Two-Building Retail Live-Work
For Sale
$785,000
7321 Harbert Road, Harbert, MI 49115
COMMERCIAL - Harbert, MI
Property Size2,140 SF
Lot Size0.72 Acres
Price / SF$366.82
Days on Market100
Property Features for 7321 Harbert Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
H-Mixed Use
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bathroom 1, Bathroom 3
Parking
6
Elementary school district
River Valley
Middle school district
River Valley
High school district
River Valley
Directions
Corner of Red Arrow Hwy. and Prairie Rd.
Standard status
Active
APN
11-07-0009-0016-00-5
Size
2,140 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Legal to follow per title commitment
Tax Annual Amount
3325
Legal Description
Legal to follow per title commitment
Utilities
Utilities
Electricity Available
Heating system
Forced Air, Radiant
Cooling system
Central Air
Water front features
Lake
Water front
1
Amenities
upgraded parking
landscaped
Building Details
Year built
1920
Floors in Building
2
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 12
Changed: Aug 16
Last Checked: Aug 19 at 2:06AM
MLS# 26021962
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 two-building property includes 2,140 total square feet and was recently renovated by the owner/architect. The commercial component is a 2-room studio totaling 700 square feet. A separate, fully-furnished 1,440 square foot multi-unit home provides additional flexibility for live/work use or multiple income-generating units. Both buildings received fully updated improvements in 2025/26.
The updates include new doors, contemporary gutters, stylish flooring, designer lighting, fresh interior and exterior paint, and multiple new windows. The property sits on a 0.72-acre lot and includes upgraded parking for tenants or customers. Heating is radiant and forced air, and cooling is central air. The building materials are wood siding, and the roof is composition.
For outdoor-oriented tenants or customers, the property also includes a Lake waterfront feature and is described as having highway visibility in Harbert, Michigan.
The updates include new doors, contemporary gutters, stylish flooring, designer lighting, fresh interior and exterior paint, and multiple new windows. The property sits on a 0.72-acre lot and includes upgraded parking for tenants or customers. Heating is radiant and forced air, and cooling is central air. The building materials are wood siding, and the roof is composition.
For outdoor-oriented tenants or customers, the property also includes a Lake waterfront feature and is described as having highway visibility in Harbert, Michigan.
Key Highlights
- 2 buildings with 2,140 total SF renovated by owner/architect
- 700 SF, 2‑room commercial studio
- 1,440 SF 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
$22,215
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
2.83%
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%
$444,300
$444.3K
Cap Rate 7%
$317,357
$317.4K
Cap Rate 9%
$246,833
$246.8K
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
$33.1K $15.48/SF
− Vacancy
−$1.4K −$0.65/SF
EGI
$31.7K $14.83/SF
− OpEx
−$9.5K −$4.45/SF
NOI
$22.2K $10.38/SF
Area
Berrien 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 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%
$444,300
Cap Rate 7%
$317,357
Cap Rate 9%
$246,833
Alternative Uses
Best Use
Retail
$317.4K
$277.7K – $370.3K
NOI $22,215 @ 7.0% cap · market cap 2.83%
Second Best
Multifamily LT 5
$279.6K
$244.7K – $326.2K
NOI $19,573 @ 7.0% cap · market cap 2.49%
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two renovated buildings in Harbert combine a commercial studio and fully furnished multi-unit home with central air and parking.
Where is this retail 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 SF renovated by owner/architect; 700 SF, 2‑room commercial studio; 1,440 SF fully‑furnished multi‑unit home
