18-Unit Apartment
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 Market73
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 17, Bathroom 3, Bathroom 2, Bathroom 7, Bathroom 16, Bathroom 18, Bathroom 1, Bathroom 8, Bathroom 6, Bathroom 9, Bathroom 4, Bathroom 13, Bathroom 14, Bathroom 15, Bathroom 5, Bathroom 12, Bathroom 11, Bathroom 10
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
Additional Details
Individually Metered Utilities
electricity
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
in-unit washer/dryer
Building Details
Year built
1910
Number of units
18
Building materials
Brick
Roof type
Rubber
Buildings
1
Listing Agency:
Keller Williams GR East · Keller Williams Realty
Listed By:
John Zuluaga-Torres
(616) 575-1800
Added: Aug 18
Changed: Oct 27
Last Checked: Oct 29 at 11:06PM
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.
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Investment Insights
Based on property information with market context.
The 14,086-square-foot brick apartment building contains 18 units on a 0.81-acre parcel. The property was taken back to the studs and fully remodeled, including installation of new electrical systems. Each apartment has a washer and dryer, and separate electric meters allow tenants to pay their own electric bills.
Built in 1910, the building has steam heat and a rubber roof. Parking comprises 14 spaces belonging to the property and four additional spaces rented from a church. The property is near downtown St. Joseph and Lake Michigan beaches.
Built in 1910, the building has steam heat and a rubber roof. Parking comprises 14 spaces belonging to the property and four additional spaces rented from a church. The property is near downtown St. Joseph and Lake Michigan beaches.
Key Highlights
- 18 apartments in a 14,086‑square‑foot brick building
- Full interior remodel to the studs, with new electrical systems
- In‑unit washers and dryers; separate electric meters with tenant‑paid electricity
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$114,967
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
880
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartments include in-unit washers and dryers, with separate electric meters and tenant-paid electricity.
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 apartments in a 14,086‑square‑foot brick building; Full interior remodel to the studs, with new electrical systems; In‑unit washers and dryers; separate electric meters with tenant‑paid electricity
