Medical Office Suite with New
For Sale
$317,000
3901 Stonegate Park, St Joseph, MI 49085
Configured with reception, waiting areas, six offices, two bathrooms, and a utility area.
Property Size2,046 SF
Price / SF$154.94
Days on Market176
Property Features for 3901 Stonegate Park
General Information
Standard status
Active
Size
2,046 SF
Property subtype
General Commercial
Additional Details
Office Units
5
Taxes and HOA fees
Annual Taxes
$3,683
Amenities
covered entrance
large entry foyer
ample parking
landscaping
3
Building Details
Year Built
1998
Buildings
1
Tenancy
Multi
Listing Agency:
Core Real Estate, Inc.
(269) 921-0754
Listed By:
Loren Gerber · License #6506008606
(269) 921-0754
Source:
Xome
Added: Mar 1
Changed: Aug 24
Last Checked: Aug 24 at 3:27AM
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 Core Real Estate, Inc.
Investment Insights
Based on property information with market context.
Suite B, Unit 200, is a medical office condominium within a five-unit building completed in 1998. The 2,046-square-foot suite includes six offices, reception and waiting areas, two bathrooms, and a utility room; the office layout could accommodate up to eight offices. A new furnace and A/C system were installed in 2024.
The property sits at the corner of Hollywood and Maiden Lane at 3901 Stonegate Park in St. Joseph, Michigan. The building is positioned across from a hospital outpatient complex and includes a covered entry leading into a shared foyer serving the units. Allocated common area adds 427 square feet, bringing the total area associated with the unit to 2,473 square feet. Ample parking is provided, and the suite is also available for lease.
The property sits at the corner of Hollywood and Maiden Lane at 3901 Stonegate Park in St. Joseph, Michigan. The building is positioned across from a hospital outpatient complex and includes a covered entry leading into a shared foyer serving the units. Allocated common area adds 427 square feet, bringing the total area associated with the unit to 2,473 square feet. Ample parking is provided, and the suite is also available for lease.
Key Highlights
- 2,046 SF medical office suite plus 427 SF allocated common area
- Total associated area of 2,473 SF
- Six offices with potential expansion to eight
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
$22,813
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
7.20%
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%
$456,260
$456.3K
Cap Rate 7%
$325,900
$325.9K
Cap Rate 9%
$253,478
$253.5K
Market Conditions
NOI Build-Up for 2,046 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
$43.7K $21.36/SF
− Vacancy
−$5.7K −$2.78/SF
EGI
$38.0K $18.58/SF
− OpEx
−$15.2K −$7.43/SF
NOI
$22.8K $11.15/SF
Area
Berrien County, MI
Vacancy
13.00%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
40.00%
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%
$456,260
Cap Rate 7%
$325,900
Cap Rate 9%
$253,478
Alternative Uses
Best Use
Healthcare Medical
$325.9K
$285.2K – $380.2K
NOI $22,813 @ 7.0% cap · market cap 7.20%
Second Best
Office B
$322.0K
$281.7K – $375.7K
NOI $22,539 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$430.5K
$376.7K – $502.3K
NOI $30,137 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
456
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with reception, waiting areas, six offices, two bathrooms, and a utility area.
Where is this medical office space located?
The property is located at 3901 Stonegate Park St Joseph, MI.
What is the asking price?
The asking price for this property is $317,000.
What are key features of this property?
This property features: 2,046 SF medical office suite plus 427 SF allocated common area; Total associated area of 2,473 SF; Six offices with potential expansion to eight
