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    505 E Chicago Road White Pigeon, MI 49099

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    Claim this Listing
    New
    For Sale
    $270,000

    MULTI_FAMILY - White Pigeon, MI

    Lot size:
    0.28 Acres
    Added:
    May 1, 2026
    Days on Market:
    1
    Last Refresh:
    May 1 at 9:06 pm

    Property Features for 505 E Chicago Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Rooms
    Basement, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 3
    Parking
    6
    Standard status
    Active
    APN
    7504512001000
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    E 65 FT OF LOT 2 BLK 2 ALSO LOTS 3 & 4 BLK 2 EXC N 120 FT LAIRD'S ADD. SEC 6 T8S R11W. VIL OF WHITE PIGEON. ALSO EXC PT OF LOT 2 BLK 2 DESC AS COM AT SW COR OF E 65 FT SD LOT 2 TH NLY ALG W LN SD E 65 FT LOT 2 30 FT TH SLY TO PNT ON S LN OF E 65 FT OF LOT 2 1 FT E OF POB TH W TO POB.
    Tax Annual Amount
    3067

    Utilities

    Utilities
    Phone Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Number of units
    3
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Dustin Kline

    Listing agent Dustin Kline License #6501413692

    Listing office RE/MAX Elite Group T.R. 58672 S US 131, Three Rivers, MI

    Listing date May 1, 2026

    MLS# 26019285 Listing URL

    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.

    Overview

    Well-Maintained Tri-Plex in White Pigeon

    This well-maintained tri-plex offers excellent rental income potential and a great location within walking distance from the schools, pharmacy, park, restaurants and stores. The property features three spacious units, each designed for comfortable living and long-term tenant appeal. Each unit includes a range and refrigerator, ensuring immediate move-in readiness. The property also offers ample outdoor parking space as well as a personal garage, providing convenient, covered and secured parking for the tenants or additional storage options. With separate entrances, functional layouts, and a very strong rental demand in the area, this tri-plex is ideal for both owner-occupants and savvy investors seeking steady cash flow. The property is located at 505 E Chicago Road, White Pigeon, MI 49099, in St. Joseph County. The lot size is 0.28 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    White Pigeon
    County
    St. Joseph
    State
    Michigan
    Longitude
    -85.63596
    Latitude
    41.798804

    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Triplex - Tri-plex with rental income potential near schools and amenities.
    Where is this triplex located?
    The property is located at 505 E Chicago Road White Pigeon, MI.
    What is the asking price?
    The asking price for this property is $270,000.
    What are key features of this property?
    This property features: Excellent rental income potential due to strong rental demand.; Prime location: **Walking distance to schools, pharmacy, park, restaurants, and stores.**; Three spacious units, each with a range and refrigerator.
    (269) 506-7716
    We can help!
    Listing Contact
    Dustin Kline
    Real Estate License ID: 6501413692
    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.

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    505 E Chicago Road, White Pigeon, MI 49099

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