Mixed-Use Property with Heated
For Sale
$900,000
4617 Paw Paw Lake Road, Coloma, MI 49038
Commercial Sale, Coloma, MI
Property Size6,346 SF
Lot Size3.00 Acres
Price / SF$141.82
Days on Market44
Property Features for 4617 Paw Paw Lake Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Interior features
Broadband
Elementary school district
Coloma
Middle school district
Coloma
High school district
Coloma
Standard status
Active
APN
11-08-8530-0021-03-1, 11-08-8530-0021-00-7
Size
6,346 SF
Lot size
3.00 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
On file. Very lengthy. Consists of 4 contiguous parcels & 4 tax IDs
Tax Annual Amount
4194
Legal Description
On file. Very lengthy. Consists of 4 contiguous parcels & 4 tax IDs
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Amenities
pole barn
shop
lean-to
Building Details
Year built
1940
Floors in Building
2
Number of units
3
Building materials
Block, Vinyl Siding, Metal Siding
Listing Agency:
American Homes Real Estate
(269) 468-4663
Listed By:
Mikki Swisher · License #6502372652
(269) 208-0133
Added: Aug 14
Changed: Sep 16
Last Checked: Sep 26 at 4:06AM
MLS# 26042928
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 mixed-use property in Coloma includes approximately 3 acres of commercially zoned land with nearly 350 feet of road frontage. Improvements include a heated 64-by-38-foot pole barn, a heated 30-by-40-foot shop with water, sewer, and electric service, plus a 15-by-30-foot enclosed lean-to. A 2,264-square-foot home with three bedrooms and two bathrooms is also located on the property, supporting a live-work arrangement or separate residential use. The buildings provide space for equipment, vehicles, storage, and business operations.
Located at 4617 Paw Paw Lake Road, the property is near Paw Paw Lake, the Paw Paw River, and a nearby kayak launch. Surrounding uses include banks, retail, grocery, pharmacy, restaurants, coffee service, medical facilities, mini-storage properties, and residential homes. Additional features include forced-air heating, central air, broadband, cable availability, and block, vinyl, and metal siding.
Located at 4617 Paw Paw Lake Road, the property is near Paw Paw Lake, the Paw Paw River, and a nearby kayak launch. Surrounding uses include banks, retail, grocery, pharmacy, restaurants, coffee service, medical facilities, mini-storage properties, and residential homes. Additional features include forced-air heating, central air, broadband, cable availability, and block, vinyl, and metal siding.
Key Highlights
- 3 acres with nearly 350' of road frontage
- Heated 64' x 38' pole barn for equipment, vehicles, or storage
- Heated 30' x 40' shop with water, sewer, and electric
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
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
163
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercially zoned property combines business space, storage buildings, and a residence for a live-work configuration.
Where is this mixed-use property 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: 3 acres with nearly 350' of road frontage; Heated 64' x 38' pole barn for equipment, vehicles, or storage; Heated 30' x 40' shop with water, sewer, and electric
