Office Unit in Three-Unit
For Sale
$100,000
4516 Lake St, Bridgman, MI 49106
Commercial space currently used for a cleaning service in Bridgman, Michigan.
Property Size588 SF
Price / SF$170.07
Days on Market146
Property Features for 4516 Lake St
General Information
Standard status
Active
Size
588 SF
Property subtype
Commercial
Building Details
Year Built
1988
Listing Agency:
Wright Properties
(269) 369-4640
Listed By:
Kerry M Wright · License #6506043362
Source:
Metrodetroithomeguide
Added: Apr 8
Changed: Aug 31
Last Checked: Aug 31 at 1:52AM
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 Wright Properties
Investment Insights
Based on property information with market context.
This 588-square-foot office unit is part of a three-unit building at 4516 Lake St in Bridgman, Michigan. The space is currently used by a cleaning service, offering an existing commercial layout suited to its present operation. Built in 1988, the unit is offered separately from the other two office units in the building.
Key Highlights
- 588 square feet of office space
- One of three units in the building
- Currently used by a cleaning service
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
$6,478
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
6.48%
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%
$129,560
$129.6K
Cap Rate 7%
$92,543
$92.5K
Cap Rate 9%
$71,978
$72.0K
Market Conditions
NOI Build-Up for 588 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
$10.0K $17.04/SF
− Vacancy
−$1.4K −$2.35/SF
EGI
$8.6K $14.69/SF
− OpEx
−$2.2K −$3.67/SF
NOI
$6.5K $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%
$129,560
Cap Rate 7%
$92,543
Cap Rate 9%
$71,978
Alternative Uses
Best Use
Office B
$92.5K
$81.0K – $108.0K
NOI $6,478 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$123.7K
$108.3K – $144.4K
NOI $8,661 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 49106, MI
4,822
Population
2,472
Households
2
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
14.7 sq mi
ZIP Area
328
Density / Sq Mi
$75,064
Median Household Income
$40,108
Median Earnings
$1,139
Median Rent
$243,400
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?
Office units - Commercial space currently used for a cleaning service in Bridgman, Michigan.
Where is this office units located?
The property is located at 4516 Lake St Bridgman, MI.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: 588 square feet of office space; One of three units in the building; Currently used by a cleaning service
