Mixed-Use Property with Heated
For Sale
$900,000
4617 Paw Paw Lake Rd, Coloma, MI 49038
A detached residence and multiple work buildings provide space for living, storage, and business operations.
Property Size6,346 SF
Price / SF$141.82
Days on Market96
Property Features for 4617 Paw Paw Lake Rd
General Information
Standard status
Active
Size
6,346 SF
Property subtype
Commercial
Building Details
Year Built
1940
Listing Agency:
American Homes Real Estate
Listed By:
Mikki Swisher · License #6502372652
(269) 208-0133
Source:
Vmrealestatemichigan
Added: Jun 28
Changed: Oct 1
Last Checked: Oct 1 at 11:58AM
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 mixed-use property combines a 3-bedroom, 2-bath home measuring 2,264 square feet with several heated work and storage buildings. The pole barn measures 64' x 38'; a separate 30' x 40' shop has water, sewer, and electric service, plus a 15' x 30' enclosed lean-to. The property is commercially zoned and encompasses approximately 3 acres, with nearly 350 feet of road frontage.
At 4617 Paw Paw Lake Rd in Coloma Charter Township, the property is located near Paw Paw Lake, the Paw Paw River, and a kayak launch. Nearby businesses and services include banks, a grocery store, a pharmacy, medical facilities, and mini storages.
At 4617 Paw Paw Lake Rd in Coloma Charter Township, the property is located near Paw Paw Lake, the Paw Paw River, and a kayak launch. Nearby businesses and services include banks, a grocery store, a pharmacy, medical facilities, and mini storages.
Key Highlights
- Approximately 3 acres with nearly 350 feet of road frontage
- Commercially zoned property with a 3‑bedroom, 2‑bath, 2,264‑square‑foot home
- Heated 64' x 38' 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
$64,253
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
7.14%
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%
$1,285,060
$1.3M
Cap Rate 7%
$917,900
$917.9K
Cap Rate 9%
$713,922
$713.9K
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
$114.2K $18.00/SF
− Vacancy
−$11.4K −$1.80/SF
EGI
$102.8K $16.20/SF
− OpEx
−$38.6K −$6.07/SF
NOI
$64.3K $10.13/SF
Area
Berrien County, MI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,285,060
Cap Rate 7%
$917,900
Cap Rate 9%
$713,922
Alternative Uses
Best Use
Mixed Use
$917.9K
$803.2K – $1.07M
NOI $64,253 @ 7.0% cap · market cap 7.14%
Second Best
Warehouse
$491.8K
$430.3K – $573.8K
NOI $34,427 @ 7.0% cap · market cap 3.83%
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
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
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A detached residence and multiple work buildings provide space for living, storage, and business operations.
Where is this mixed-use property located?
The property is located at 4617 Paw Paw Lake Rd 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 with nearly 350 feet of road frontage; Commercially zoned property with a 3‑bedroom, 2‑bath, 2,264‑square‑foot home; Heated 64' x 38' pole barn
