Mixed-Use Property with Expansion
For Sale
$540,000
425 S Whittaker Street, New Buffalo, MI 49117
Commercial Sale, New Buffalo, MI
Property Size1,475 SF
Lot Size0.13 Acres
Price / SF$366.10
Days on Market8
Property Features for 425 S Whittaker Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
New Buffalo
Middle school district
New Buffalo
High school district
New Buffalo
Directions
Exit 1 - Harbor Country Road from Hwy 94 towards downtown New Buffalo.
Standard status
Active
APN
116249000115010
Size
1,475 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPLIT/COMBINED ON 12/20/2022 FROM 62-4900-0115-00-8, 62-4900-0116-00-4; LOT 8 & PT OF LOT 9 BLK 6 MARQUETTE SUB OF ENTIR
Tax Annual Amount
3580
Legal Description
SPLIT/COMBINED ON 12/20/2022 FROM 62-4900-0115-00-8, 62-4900-0116-00-4; LOT 8 & PT OF LOT 9 BLK 6 MARQUETTE SUB OF ENTIR
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
1
Number of units
1
Building materials
Block
Roof type
Rubber
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(269) 469-3950
Listed By:
Taylor Lindstrom
(847) 404-8900
Added: Sep 3
Changed: Sep 10
Last Checked: Sep 10 at 11:06PM
MLS# 26048270
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property includes a 1,475-square-foot building on a 0.13-acre parcel at 425 S Whittaker Street in New Buffalo. Constructed in 1950, the building features block construction, a rubber roof, forced-air heating, central air conditioning, broadband, and a bathroom. The property is described as having commercial and residential components, with additional ground area that may support future expansion subject to city approval and permits.
Rear access is provided by a vacated alley. The offering is associated with an established electric-bike business that includes sales, guided tours, rentals, service and repair, inventory, equipment, fixtures, and a customer list; the building may also be purchased or leased without the business. Located in Berrien County, the property is within New Buffalo’s 49117 ZIP code.
Rear access is provided by a vacated alley. The offering is associated with an established electric-bike business that includes sales, guided tours, rentals, service and repair, inventory, equipment, fixtures, and a customer list; the building may also be purchased or leased without the business. Located in Berrien County, the property is within New Buffalo’s 49117 ZIP code.
Key Highlights
- 1,475‑square‑foot mixed‑use building on 0.13 acres
- Commercial and residential property configuration
- Block construction with rubber roof
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
$15,312
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
2.84%
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%
$306,240
$306.2K
Cap Rate 7%
$218,743
$218.7K
Cap Rate 9%
$170,133
$170.1K
Market Conditions
NOI Build-Up for 1,475 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
$22.8K $15.48/SF
− Vacancy
−$959 −$0.65/SF
EGI
$21.9K $14.83/SF
− OpEx
−$6.6K −$4.45/SF
NOI
$15.3K $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%
$306,240
Cap Rate 7%
$218,743
Cap Rate 9%
$170,133
Alternative Uses
Best Use
Retail
$218.7K
$191.4K – $255.2K
NOI $15,312 @ 7.0% cap · market cap 2.84%
Second Best
Mixed Use
$213.3K
$186.7K – $248.9K
NOI $14,934 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$310.4K
$271.6K – $362.1K
NOI $21,727 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 49117, MI
3,710
Population
3,790
Households
1
Avg Household Size
54
Median Age
46%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
195
Density / Sq Mi
$75,268
Median Household Income
$48,056
Median Earnings
$749
Median Rent
$448,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial and residential improvements on a 0.13-acre parcel with rear alley access in New Buffalo.
Where is this mixed-use property located?
The property is located at 425 S Whittaker Street New Buffalo, MI.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 1,475‑square‑foot mixed‑use building on 0.13 acres; Commercial and residential property configuration; Block construction with rubber roof
