Medical Office Suite with Updated
For Sale
$311,000
3901 Stonegate Park B, St Joseph, MI 49085
Condominium office suite with multiple private offices, patient areas, two bathrooms, and a covered building entrance.
Property Size2,046 SF
Price / SF$152
Days on Market45
Property Features for 3901 Stonegate Park B
General Information
Standard status
Active
Size
2,046 SF
Building Details
Tenancy
Multi
Listing Agency:
Core Real Estate, Inc.
(269) 429-8001
Listed By:
Loren Gerber · License #6506008606
(269) 921-0754
Source:
Blueowlprop
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 2 at 3:57AM
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, #200, at Stonegate Medical Center provides 2,046 SF of private office space plus 427 SF of allocated common area, for a total of 2,473 SF. The condominium is within a building containing five separate medical units and was most recently used for orthopedic practice. Its layout includes six offices, reception and waiting areas, two bathrooms, and a utility area; the office count could be expanded to eight.
A new furnace and A/C system was installed in 2024. The building sits at the corner of Hollywood and Maiden Lane in St. Joseph, across from a hospital outpatient complex. A covered entry opens into a shared foyer serving the medical units, with parking available on site.
A new furnace and A/C system was installed in 2024. The building sits at the corner of Hollywood and Maiden Lane in St. Joseph, across from a hospital outpatient complex. A covered entry opens into a shared foyer serving the medical units, with parking available on site.
Key Highlights
- 2,046 SF suite with 427 SF allocated common area, totaling 2,473 SF
- Six offices with potential expansion to eight
- Reception and waiting areas, two bathrooms, and utility area
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
7.34%
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 7.34%
Second Best
Office B
$322.0K
$281.7K – $375.7K
NOI $22,539 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$430.5K
$376.7K – $502.3K
NOI $30,137 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
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 - Condominium office suite with multiple private offices, patient areas, two bathrooms, and a covered building entrance.
Where is this medical office space located?
The property is located at 3901 Stonegate Park B St Joseph, MI.
What is the asking price?
The asking price for this property is $311,000.
What are key features of this property?
This property features: 2,046 SF suite with 427 SF allocated common area, totaling 2,473 SF; Six offices with potential expansion to eight; Reception and waiting areas, two bathrooms, and utility area
