Spacious Townhouse-Style Condo in
For Sale
$374,000
2566 HOLIDAY HOUSE Saint, Saint Joseph, MI 49085
Meticulously maintained 5BR condo with over 3,000 finished sq ft.
Property Size2,280 SF
Price / SF$164.04
Days on Market382
Property Features for 2566 HOLIDAY HOUSE Saint
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Condominium
Amenities
Fireplace
Forced Air
Humidifier
Dishwasher
Microwave
Range/Oven
Refrigerator
Building Details
Building Size
2,280 SF
Year Built
2016
Stories
3
Listing Agency:
Jaqua Realtors
(269) 983-8051
Listed By:
Christine Norland · License #6506047714
(269) 983-8051
Source:
Kw
Added: Aug 15, 2025
Changed: Aug 15
Last Checked: May 19 at 8:53PM
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 Jaqua Realtors
Investment Insights
Based on property information with market context.
This meticulously maintained townhouse-style condo is located in Shoreham Condominiums, within the Lakeshore Schools district. The property offers over 3,000 finished square feet of living space. The 5-bedroom, 3.5-bathroom home provides the space of a single-family residence with the ease of condo living. The main level features an open floor plan with cathedral ceilings, hardwood floors, and a stone mantle gas fireplace. The kitchen is beautifully appointed with premium newer appliances, including a KitchenAid dishwasher, JennAir stainless refrigerator, new Maytag gas range, and Whirlpool washer and dryer with pedestals. A convenient main-floor primary suite includes a walk-in closet and private bath, plus main-floor laundry. The upper level offers a loft area, three large bedrooms, and a full bath. The finished lower level includes a family/rec room, a bedroom, and a full bath, making it ideal for guests. The property size is 2280 square feet.
Key Highlights
- Over 3,000 sq ft of finished living space offers the size of a single‑family home with condo convenience.
- 5 bedrooms and 3.5 bathrooms provide ample space for families and guests.
- Main‑floor primary suite with walk‑in closet and private bath offers convenience and privacy.
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
$18,609
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
4.98%
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%
$372,180
$372.2K
Cap Rate 7%
$265,843
$265.8K
Cap Rate 9%
$206,767
$206.8K
Market Conditions
NOI Build-Up for 2,280 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
$35.8K $15.72/SF
− Vacancy
−$2.0K −$0.88/SF
EGI
$33.8K $14.84/SF
− OpEx
−$15.2K −$6.68/SF
NOI
$18.6K $8.16/SF
Area
Berrien County, MI
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$372,180
Cap Rate 7%
$265,843
Cap Rate 9%
$206,767
Alternative Uses
Best Use
Apartment 5plus
$265.8K
$232.6K – $310.2K
NOI $18,609 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$479.8K
$419.8K – $559.7K
NOI $33,584 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Meticulously maintained 5BR condo with over 3,000 finished sq ft.
Where is this apartment building located?
The property is located at 2566 HOLIDAY HOUSE Saint Saint Joseph, MI.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: Over 3,000 sq ft of finished living space offers the size of a single‑family home with condo convenience.; 5 bedrooms and 3.5 bathrooms provide ample space for families and guests.; Main‑floor primary suite with walk‑in closet and private bath offers convenience and privacy.
