Creative Space with Detached
For Sale
$399,900
427 S Whittaker Street, New Buffalo, MI 49117
Vacant commercial space with a kitchenette, rear office, parking, and flexible layout for multiple creative or professional uses.
Property Size1,500 SF
Days on Market15
Property Features for 427 S Whittaker Street
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Zoning
GCD
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,500
Amenities
kitchenette
bathroom
stylish lighting
parking
rear office space
heating and cooling
rear yard privacy fenced with gates
Building Details
Building Size
1,500 SF
Year Built
1950
Buildings
2
Stories
1
Units
2
Listing Agency:
RE/MAX Harbor Country @ New Buffalo
(269) 876-9163
Listed By:
Traci S Lauricella · License #6506046835
(269) 876-9163
Source:
Thebrokeragehouse
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 5:33PM
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 RE/MAX Harbor Country @ New Buffalo
Investment Insights
Based on property information with market context.
Located at 427 S Whittaker St in New Buffalo, this vacant 1,500-square-foot creative space offers a flexible commercial setting for retail, gallery, office, yoga, or instructional uses. The building was constructed in 1950 and includes a kitchenette, bathroom, distinctive lighting, parking, and a separate rear office area.
A detached garage expands the property’s utility with additional storage, a private bathroom, tall ceilings, and heating and cooling. The rear yard is enclosed with privacy fencing and gated access. The property is near downtown New Buffalo, Amtrak, shops, restaurants, Four Winds, breweries, wineries, bike trails, and Lake Michigan public beach access.
A detached garage expands the property’s utility with additional storage, a private bathroom, tall ceilings, and heating and cooling. The rear yard is enclosed with privacy fencing and gated access. The property is near downtown New Buffalo, Amtrak, shops, restaurants, Four Winds, breweries, wineries, bike trails, and Lake Michigan public beach access.
Key Highlights
- 1,500‑square‑foot vacant creative space at 427 S Whittaker St, New Buffalo, MI 49117
- Detached garage provides additional storage, bathroom, tall ceilings, heating and cooling
- Main building includes kitchenette, bathroom, stylish lighting, parking, and rear office space
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
$16,525
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
4.13%
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%
$330,500
$330.5K
Cap Rate 7%
$236,071
$236.1K
Cap Rate 9%
$183,611
$183.6K
Market Conditions
NOI Build-Up for 1,500 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
$25.6K $17.04/SF
− Vacancy
−$3.5K −$2.35/SF
EGI
$22.0K $14.69/SF
− OpEx
−$5.5K −$3.67/SF
NOI
$16.5K $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%
$330,500
Cap Rate 7%
$236,071
Cap Rate 9%
$183,611
Alternative Uses
Best Use
Office B
$236.1K
$206.6K – $275.4K
NOI $16,525 @ 7.0% cap · market cap 4.13%
Second Best
Retail
$222.4K
$194.6K – $259.5K
NOI $15,571 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$315.6K
$276.2K – $368.3K
NOI $22,095 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
416
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
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?
Creative space - Vacant commercial space with a kitchenette, rear office, parking, and flexible layout for multiple creative or professional uses.
Where is this creative space located?
The property is located at 427 S Whittaker Street New Buffalo, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,500‑square‑foot vacant creative space at 427 S Whittaker St, New Buffalo, MI 49117; Detached garage provides additional storage, bathroom, tall ceilings, heating and cooling; Main building includes kitchenette, bathroom, stylish lighting, parking, and rear office space
