Flex Property with Heated
New
For Sale
$900,000
4617 Paw Paw Lake Road, Coloma, MI 49038
Commercially zoned acreage includes heated work and storage buildings plus a residence.
Property Size6,346 SF
Lot Size3.00 Acres
Days on Market7
Property Features for 4617 Paw Paw Lake Road
General Information
Standard status
Active
Size
6,346 SF
Lot size
3.00 Acres
Property subtype
Business Opportunity
Zoning
commercial
Site & Location
Road Frontage
350 ft
Road Access
Yes
Utilities to Site
Yes
Additional Details
Land Use
commercial, residential
Taxes and HOA fees
Annual Taxes
$4,194
Amenities
pole barn
heated shop
enclosed lean-to
Building Details
Building Size
6,346 SF
Year Built
1940
Units
3
Listing Agency:
American Homes Real Estate
(269) 208-0133
Listed By:
Mikki Swisher · License #6502372652
(269) 208-0133
Source:
Phgrealty
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 20 at 11:48AM
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 American Homes Real Estate
Investment Insights
Based on property information with market context.
This flex property spans approximately 3 acres and includes several functional improvements for business, storage, and live-work use. A 64' x 38' heated pole barn provides substantial enclosed space, while a separate 30' x 40' heated shop has water, sewer, and electric service. The shop is accompanied by a 15' x 30' enclosed lean-to. A 3-bedroom, 2-bath residence containing 2,264 square feet is also located on the property, offering an on-site residential component. The improvements date to 1940.
Located at 4617 Paw Paw Lake Road in Coloma Charter Township, the property has nearly 350' of road frontage and is commercially zoned. It sits just blocks from Paw Paw Lake, Big Paw Paw Lake, Little Paw Paw Lake, and the Paw Paw River, with a nearby kayak launch. Surrounding properties include retail, banking, grocery, pharmacy, medical, mini-storage, and residential uses.
Located at 4617 Paw Paw Lake Road in Coloma Charter Township, the property has nearly 350' of road frontage and is commercially zoned. It sits just blocks from Paw Paw Lake, Big Paw Paw Lake, Little Paw Paw Lake, and the Paw Paw River, with a nearby kayak launch. Surrounding properties include retail, banking, grocery, pharmacy, medical, mini-storage, and residential uses.
Key Highlights
- Approximately 3 acres of commercially zoned property
- Nearly 350' of road frontage
- 64' x 38' heated pole barn
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
$69,910
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
7.77%
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%
$1,398,200
$1.4M
Cap Rate 7%
$998,714
$998.7K
Cap Rate 9%
$776,778
$776.8K
Market Conditions
NOI Build-Up for 6,346 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
$108.1K $17.04/SF
− Vacancy
−$14.9K −$2.35/SF
EGI
$93.2K $14.69/SF
− OpEx
−$23.3K −$3.67/SF
NOI
$69.9K $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%
$1,398,200
Cap Rate 7%
$998,714
Cap Rate 9%
$776,778
Alternative Uses
Best Use
Office B
$998.7K
$873.9K – $1.17M
NOI $69,910 @ 7.0% cap · market cap 7.77%
Second Best
Mixed Use
$917.9K
$803.2K – $1.07M
NOI $64,253 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,476 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49038, MI
8,979
Population
5,124
Households
1.8
Avg Household Size
45
Median Age
21%
College-Educated
92%
High-School Grad
39.0 sq mi
ZIP Area
230
Density / Sq Mi
$60,396
Median Household Income
$41,663
Median Earnings
$944
Median Rent
$196,200
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?
Flex space - Commercially zoned acreage includes heated work and storage buildings plus a residence.
Where is this flex space located?
The property is located at 4617 Paw Paw Lake Road Coloma, MI.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Approximately 3 acres of commercially zoned property; Nearly 350' of road frontage; 64' x 38' heated pole barn
