 9%
$311,422
$311.4K
Market Conditions
NOI Build-Up for 2,700 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
$41.8K $15.48/SF
− Vacancy
−$1.8K −$0.65/SF
EGI
$40.0K $14.83/SF
− OpEx
−$12.0K −$4.45/SF
NOI
$28.0K $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%
$560,560
Cap Rate 7%
$400,400
Cap Rate 9%
$311,422
Alternative Uses
Best Use
Retail
$400.4K
$350.4K – $467.1K
NOI $28,028 @ 7.0% cap · market cap 6.24%
Second Best
Flex RnD
$193.1K
$169.0K – $225.3K
NOI $13,518 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$568.2K
$497.1K – $662.9K
NOI $39,771 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Reconfigurable commercial interior with production, display, storage, kitchenette, and bathroom areas.
Where is this flex space located?
The property is located at 2410 S Cleveland Avenue St Joseph, MI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,700‑square‑foot flex property on 0.33 acres; 10' overhead door supports pickups and deliveries; Sale includes business, equipment, inventory, and real property
