Triplex With Dedicated
For Sale
$285,000
532 N Main St, Berrien Springs, MI 49103
Three distinct apartments include tenant storage and parking, with access to Andrews University and the US-31 Bypass.
Property Size2,276 SF
Price / SF$125.22
Days on Market42
Property Features for 532 N Main St
General Information
Standard status
Active
Size
2,276 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x efficiency, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
dedicated storage space
Building Details
Year Built
1921
Listing Agency:
@properties Christie's International R.E.
Listed By:
David Jardine · License #6501406777
(269) 325-6698
Source:
Metrodetroithomeguide
Added: Jul 29
Changed: Sep 8
Last Checked: Sep 8 at 6:23AM
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 @properties Christie's International R.E.
Investment Insights
Based on property information with market context.
This 1921 triplex contains three separate apartments with varied layouts. The largest unit offers three bedrooms and two full bathrooms. A second apartment is an efficiency with its own kitchen and full bathroom, while the third includes one bedroom, one bathroom, a kitchen, and living room. Each unit has dedicated storage, and parking is available for residents and guests.
The property is at 532 N. Main Street in Berrien Springs, near Andrews University, shopping, dining, and the US-31 Bypass. Walk Score is 60, described as Somewhat Walkable, and Bike Score is 62, described as Bikeable. The three-unit configuration supports an owner-occupancy arrangement or separate residential leasing, as stated in the property information.
The property is at 532 N. Main Street in Berrien Springs, near Andrews University, shopping, dining, and the US-31 Bypass. Walk Score is 60, described as Somewhat Walkable, and Bike Score is 62, described as Bikeable. The three-unit configuration supports an owner-occupancy arrangement or separate residential leasing, as stated in the property information.
Key Highlights
- Three‑unit property built in 1921
- Unit mix includes a 3‑bedroom, 2‑bath apartment, an efficiency, and a 1‑bedroom apartment
- Dedicated storage is provided for each unit
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
$20,816
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
7.30%
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%
$416,320
$416.3K
Cap Rate 7%
$297,371
$297.4K
Cap Rate 9%
$231,289
$231.3K
Market Conditions
NOI Build-Up for 2,276 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
$31.4K $13.80/SF
− Vacancy
−$1.7K −$0.73/SF
EGI
$29.7K $13.07/SF
− OpEx
−$8.9K −$3.92/SF
NOI
$20.8K $9.15/SF
Area
Berrien County, MI
Vacancy
5.32%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$416,320
Cap Rate 7%
$297,371
Cap Rate 9%
$231,289
Alternative Uses
Best Use
Multifamily LT 5
$297.4K
$260.2K – $346.9K
NOI $20,816 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$265.4K
$232.2K – $309.6K
NOI $18,576 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$478.9K
$419.1K – $558.8K
NOI $33,525 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 49103, MI
11,508
Population
4,833
Households
2.4
Avg Household Size
39
Median Age
52%
College-Educated
94%
High-School Grad
44.8 sq mi
ZIP Area
257
Density / Sq Mi
$61,888
Median Household Income
$32,524
Median Earnings
$878
Median Rent
$224,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three distinct apartments include tenant storage and parking, with access to Andrews University and the US-31 Bypass.
Where is this triplex located?
The property is located at 532 N Main St Berrien Springs, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Three‑unit property built in 1921; Unit mix includes a 3‑bedroom, 2‑bath apartment, an efficiency, and a 1‑bedroom apartment; Dedicated storage is provided for each unit
