Waterfront Wellness and Coworking
For Sale
$749,900
401 KLOCK RD, Benton Harbor, MI 49022
An open-concept waterfront interior includes studio spaces, a built-in cafe/service counter, and integrated co-working solutions.
Property Size3,916 SF
Price / SF$191.50
Days on Market43
Property Features for 401 KLOCK RD
General Information
Standard status
Active
Size
3,916 SF
Property subtype
Business Opportunities
Amenities
3
Building Details
Year Built
1956
Listing Agency:
Keller Williams Realty Swm
(269) 449-4198
Listed By:
Dan Morissette · License #6501295859
(269) 449-4198
Source:
Xome
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 9 at 4:56AM
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 Keller Williams Realty Swm
Investment Insights
Based on property information with market context.
This waterfront commercial property offers an open-concept layout designed to support wellness-oriented operations and collaborative work. Interior features include dedicated studio spaces, a built-in cafe/service counter area, and integrated co-working solutions. Large windows throughout help frame water views and bring in natural light. The property also includes a large-scale solar array.
The location sits directly along the Paw Paw River. The property is described as being across from Jean Klock Park and positioned just off Blue Star Highway.
Overall, the configuration combines shared open areas with separate studio spaces, supported by on-site service counter functionality and energy generation via solar.
The location sits directly along the Paw Paw River. The property is described as being across from Jean Klock Park and positioned just off Blue Star Highway.
Overall, the configuration combines shared open areas with separate studio spaces, supported by on-site service counter functionality and energy generation via solar.
Key Highlights
- Waterfront along the Paw Paw River with expansive windows offering water views
- Across Blue Star Highway from Jean Klock Park
- Open‑concept interior with dedicated studio spaces
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
$43,140
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
5.75%
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%
$862,800
$862.8K
Cap Rate 7%
$616,286
$616.3K
Cap Rate 9%
$479,333
$479.3K
Market Conditions
NOI Build-Up for 3,916 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
$66.7K $17.04/SF
− Vacancy
−$9.2K −$2.35/SF
EGI
$57.5K $14.69/SF
− OpEx
−$14.4K −$3.67/SF
NOI
$43.1K $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%
$862,800
Cap Rate 7%
$616,286
Cap Rate 9%
$479,333
Alternative Uses
Best Use
Office B
$616.3K
$539.3K – $719.0K
NOI $43,140 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$824.0K
$721.0K – $961.4K
NOI $57,682 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49022, MI
30,143
Population
14,484
Households
2.1
Avg Household Size
39
Median Age
18%
College-Educated
85%
High-School Grad
67.3 sq mi
ZIP Area
448
Density / Sq Mi
$39,859
Median Household Income
$29,530
Median Earnings
$797
Median Rent
$140,500
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?
Spa & wellness property - An open-concept waterfront interior includes studio spaces, a built-in cafe/service counter, and integrated co-working solutions.
Where is this spa & wellness property located?
The property is located at 401 KLOCK RD Benton Harbor, MI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Waterfront along the Paw Paw River with expansive windows offering water views; Across Blue Star Highway from Jean Klock Park; Open‑concept interior with dedicated studio spaces
