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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1385 Empire Ave Benton Harbor, MI 49022-2037

    • Assisted living facilities
    • 37,356 SF
    • 5.00 lot acres
    OFF-MARKET
    Last Sale
    Dec 06, 2024
    $225,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2977978
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hallmark Living Benton Harbor / Nursing Home
    • Twin Cities Nursing and Rehab / Nursing Home
    • Luis Domenech / Medical Clinic / Family Practice Physician
    • SKLD Bentkn Harbor / Nursing Home
    • Orchard Grove Care Center / Nursing Home

    Property Details for 1385 Empire Ave

    Year built
    1971
    Lot size
    5.00 lot acres
    Property size
    37,356 SF
    Zone code
    SPEC US
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    03-0020-0066-02-1
    APU
    300200066021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Benton Harbor
    County
    Berrien
    State
    Michigan
    Longitude
    -86.4252
    Latitude
    42.1024
    CBSA code
    35660
    CBSA name
    NILES-BENTON HARBOR, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $65,071
    $0.00
    $0.00
    $853,900
    -
    $0.00
    $0.00
    $1,707,800

    Comparable in this City

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      34,782 SF

      1961 Empire Ave

      HOMES (RETIRED, NURSING) • 34,782 SF
      1961 Empire Ave, Benton Harbor, MI 49022-1663
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    • Value Estimation by Request
      7,538 SF

      1564 M 63

      HOMES (RETIRED, NURSING) • 7,538 SF
      1564 M 63, Benton Harbor, MI 49022-2759
      View Details
    • Value Estimation by Request
      1.04 Acres

      1850 Pipestone Rd

      DENTAL BUILDING • 1.04 Acres
      1850 Pipestone Rd, Benton Harbor, MI 49022-2334
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    • Value Estimation by Request
      2,360 SF

      143 Main St

      MEDICAL CLINIC • 2,360 SF
      143 Main St, Benton Harbor, MI 49022-4409
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      1,091 SF

      1686 Colfax Ave

      DENTAL BUILDING • 1,091 SF
      1686 Colfax Ave, Benton Harbor, MI 49022-7355
      View Details
    • Value Estimation by Request
      1.04 Acres

      1850 Pipestone Rd

      DENTAL BUILDING • 1.04 Acres
      1850 Pipestone Rd, Benton Harbor, MI 49022-2334
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Four-unit commercial building with high traffic and foot traffic.
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      Retail space with high traffic count and ample parking.
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      Versatile Building in Benton Harbor

      10,000 SF building suitable for warehouse, retail, or service.
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    • $5 SF/Yr
      10,000 SF

      Benton Harbor Flex/Industrial/Office Space

      10,000 SF flex, industrial, and office space for lease.
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    • $4 SF/Yr
      27,600 SF

      Industrial Space in Benton Harbor

      27,600 SF industrial space for lease with excellent access.
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    • $4 SF/Yr
      34,402 SF

      34,000 SF Retail Opportunity

      34,000 SF retail space on M-139 in Benton Harbor.
      2305 M 139, Benton Harbor, MI 49022
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    1385 Empire Ave
    Benton Harbor, MI 49022-2037
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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