Renovated Multi-Use Building For
For Sale
$230,000
5782 James Drive, Stevensville, MI 49127
Recently renovated 1,584 SF multi-use building, ideal for various purposes.
Property Size1,584 SF
Price / SF$145.20
Days on Market95
Property Features for 5782 James Drive
General Information
Standard status
Active
Size
1,584 SF
Total Parking Spaces
12
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$2,223
Building Details
Building Size
1,584 SF
Year Built
1969
Units
1
Listing Agency:
Vision Real Estate Lakeshore
(269) 921-1125
Listed By:
Paul J Dumke · License #6502372552
(269) 921-1125
Source:
Carolbollo
Added: May 22
Changed: Aug 23
Last Checked: Aug 17 at 1:03PM
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 Vision Real Estate Lakeshore
Investment Insights
Based on property information with market context.
This is a recently renovated, clear span, steel frame, multi-use building with numerous new features. The 1,584 square foot property is ideal for light manufacturing, art studio, retail, or office space. It has been rehabbed for a robotics assembly business. The overhead door measures 8 ft. in height and 10 ft. in width. Paved Jory Ln. runs and ends alongside this parcel.
Key Highlights
- Recently renovated clear span, steel frame building suitable for various uses.
- Offered below recent appraisal.
- Ideal for light manufacturing, art studio, retail, or personal use.
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
$7,931
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
3.45%
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%
$158,620
$158.6K
Cap Rate 7%
$113,300
$113.3K
Cap Rate 9%
$88,122
$88.1K
Market Conditions
NOI Build-Up for 1,584 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
$13.3K $8.40/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$12.2K $7.70/SF
− OpEx
−$4.3K −$2.70/SF
NOI
$7.9K $5.01/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
35.00%
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%
$158,620
Cap Rate 7%
$113,300
Cap Rate 9%
$88,122
Alternative Uses
Best Use
Flex RnD
$113.3K
$99.1K – $132.2K
NOI $7,931 @ 7.0% cap · market cap 3.45%
Second Best
Industrial
$101.1K
$88.5K – $118.0K
NOI $7,077 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$333.3K
$291.7K – $388.9K
NOI $23,332 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49127, MI
10,811
Population
5,043
Households
2.1
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
17.1 sq mi
ZIP Area
632
Density / Sq Mi
$96,781
Median Household Income
$44,903
Median Earnings
$1,103
Median Rent
$287,000
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Recently renovated 1,584 SF multi-use building, ideal for various purposes.
Where is this flex space located?
The property is located at 5782 James Drive Stevensville, MI.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Recently renovated clear span, steel frame building suitable for various uses.; Offered below recent appraisal.; Ideal for light manufacturing, art studio, retail, or personal use.
