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    Repositionable Office and Care Facility Title is generated by Realmo AI

    497 Waukonda Ave, Benton Harbor, MI 49022

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    For Sale
    $1,695,000

    Fenced, multi-office facility with kitchen and conference space offers redevelopment flexibility for care or institutional operations.

    Type:Land
    Property size:
    28,269 SF
    Price / SF:
    $59/SF
    Added:
    May 27, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 3 at 2:48 am

    Property Features for 497 Waukonda Ave

    General Information

    Standard status
    Active
    Size
    28,269 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    Matt Callander

    Listing agent Matt Callander License #6501303339

    Listing office Callander Commercial

    Listing date May 27, 2026

    Source Cpix.resimplifi

    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 Callander Commercial

    HighLights

    • Former correctional facility with multiple‑use interior space, including administrative areas.
    • Fully fenced property.
    • Includes a full kitchen and eating area.
    • Numerous offices and conference rooms.
    • Also includes separate bath(s), supporting institutional or office‑style use.

    Overview

    This for-sale property is a repurposable commercial facility with a multiple-use interior layout. It includes administrative space, numerous offices, conference rooms, and separate bath areas. A full kitchen and eating area support on-site programming and group use, and the overall build is positioned for conversion into commercial or institutional formats. The property is fully fenced, offering an added layer of controlled access for many types of programs.

    The facility is described as having convenient access to major roadways and regional services, which can support daily operations and visitor access. It is also noted as being well positioned for organizations seeking a functional building with redevelopment potential.

    While the property was formerly used as a correctional facility, the current configuration is adaptable for a range of commercial or institutional uses. The public remarks highlight potential scenarios such as workforce training, municipal or government operations, rehabilitation programs, office conversion, or other specialized uses, subject to city approval. For tenants, buyers, and operators looking for an established, inward-facing site with existing office and program-ready spaces, this is a strong redevelopment candidate where the interior can be reworked to match the intended service model.
    Location Intelligence

    Current Use by Public Records

    KPEP Social Service Agency Corrections Department-Parole Office Correctional Services Department Kalamazoo Probation Probation Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Benton Harbor
    County
    Berrien
    State
    Michigan
    Longitude
    -86.445435
    Latitude
    42.123768

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    FAQs

    What type of property is this?
    Rehabilitation center - Fenced, multi-office facility with kitchen and conference space offers redevelopment flexibility for care or institutional operations.
    Where is this rehabilitation center located?
    The property is located at 497 Waukonda Ave Benton Harbor, MI.
    What is the asking price?
    The asking price for this property is $1,695,000.
    What are key features of this property?
    This property features: Former correctional facility with multiple‑use interior space, including administrative areas.; Fully fenced property.; Includes a full kitchen and eating area.
    (269) 271-5187
    We can help!
    Listing Contact
    Matt Callander
    Real Estate License ID: 6501303339
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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