Mixed-Use Creative Studio
For Sale
$399,900
427 S Whittaker Street, New Buffalo, MI 49117
COMMERCIAL - New Buffalo, MI
Property Size1,500 SF
Lot Size0.23 Acres
Price / SF$266.60
Days on Market147
Property Features for 427 S Whittaker Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
GCD
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
New Buffalo
Middle school district
New Buffalo
High school district
New Buffalo
Directions
From the traffic light in New Buffalo, go South and building is just past Clay St. on the Left. Sign in window.
Standard status
Active
APN
116249000116004
Size
1,500 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Per title commitment
Tax Annual Amount
4500
Legal Description
Per title commitment
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Amenities
kitchenette
bathroom
parking
rear office space
detached garage
fenced rear yard
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Listing Agency:
RE/MAX Harbor Country @ New Buffalo · RE/MAX International
(269) 586-2330
Listed By:
Traci S Lauricella · License #6502390318
(269) 876-9163
Added: Mar 24
Changed: Aug 4
Last Checked: Aug 17 at 12:06PM
MLS# 26011481
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 vacant commercial building offers a flexible creative layout with a kitchenette and bathroom, along with stylish lighting, parking, and a rear office space. A detached garage provides additional storage and includes its own bathroom, tall ceilings, and heating and cooling. The property also features a privacy-fenced rear yard with gates, and the garage backs up to an alley.
Located in the City of New Buffalo, the building is described as a short distance to downtown, Amtrak, shoppes, restaurants, and local attractions including 4 Winds, breweries, wineries, and bike trails. It also provides public beach access to Lake Michigan.
The combined main building and detached garage configurations are well-suited to a variety of commercial uses as described in the listing, including retail, office use, and creative or studio-oriented operations.
Located in the City of New Buffalo, the building is described as a short distance to downtown, Amtrak, shoppes, restaurants, and local attractions including 4 Winds, breweries, wineries, and bike trails. It also provides public beach access to Lake Michigan.
The combined main building and detached garage configurations are well-suited to a variety of commercial uses as described in the listing, including retail, office use, and creative or studio-oriented operations.
Key Highlights
- Commercial space in New Buffalo is currently vacant and ready for new occupancy
- Equipped with a kitchenette and two bathrooms, plus a rear office space
- Heating: forced air; cooling: central air
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
506
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
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Frequently Asked Questions
What type of property is this?
Creative space - Vacant building with kitchenette, bathroom, parking, and a rear office, plus a detached garage with its own bathroom.
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: Commercial space in New Buffalo is currently vacant and ready for new occupancy; Equipped with a kitchenette and two bathrooms, plus a rear office space; Heating: forced air; cooling: central air
