Office Building on a Corner
New
For Sale
$235,000
555 Broadway St, South Haven, MI 49090
Existing access ramps and a two-parcel configuration support flexible office or business use.
Property Size1,341 SF
Price / SF$175.24
Days on Market2
Property Features for 555 Broadway St
General Information
Standard status
Active
Size
1,341 SF
Additional Details
Road Access
Yes
Land Use
commercial, office
Building Details
Year Built
1940
Listing Agency:
Jaqua REALTORS
Listed By:
Amy O'Sullivan · License #6506040161
(269) 214-1257
Source:
Katie-k
Added: Sep 26
Last Checked: Sep 26 at 2:56PM
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 Jaqua REALTORS
Investment Insights
Based on property information with market context.
Built in 1940, this 1,341-square-foot office property occupies a corner double lot identified by two parcel numbers. Access ramps are already in place, and the property is described for office or business use.
The site is three blocks from downtown South Haven and Lake Michigan. It is located on Broadway Street in South Haven, Michigan.
The site is three blocks from downtown South Haven and Lake Michigan. It is located on Broadway Street in South Haven, Michigan.
Key Highlights
- 1,341‑square‑foot office property built in 1940
- Corner double lot with two parcel numbers
- Existing access ramps
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
$13,745
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
5.85%
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%
$274,900
$274.9K
Cap Rate 7%
$196,357
$196.4K
Cap Rate 9%
$152,722
$152.7K
Market Conditions
NOI Build-Up for 1,341 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
$22.9K $17.04/SF
− Vacancy
−$4.5K −$3.37/SF
EGI
$18.3K $13.67/SF
− OpEx
−$4.6K −$3.42/SF
NOI
$13.7K $10.25/SF
Area
Van Buren County, MI
Vacancy
19.80%
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%
$274,900
Cap Rate 7%
$196,357
Cap Rate 9%
$152,722
Alternative Uses
Best Use
Office B
$196.4K
$171.8K – $229.1K
NOI $13,745 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$16.58M
$14.51M – $19.34M
NOI $1,160,687 @ 7.0% cap · market cap 493.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49090, MI
13,286
Population
8,904
Households
1.5
Avg Household Size
49
Median Age
31%
College-Educated
89%
High-School Grad
78.3 sq mi
ZIP Area
170
Density / Sq Mi
$64,643
Median Household Income
$40,067
Median Earnings
$914
Median Rent
$251,500
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?
Office space - Existing access ramps and a two-parcel configuration support flexible office or business use.
Where is this office space located?
The property is located at 555 Broadway St South Haven, MI.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 1,341‑square‑foot office property built in 1940; Corner double lot with two parcel numbers; Existing access ramps
