Remodeled 18-Unit Apartment
New
For Sale
$2,495,000
917 Pearl Street, St Joseph, MI 49085
Commercial Sale, St. Joseph, MI
Property Size14,086 SF
Lot Size0.81 Acres
Price / SF$177.13
Days on Market4
Property Features for 917 Pearl Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
201 Commercial
Bathrooms
18
Full bathrooms
18
Rooms
Bathroom 12, Bathroom 1, Bathroom 15, Bathroom 9, Bathroom 10, Bathroom 14, Bathroom 3, Bathroom 7, Bathroom 16, Bathroom 18, Bathroom 13, Bathroom 6, Bathroom 4, Bathroom 11, Bathroom 5, Bathroom 8, Bathroom 17, Bathroom 2
Parking
18
Interior features
Broadband
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Directions
Heading south of Main st, take Pearl st east until arrival at property.
Standard status
Active
APN
76-0340-0425-00-8
Size
14,086 SF
Lot size
0.81 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 425 & 426 ORIGINAL PLAT OF CITY OF ST JOSEPH
Tax Annual Amount
18443
Legal Description
LOTS 425 & 426 ORIGINAL PLAT OF CITY OF ST JOSEPH
Utilities
Utilities
Electricity Available
Heating system
Steam
Amenities
washer/dryer in units
Building Details
Year built
1910
Number of units
18
Building materials
Brick
Roof type
Rubber
Listing Agency:
Keller Williams GR East · Keller Williams Realty
(616) 575-1800
Listed By:
John Zuluaga-Torres
(616) 575-1800
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 21 at 10:06AM
MLS# 26043546
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 18-unit apartment building contains 14,086 square feet on a 0.81-acre parcel. Originally built in 1910, the brick structure was taken back to the studs and fully remodeled, including new electrical systems and separate electric meters. Each unit includes a washer and dryer. The property also features steam heat, a rubber roof, broadband access, and electricity available at the site.
The building is located at 917 Pearl Street in St. Joseph, near the downtown area, Lake Michigan beaches, shopping, dining, parks, and other local amenities. Parking totals 18 spaces, with 14 spaces belonging to the apartment property and 4 spaces rented from a church.
The building is located at 917 Pearl Street in St. Joseph, near the downtown area, Lake Michigan beaches, shopping, dining, parks, and other local amenities. Parking totals 18 spaces, with 14 spaces belonging to the apartment property and 4 spaces rented from a church.
Key Highlights
- 18‑unit apartment building with 14,086 square feet
- 0.81‑acre parcel at 917 Pearl Street in St. Joseph
- Gutted to the studs and fully remodeled with new 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
Property Profile
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 - Brick multifamily property with in-unit laundry and separately metered tenant-paid electric.
Where is this apartment building located?
The property is located at 917 Pearl Street 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 with 14,086 square feet; 0.81‑acre parcel at 917 Pearl Street in St. Joseph; Gutted to the studs and fully remodeled with new electric
