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    231 Buffalo St New Buffalo, MI 49117-1107
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    Property profile & analytics

    231 Buffalo St New Buffalo, MI 49117-1107

    View on Map
    • Hotels
    • 4,404 SF
    • 0.63 lot acres
    Off-Market
    Property ID
    US43-3374252
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hotels

    Property Details for 231 Buffalo St

    Lot size
    0.63 lot acres
    Property size
    4,404 SF
    Zone code
    GCD
    Property type
    Hotels
    APN
    62-0010-0010-07-7
    APU
    6200100010077

    Description

    This exceptional mixed-use property in New Buffalo, Michigan, presents a lucrative investment opportunity. The 5,100 square foot property, situated on a 0.63-acre lot (APN 11-62-0010-0010-07-7), comprises two buildings constructed in 1955. The main building, originally built for a local professional, boasts eight rental units (nine keys total), each featuring unique amenities such as gas log fireplaces (except one unit), jetted tubs, kitchenettes, and individual heating/cooling controls. One unit even includes a private sauna. Architectural details include Art Deco elements, vaulted ceilings, and skylights. The property also includes a second building currently used as a spa, offering three bedrooms and one full bath, expanding the potential rental income or providing additional owner accommodations. Outdoor amenities are plentiful, featuring manicured grounds, a hot tub, a firepit area, outdoor decking, and ample parking. The property's central location offers easy access to local amenities, including a supermarket, shops, restaurants, the Amtrak station, Lake Michigan's public beach, Four Winds Casino, parks, and recreational facilities. This successful short-term rental operation is ideally positioned within 65 miles of Chicago, ensuring a strong and consistent stream of potential guests. The property's high occupancy rate and strong cash flow make it an attractive investment for discerning buyers seeking a profitable venture in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Buffalo
    County
    Berrien
    State
    Michigan
    Longitude
    -86.7401
    Latitude
    41.7953
    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
    $5,898
    $0.00
    $0.00
    $251,800
    -
    $0.00
    $0.00
    $503,600

    Comparable in this City

    • Value Estimation by Request
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      61,856 SF

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      11400 Holiday Dr, New Buffalo, MI 49117-8224
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      44,978 SF

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      MOTEL • 44,978 SF
      11500 Holiday Dr, New Buffalo, MI 49117-8212
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    • Value Estimation by Request
      43,365 SF

      18800 Hbr Country Dr

      MOTEL • 43,365 SF
      18800 Hbr Country Dr, New Buffalo, MI 49117-8200
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    • Value Estimation by Request
      35,378 SF

      18830 Hbr Country Dr

      MOTEL • 35,378 SF
      18830 Hbr Country Dr, New Buffalo, MI 49117-8200
      View Details
    • Value Estimation by Request
      58,013 SF

      11539 Obrien Ct

      MOTEL • 58,013 SF
      11539 Obrien Ct, New Buffalo, MI 49117-9277
      View Details

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    231 Buffalo St
    New Buffalo, MI 49117-1107
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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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