18-Unit Remodeled Apartment
For Sale
$2,495,000
917 Pearl St, St Joseph, MI 49085
Updated multifamily property with separately metered electricity, in-unit laundry, and dedicated parking.
Property Size14,086 SF
Price / SF$177.13
Days on Market66
Property Features for 917 Pearl St
General Information
Standard status
Active
Size
14,086 SF
Total Parking Spaces
18
Property subtype
Commercial
Additional Details
Multifamily Units
18
Amenities
Washer & dryer in units
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Keller Williams GR East
Listed By:
John Zuluaga-Torres
(616) 575-1800
Source:
Vmrealestatemichigan
Added: Jul 23
Changed: Sep 21
Last Checked: Sep 24 at 10:34AM
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 Keller Williams GR East
Investment Insights
Based on property information with market context.
This 14,086-square-foot apartment building contains 18 units under one roof. Originally built in 1910, the property was gutted to the studs and totally remodeled with new electrical systems. Each unit includes a washer and dryer, while separate electric meters allow tenants to pay their own electric service.
The property is located at 917 Pearl St in St. Joseph, near downtown, Lake Michigan beaches, shopping, dining, parks, and other local amenities. Parking totals 18 spaces, including 14 spaces belonging to the apartment property and 4 rented from a church. The combination of renovated interiors, in-unit laundry, separately metered utilities, and centralized multifamily operations creates a clearly defined apartment asset.
The property is located at 917 Pearl St in St. Joseph, near downtown, Lake Michigan beaches, shopping, dining, parks, and other local amenities. Parking totals 18 spaces, including 14 spaces belonging to the apartment property and 4 rented from a church. The combination of renovated interiors, in-unit laundry, separately metered utilities, and centralized multifamily operations creates a clearly defined apartment asset.
Key Highlights
- 18‑unit apartment building totaling 14,086 square feet
- Gutted to studs and totally remodeled
- New electric with separate meters; tenants pay electric
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
$114,967
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
4.61%
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%
$2,299,340
$2.3M
Cap Rate 7%
$1,642,386
$1.6M
Cap Rate 9%
$1,277,411
$1.3M
Market Conditions
NOI Build-Up for 14,086 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
$221.4K $15.72/SF
− Vacancy
−$12.4K −$0.88/SF
EGI
$209.0K $14.84/SF
− OpEx
−$94.1K −$6.68/SF
NOI
$115.0K $8.16/SF
Area
Berrien County, MI
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$2,299,340
Cap Rate 7%
$1,642,386
Cap Rate 9%
$1,277,411
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.44M – $1.92M
NOI $114,967 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.96M
$2.59M – $3.46M
NOI $207,485 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
880
Businesses Nearby
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Updated multifamily property with separately metered electricity, in-unit laundry, and dedicated parking.
Where is this apartment building located?
The property is located at 917 Pearl St St Joseph, MI.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 18‑unit apartment building totaling 14,086 square feet; Gutted to studs and totally remodeled; New electric with separate meters; tenants pay electric
