Mixed-Use Property with
For Sale
$1,200,000
Pending
57810 Murray St, Mattawan, MI 49071
Combines apartments, retail storefronts, and flexible commercial and warehouse space in one building.
Property Size6,412 SF
Days on Market50
Property Features for 57810 Murray St
General Information
Standard status
Pending
Size
6,412 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,494
Building Details
Year Built
1995
Buildings
1
Units
6
Listing Agency:
Berkshire Hathaway HomeServices MI
Listed By:
Brian D Lewis · License #6591441776
(269) 488-5293
Source:
Elliman
Added: Sep 16
Changed: Oct 25
Last Checked: Nov 3 at 6:48AM
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 Berkshire Hathaway HomeServices MI
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Investment Insights
Based on property information with market context.
Built in 1995, this 6,412-square-foot mixed-use building at 57810 Murray St includes three one-bedroom apartments, two retail storefronts, and additional commercial, warehouse, and manufacturing space. The property has six restrooms, a 14-foot overhead door, on-site parking, a metal roof, natural gas forced-air heat, central air, and public water and sewer. Electrical systems throughout the units were updated in 2021.
The property is adjacent to Village Park and sits near street parking and a municipal parking lot. Sale and showings are subject to tenant rights. Buyers should independently verify the building configuration, occupancy, leases, zoning, permitted uses, measurements, and other material property information.
The property is adjacent to Village Park and sits near street parking and a municipal parking lot. Sale and showings are subject to tenant rights. Buyers should independently verify the building configuration, occupancy, leases, zoning, permitted uses, measurements, and other material property information.
Key Highlights
- 6,412‑square‑foot mixed‑use building with three one‑bedroom apartments
- Two retail storefronts plus commercial, warehouse, and manufacturing space
- 14‑foot overhead door and six restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,562
Cap Rate
5.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,331,240
$1.3M
Cap Rate 7%
$950,886
$950.9K
Cap Rate 9%
$739,578
$739.6K
Market Conditions
NOI Build-Up for 6,412 SF
Gross rent
$99.3K $15.48/SF
− Vacancy
−$4.2K −$0.65/SF
EGI
$95.1K $14.83/SF
− OpEx
−$28.5K −$4.45/SF
NOI
$66.6K $10.38/SF
Area
Van Buren County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,331,240
Cap Rate 7%
$950,886
Cap Rate 9%
$739,578
Alternative Uses
Best Use
Apartment 5plus
$70.58M
$61.76M – $82.34M
NOI $4,940,533 @ 7.0% cap · market cap 411.71%
Second Best
Retail
$950.9K
$832.0K – $1.11M
NOI $66,562 @ 7.0% cap · market cap 5.55%
Theoretical Best
Multifamily LT 5
$79.28M
$69.37M – $92.50M
NOI $5,549,830 @ 7.0% cap · market cap 462.49%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Explore this area
Business Placement
Demographics for 49071, MI
10,748
Population
4,415
Households
2.4
Avg Household Size
40
Median Age
40%
College-Educated
97%
High-School Grad
29.4 sq mi
ZIP Area
366
Density / Sq Mi
$105,779
Median Household Income
$48,494
Median Earnings
$1,161
Median Rent
$261,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines apartments, retail storefronts, and flexible commercial and warehouse space in one building.
Where is this mixed-use property located?
The property is located at 57810 Murray St Mattawan, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,412‑square‑foot mixed‑use building with three one‑bedroom apartments; Two retail storefronts plus commercial, warehouse, and manufacturing space; 14‑foot overhead door and six restrooms
