Renovated Multifamily
For Sale
$695,000
7321 Harbert Road, Harbert, MI 49115
Multi Family, Harbert, MI
Property Size2,140 SF
Lot Size0.72 Acres
Price / SF$324.77
Days on Market94
Property Features for 7321 Harbert Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
H-Mixed Use
Bedrooms
3
Full bathrooms
3
Half bathrooms
1
Rooms
Basement, Bathroom 3, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Parking
6
Parking features
Driveway, Paved or Surfaced
Basement
Full
Lot features
Level, Corner Lot
Elementary school district
River Valley
Middle school district
River Valley
High school district
River Valley
Directions
Red Arrow to south on Prairie Rd., property fronts Harbert & Prairie
Standard status
Active
APN
11-07-0009-0016-00-5
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
THE S 158'OF E 158'OF SE QTR OF SEC 9 T7S R20W
Tax Annual Amount
3325
Legal Description
THE S 158'OF E 158'OF SE QTR OF SEC 9 T7S R20W
Utilities
Utilities
Electricity Available
Heating system
Forced Air, Radiant
Cooling system
Central Air
Water front features
Lake
Water front
1
Building Details
Year built
1920
Number of units
3
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Cressy & Everett R.E. of Harbor Country
(269) 469-1256
Listed By:
Maggie Olson · License #6501284410
(269) 612-1350
Added: May 24
Changed: Aug 20
Last Checked: Aug 25 at 2:06AM
MLS# 26024568
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property includes two buildings totaling 2,140 square feet. One building contains a two-room, 700-square-foot commercial studio, while the separate residence measures 1,440 square feet and is furnished. The configuration supports a live-work arrangement or three distinct units, as described in the property information.
Both buildings received updates in 2025/26, including new doors, gutters, flooring, lighting, interior and exterior paint, and multiple windows. Construction is wood siding, with a composition roof, forced-air and radiant heat, central air, and paved driveway parking. The 0.72-acre property is located on Harbert Road in Harbert, Michigan, near the Red Arrow Trail and Lake Michigan shoreline. Electricity is available, and the grounds include landscaping.
Both buildings received updates in 2025/26, including new doors, gutters, flooring, lighting, interior and exterior paint, and multiple windows. Construction is wood siding, with a composition roof, forced-air and radiant heat, central air, and paved driveway parking. The 0.72-acre property is located on Harbert Road in Harbert, Michigan, near the Red Arrow Trail and Lake Michigan shoreline. Electricity is available, and the grounds include landscaping.
Key Highlights
- Two buildings with 2,140 total square feet
- 700‑square‑foot, two‑room commercial studio
- Separate 1,440‑square‑foot 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
3.39%
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 3.39%
Second Best
Mixed Use
$309.5K
$270.9K – $361.1K
NOI $21,668 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$450.3K
$394.0K – $525.4K
NOI $31,522 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
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?
Multifamily property - Two buildings combine a commercial studio with a furnished multi-unit residence for live-work use.
Where is this multifamily property located?
The property is located at 7321 Harbert Road Harbert, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two buildings with 2,140 total square feet; 700‑square‑foot, two‑room commercial studio; Separate 1,440‑square‑foot furnished multi‑unit home
