Remodeled Winery Tasting Room &
For Sale
Contact for pricing
321 State Street, St Joseph, MI 49085
Newly remodeled tasting room with handicap-accessible restrooms, full basement, and a lease in place through 12/31/31.
Property Size2,000 SF
Price / SF$197.50
Days on Market58
Property Features for 321 State Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Business for Sale, Office, Retail, Industrial
Additional Details
Business Included
Yes
Building Details
Year Built
1886
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Realty Executives Instant Equity
(269) 208-8996
Listed By:
Jill Golden · License #6501424803
Source:
Crexi
Added: Jun 16
Changed: Aug 11
Last Checked: Aug 11 at 6:28AM
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 Realty Executives Instant Equity
Investment Insights
Based on property information with market context.
A newly remodeled winery tasting room is offered for sale as a turn-key business and tasting space package. The space is sized as described in the listing and includes two handicap accessible bathrooms and a full basement. The sale includes a custom built tasting bar and tables, along with the existing business tasting room assets and the business name, trademark, logo, and other proprietary rights.
The tasting room is located in downtown St. Joseph, Michigan at 321 State Street, within a Michigan Social District area. The current lease is in place until 12/31/31, with opportunity for renewal for an additional 10 years, supporting continuity for an acquiring operator during the remaining term.
This offering is designed for a winery operator seeking an established brand expansion via a lease takeover of the tasting room operation. It also provides a ready-to-use remodeled space for immediate business use, while the included proprietary rights are intended to support brand continuity. Please note the sale does not include the license, the building, or equipment. The listing also references a separate MLS offering for a winery/distillery production building, inventory, and equipment (MLS #26029686).
The tasting room is located in downtown St. Joseph, Michigan at 321 State Street, within a Michigan Social District area. The current lease is in place until 12/31/31, with opportunity for renewal for an additional 10 years, supporting continuity for an acquiring operator during the remaining term.
This offering is designed for a winery operator seeking an established brand expansion via a lease takeover of the tasting room operation. It also provides a ready-to-use remodeled space for immediate business use, while the included proprietary rights are intended to support brand continuity. Please note the sale does not include the license, the building, or equipment. The listing also references a separate MLS offering for a winery/distillery production building, inventory, and equipment (MLS #26029686).
Key Highlights
- Newly remodeled 2,000 SF tasting room with 2 handicap‑accessible bathrooms and full basement
- Lease in place through 12/31/31 with potential renewal for an additional 10 years
- Sale includes custom built tasting bar and tables, tasting room assets, business name, trademark, logo, and other proprietary rights
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
$20,762
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
5.26%
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%
$415,240
$415.2K
Cap Rate 7%
$296,600
$296.6K
Cap Rate 9%
$230,689
$230.7K
Market Conditions
NOI Build-Up for 2,000 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
$31.0K $15.48/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$29.7K $14.83/SF
− OpEx
−$8.9K −$4.45/SF
NOI
$20.8K $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%
$415,240
Cap Rate 7%
$296,600
Cap Rate 9%
$230,689
Alternative Uses
Best Use
Retail
$296.6K
$259.5K – $346.0K
NOI $20,762 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$420.9K
$368.3K – $491.0K
NOI $29,460 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
820
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Newly remodeled tasting room with handicap-accessible restrooms, full basement, and a lease in place through 12/31/31.
Where is this retail space located?
The property is located at 321 State Street St Joseph, MI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Newly remodeled 2,000 SF tasting room with 2 handicap‑accessible bathrooms and full basement; Lease in place through 12/31/31 with potential renewal for an additional 10 years; Sale includes custom built tasting bar and tables, tasting room assets, business name, trademark, logo, and other proprietary rights
