Class A Office
For Sale
$1,100,000
519 Main St, St Joseph, MI 49085
Landmark office building with high visibility and move-in ready spaces.
Property Size7,500 SF
Price / SF$146.67
Days on Market107
Property Features for 519 Main St
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$36,392
Building Details
Year Built
1995
Units
1
Listing Agency:
Evergreen Real Estate
(269) 369-4640
Listed By:
Kerry M Wright · License #6506043362
(269) 369-4640
Source:
Elliman
Added: Apr 27
Changed: Aug 9
Last Checked: Aug 11 at 11:13AM
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 Evergreen Real Estate
Investment Insights
Based on property information with market context.
This Class A office building is prominently positioned on Main Street, offering over 7500 square feet of finished space. The property is located steps from downtown and minutes from the shores of Lake Michigan. It features on-site parking and accessibility within a civic corridor surrounded by churches, government buildings, and established businesses. The interior includes multiple executive offices with natural light, a boardroom with coffered ceiling and integrated AV, private restrooms, an elevator, and a private outdoor patio. The basement foundation has been waterproofed with a lifetime transferable warranty. This property is suitable for a law firm, financial services group, or corporate headquarters seeking visibility and prestige. The walk score is 70, indicating it is very walkable, and the bike score is 48, indicating it is somewhat bikeable.
Key Highlights
- Premier Main Street location with high visibility and prestige
- Turnkey, move‑in‑ready Class A office space with meticulously finished interior
- Over 7500sf of finished space including executive offices, boardroom, and private restrooms
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
$82,623
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
7.51%
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%
$1,652,460
$1.7M
Cap Rate 7%
$1,180,329
$1.2M
Cap Rate 9%
$918,033
$918.0K
Market Conditions
NOI Build-Up for 7,500 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
$127.8K $17.04/SF
− Vacancy
−$17.6K −$2.35/SF
EGI
$110.2K $14.69/SF
− OpEx
−$27.5K −$3.67/SF
NOI
$82.6K $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%
$1,652,460
Cap Rate 7%
$1,180,329
Cap Rate 9%
$918,033
Alternative Uses
Best Use
Office B
$1.18M
$1.03M – $1.38M
NOI $82,623 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,474 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Landmark office building with high visibility and move-in ready spaces.
Where is this office building located?
The property is located at 519 Main St St Joseph, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Premier Main Street location with **high visibility and prestige**; Turnkey, move‑in‑ready Class A office space with **meticulously finished interior**; Over 7500sf of finished space including executive offices, boardroom, and private restrooms
