Multi-Tenant High-Visibility Commercial
For Sale
$799,900
3830-3824 M 139, Saint Joseph, MI 49085
High-visibility building on a busy corridor, with two current tenants and ample on-site parking.
Property Size6,490 SF
Price / SF$123.25
Days on Market75
Property Features for 3830-3824 M 139
General Information
Standard status
Active
Size
6,490 SF
Total Parking Spaces
30
Property subtype
Commercial
Lease Term
Cash, Conventional
Taxes and HOA fees
Annual Taxes
$9,583
Building Details
Building Size
6,490 SF
Year Built
1983
Units
2
Listing Agency:
The Shore Real Estate Group
(269) 357-6040
Listed By:
Julie Dalson Scott
(269) 357-6040
Source:
Sabudarealty
Added: Jun 11
Changed: Aug 23
Last Checked: Aug 23 at 5:37AM
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 The Shore Real Estate Group
Investment Insights
Based on property information with market context.
This multi-tenant commercial property at 3830–3824 M-139 includes versatile layouts that can support retail, office, medical, or service-based uses. The building is currently occupied by two tenants, providing ongoing occupancy while you assess how to position the space. On-site parking is available, supporting convenient customer and employee access.
Set along a busy corridor, the property is marketed for strong visibility and accessibility. The remarks note excellent traffic counts and convenient proximity to I-94, downtown St. Joseph, and surrounding areas within Southwest Michigan. WalkScore and bikeScore indicate the area is primarily car-dependent, aligning with the property’s parking and frontage orientation.
For buyers or owner-users, the practical appeal is the combination of frontage and flexible interior planning across multiple potential business types. For investors, the current two-tenant occupancy offers immediate tenancy while the space is evaluated for continued use or reconfiguration. Overall, it’s a straightforward option for businesses seeking a prominent commercial address with parking and straightforward access off a heavily traveled route.
Set along a busy corridor, the property is marketed for strong visibility and accessibility. The remarks note excellent traffic counts and convenient proximity to I-94, downtown St. Joseph, and surrounding areas within Southwest Michigan. WalkScore and bikeScore indicate the area is primarily car-dependent, aligning with the property’s parking and frontage orientation.
For buyers or owner-users, the practical appeal is the combination of frontage and flexible interior planning across multiple potential business types. For investors, the current two-tenant occupancy offers immediate tenancy while the space is evaluated for continued use or reconfiguration. Overall, it’s a straightforward option for businesses seeking a prominent commercial address with parking and straightforward access off a heavily traveled route.
Key Highlights
- Commercial building built in 1983
- Address: 3830/3824 M‑139 in St. Joseph
- Currently occupied by two tenants with a strong rental history
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
$71,496
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
8.94%
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%
$1,429,920
$1.4M
Cap Rate 7%
$1,021,371
$1.0M
Cap Rate 9%
$794,400
$794.4K
Market Conditions
NOI Build-Up for 6,490 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
$110.6K $17.04/SF
− Vacancy
−$15.3K −$2.35/SF
EGI
$95.3K $14.69/SF
− OpEx
−$23.8K −$3.67/SF
NOI
$71.5K $11.02/SF
Area
Berrien County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,429,920
Cap Rate 7%
$1,021,371
Cap Rate 9%
$794,400
Alternative Uses
Best Use
Office B
$1.02M
$893.7K – $1.19M
NOI $71,496 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.19M – $1.59M
NOI $95,597 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Spa & wellness property - High-visibility building on a busy corridor, with two current tenants and ample on-site parking.
Where is this spa & wellness property located?
The property is located at 3830-3824 M 139 Saint Joseph, MI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Commercial building built in 1983; Address: 3830/3824 M‑139 in St. Joseph; Currently occupied by two tenants with a strong rental history
