Renovated Live-Work
For Sale
$785,000
7321 Harbert Road, Harbert, MI 49115
Combines a commercial studio with a furnished multi-unit residence for flexible live-work use.
Property Size2,140 SF
Price / SF$366.82
Days on Market29
Property Features for 7321 Harbert Road
General Information
Standard status
Active
Size
2,140 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
H-Mixed Use
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$3,325
Building Details
Building Size
2,140 SF
Year Built
1920
Buildings
2
Stories
2
Units
3
Listing Agency:
Cressy & Everett R.E. of Harbor Country
(269) 612-1350
Listed By:
Maggie Olson · License #6501284410
(269) 612-1350
Source:
Irishhillsfivestarhomes
Added: Aug 3
Changed: Aug 31
Last Checked: Aug 3 at 11:24AM
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 Cressy & Everett R.E. of Harbor Country
Investment Insights
Based on property information with market context.
This live-work property includes two buildings totaling 2,140 square feet. The commercial component is a two-room studio measuring 700 square feet, while the separate 1,440-square-foot residence is configured as a furnished multi-unit home. Together, the buildings are arranged for three distinct units and combine workspace with residential accommodations.
Owner-led renovations updated both structures in 2025/26 with new doors, gutters, flooring, lighting, interior and exterior paint, and multiple replacement windows. The property also includes upgraded parking and landscaped grounds.
Located in Harbert, the property offers highway visibility and access to Chikaming’s Red Arrow Trail, nearby amenities, and the Lake Michigan shoreline. The address is 7321 Harbert Road, Harbert, MI 49115.
Owner-led renovations updated both structures in 2025/26 with new doors, gutters, flooring, lighting, interior and exterior paint, and multiple replacement windows. The property also includes upgraded parking and landscaped grounds.
Located in Harbert, the property offers highway visibility and access to Chikaming’s Red Arrow Trail, nearby amenities, and the Lake Michigan shoreline. The address is 7321 Harbert Road, Harbert, MI 49115.
Key Highlights
- 2 buildings with 2,140 total sq ft
- 700 sq ft two‑room commercial studio
- Separate 1,440 sq. ft. fully‑furnished multi‑unit home
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
$23,575
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
3.00%
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%
$471,500
$471.5K
Cap Rate 7%
$336,786
$336.8K
Cap Rate 9%
$261,944
$261.9K
Market Conditions
NOI Build-Up for 2,140 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
$36.5K $17.04/SF
− Vacancy
−$5.0K −$2.35/SF
EGI
$31.4K $14.69/SF
− OpEx
−$7.9K −$3.67/SF
NOI
$23.6K $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%
$471,500
Cap Rate 7%
$336,786
Cap Rate 9%
$261,944
Alternative Uses
Best Use
Office B
$336.8K
$294.7K – $392.9K
NOI $23,575 @ 7.0% cap · market cap 3.00%
Second Best
Mixed Use
$309.5K
$270.9K – $361.1K
NOI $21,668 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$450.3K
$394.0K – $525.4K
NOI $31,522 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 49115, MI
217
Population
439
Households
0.5
Avg Household Size
64
Median Age
91%
College-Educated
100%
High-School Grad
0.9 sq mi
ZIP Area
241
Density / Sq Mi
$60,370
Median Household Income
$272,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Combines a commercial studio with a furnished multi-unit residence for flexible live-work use.
Where is this live-work space located?
The property is located at 7321 Harbert Road Harbert, MI.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: 2 buildings with 2,140 total sq ft; 700 sq ft two‑room commercial studio; Separate 1,440 sq. ft. fully‑furnished multi‑unit home
