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

    151 Riverview Dr Benton Harbor, MI 49022-3619

    • Retail space
    • 174,061 SF
    • 17.95 lot acres
    OFF-MARKET
    Value Estimations
    $5,365,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3650820
    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

    • WLabs Innovations / Medical Laboratory
    • ChargePoint Charging Station / Electric Vehicle Charging Station
    • Whirlpool Corporation Benton Harbor Tech Center / Corporate Office / Business Park

    Property Details for 151 Riverview Dr

    Year built
    1910
    Lot size
    17.95 lot acres
    Property size
    174,061 SF
    Zone code
    DISTRICT G
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    54-0024-0061-12-2
    APU
    5400240061122

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,364,000
      Market price range: $5.36M - $13.8M
      AI Estimate
      $5,364,000
      Market price range: $5.36M - $13.8M

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

    Location Insight

    • Map
    • Local Demand
    City
    Benton Harbor
    County
    Berrien
    State
    Michigan
    Longitude
    -86.4655
    Latitude
    42.1156
    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
    $79,020
    $0.00
    $0.00
    $1,637,000
    -
    $0.00
    $0.00
    $3,274,000

    Comparable in this City

    • Value Estimation
      $865,000
      28,105 SF

      2570 M 139

      STORE, RETAIL OUTLET • 28,105 SF
      2570 M 139, Benton Harbor, MI 49022-6414
      View Details
    • Value Estimation
      $1,470,000
      18,584 SF

      2106 M 139

      STORE, RETAIL OUTLET • 18,584 SF
      2106 M 139, Benton Harbor, MI 49022-6163
      View Details
    • Value Estimation
      $1,990,000
      64,562 SF

      1800 M 139

      STORE, RETAIL OUTLET • 64,562 SF
      1800 M 139, Benton Harbor, MI 49022-6104
      View Details
    • Value Estimation
      $1,520,000
      24,150 SF

      1345 Mall Dr

      STORE, RETAIL OUTLET • 24,150 SF
      1345 Mall Dr, Benton Harbor, MI 49022-2309
      View Details
    • Value Estimation
      $640,000
      12,000 SF

      2500 M 139

      STORE, RETAIL OUTLET • 12,000 SF
      2500 M 139, Benton Harbor, MI 49022-6414
      View Details
    • Value Estimation by Request
      3,312 SF

      243 Fair Ave

      STORE, RETAIL OUTLET • 3,312 SF
      243 Fair Ave, Benton Harbor, MI 49022-3003
      View Details

    Similar Nearby for Sale

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      Commercial building on Red Arrow Hwy with high visibility location.
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      Commercial building at a busy intersection, perfect for business venture.
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    • $475,000
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      Benton Harbor Commercial Condo

      Commercial/retail condo with many potential uses in growing area.
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      Benton Harbor Commercial Land Opportunity

      Prime I-94 location, 2.26 acres, high visibility.
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    Similar Nearby for Lease

    • $6,000 /Mo
      20,919 SF

      Mixed-Use Property in Downtown Benton

      Adaptable mixed-use property in Benton Harbor's emerging downtown district.
      195 Michigan St, Benton Harbor, MI 49022
      View Details
    • $15 SF/Yr
      1,600 SF

      Retail Space in Orchards Plaza

      Retail space for lease in high-traffic Benton Harbor location.
      1964 Mall Dr, Benton Harbor, MI 49022
      View Details
    • $6 SF/Yr
      11,625 SF

      Benton Harbor Commercial Retail Space

      11,600 SF commercial/retail space on M-139 corridor.
      2467 M-139, Benton Harbor, MI 49022
      View Details
    • $1.00 SF/Yr
      1,000 SF

      Benton Harbor Commercial Space Available

      1,000 SF office/retail space for lease in Benton Harbor.
      2202 Plaza Dr, Benton Harbor, MI 49022
      View Details
    • $19 SF/Yr

      Retail Space on M-139

      Retail space for lease with high traffic and visibility.
      2004 M-139 B, Benton Harbor, MI 49022
      View Details
    • $12 SF/Yr
      993 SF

      Retail Space in Benton Harbor

      993 SF retail space in prime retail corridor.
      1609-1619 Mall Dr, Benton Harbor, MI 49022
      View Details
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    151 Riverview Dr
    Benton Harbor, MI 49022-3619
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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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