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Property profile & analytics
OFF-MARKET
Estimated value
$715,000
Office buildings
105 Merchant St New Buffalo, MI 49117-1813
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US43-3239696
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Total area
4,226 SF
Lot
0.2 ac (8,712 SF)
Zoning code
CBD
APN
62-0340-0253-00-1
UPID
US43-3239696
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$715k
Blend (final)
Blend
$715k
Owner & transaction history
Harbor Property Services LLC · 13 yrs held
Harbor Property Services LLC
since 2013
1 recorded transaction
Zoning & alternative use
CBD · New Buffalo, MI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
CBD - Central Business District. The CBD - Central Business District is intended to promote convenience retail and services, specialty retail, tourist-oriented retail and services, entertainment establishments, and professional offices in a concentrated format in the downtown along North Whittaker Street. This District is intended to serve City residents as…
Zone name
Central Business District
General category
COMMERCIAL
Zone area
24.87 ac
Top alternative use upside
Commercial (general)
$510,000
+18.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New Buffalo submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Buffalo submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$435,000
Current use
COMMERCIAL (GENERAL)
$510,000
Change: +18% · Conversion: Easy
Blend value · Realmo final
$715k
Range $644k – $787k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$169 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$7,924
Tax year 2023
Assessed value
$458,900
Assessed 2024
Previous assessed
$357,600
+28.3% YoY
Effective rate
1.73%
On assessed value
Total market value
$917,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Stories
1
Total area
4,226 SF
Lot
0.2 ac (8,712 SF)
Zoning code
CBD
APN
62-0340-0253-00-1
UPID
US43-3239696
Jurisdiction
BERRIEN
Zoning & alternative use
CBD · New Buffalo, MIZoning CBD · permitted uses
CBD · New Buffalo, MI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
CBD - Central Business District. The CBD - Central Business District is intended to promote convenience retail and services, specialty retail, tourist-oriented retail and services, entertainment establishments, and professional offices in a concentrated format in the downtown along North Whittaker Street. This District is intended to serve City residents as well as the vacationing public. Mixed-use development is encouraged and should feature first-floor commercial entertainment, restaurants, and retail uses and upper-floor residential or office uses. The District is further intended to preserve the architectural quality of downtown and ensure that new development complements the historic built pattern. 2.
Zone name
Central Business District
General category
COMMERCIAL
Zone area
24.87 ac
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$435,000
COMMERCIAL (GENERAL)
Est. value
$510,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Stories
1
Lot
0.2 ac
Current owner
From public records · entity-resolved
Harbor Property Services LLC
Entity
Mailing address
2402 WATERSIDE DR, AURORA, IL 60502-1384
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 31, 2013
—
Harbor Property Services LLC
Sima Frankle Partnership
Warranty Deed
$244,000 · New Buffalo Savings Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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