Restaurant/Event Property with Commercial
For Sale
$80,000
952 Pipestone Street, Benton Harbor, MI 49022
COMMERCIAL - Benton Harbor, MI
Property Size1,420 SF
Lot Size0.14 Acres
Price / SF$56.34
Days on Market47
Property Features for 952 Pipestone Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement
Subdivision
Columbus Add To City Of Benton Harbor
Elementary school district
Benton Harbor
Middle school district
Benton Harbor
High school district
Benton Harbor
Directions
M139 to Empire, turn west onto Empire then south onto Pipestone
Standard status
Active
APN
11-53-1300-0008-00-3 & 11-53-1300-0007-00-7
Size
1,420 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 8 BLK 1 COLUMBUS ADD TO CITY OF BENTON HARBOR SEE 1 1-53-9975-0226-00-4
Tax Annual Amount
1056
Legal Description
LOT 8 BLK 1 COLUMBUS ADD TO CITY OF BENTON HARBOR SEE 1 1-53-9975-0226-00-4
Utilities
Utilities
Cable Available
Heating system
Forced Air
Amenities
full commercial kitchen
Building Details
Year built
1930
Floors in Building
1
Number of units
1
Building materials
Metal Siding
Roof type
Composition
Listing Agency:
The Shore Real Estate Group
(269) 921-7261
Listed By:
Josh Frazee · License #6506049708
(269) 757-2769
Added: Jul 16
Changed: Aug 4
Last Checked: Aug 31 at 9:06AM
MLS# 26036523
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 for-sale restaurant and event property includes a full commercial kitchen and flexible open space. The offering also includes an extra lot intended to support parking, expansion, or outdoor event use. The total property size is 1,420 square feet on a 0.14-acre lot.
The property is located at 952 Pipestone Street in Benton Harbor, Michigan, and is described as being steps from the redevelopment of the former hospital site.
The layout is positioned for food service and gatherings, supported by the on-site commercial kitchen and the available open area for configurable events.
The property is located at 952 Pipestone Street in Benton Harbor, Michigan, and is described as being steps from the redevelopment of the former hospital site.
The layout is positioned for food service and gatherings, supported by the on-site commercial kitchen and the available open area for configurable events.
Key Highlights
- Built in 1930 with metal siding and a composition roof
- Forced‑air heating system
- Full commercial kitchen included
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
$6,344
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
7.93%
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%
$126,880
$126.9K
Cap Rate 7%
$90,629
$90.6K
Cap Rate 9%
$70,489
$70.5K
Market Conditions
NOI Build-Up for 1,420 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
$9.9K $6.96/SF
− Vacancy
−$820 −$0.58/SF
EGI
$9.1K $6.38/SF
− OpEx
−$2.7K −$1.91/SF
NOI
$6.3K $4.47/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /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%
$126,880
Cap Rate 7%
$90,629
Cap Rate 9%
$70,489
Alternative Uses
Best Use
Specialty Retail
$225.6K
$197.4K – $263.2K
NOI $15,794 @ 7.0% cap · market cap 19.74%
Second Best
Industrial
$90.6K
$79.3K – $105.7K
NOI $6,344 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$298.8K
$261.5K – $348.6K
NOI $20,916 @ 7.0% cap · market cap 26.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49022, MI
30,143
Population
14,484
Households
2.1
Avg Household Size
39
Median Age
18%
College-Educated
85%
High-School Grad
67.3 sq mi
ZIP Area
448
Density / Sq Mi
$39,859
Median Household Income
$29,530
Median Earnings
$797
Median Rent
$140,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - For sale restaurant and event property with a full commercial kitchen, open space, and an included extra lot.
Where is this conventional restaurant located?
The property is located at 952 Pipestone Street Benton Harbor, MI.
What is the asking price?
The asking price for this property is $80,000.
What are key features of this property?
This property features: Built in 1930 with metal siding and a composition roof; Forced‑air heating system; Full commercial kitchen included
