Florist Storefront With
For Sale
$277,500
1124 N 5th Street, Niles, MI 49120
COMMERCIAL - Niles, MI
Property Size1,652 SF
Lot Size1.18 Acres
Price / SF$167.98
Days on Market52
Property Features for 1124 N 5th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Niles
Middle school district
Niles
High school district
Niles
Directions
Located on Highway 51.
Standard status
Active
APN
11-71-0026-0065-01-2
Size
1,652 SF
Lot size
1.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
COM 293.5' N OF NE COR LOT 163 O P LACEY'S 2ND ADD CITY OF NILES PT OF SEC 26 T7S R17W TH N 85' N74DEG 50' W 187' N81DEG
Tax Annual Amount
4893
Legal Description
COM 293.5' N OF NE COR LOT 163 O P LACEY'S 2ND ADD CITY OF NILES PT OF SEC 26 T7S R17W TH N 85' N74DEG 50' W 187' N81DEG
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1950
Number of units
1
Building materials
Wood Siding
Roof type
Rubber
Listing Agency:
Thrive Acquisition
(616) 422-5874
Listed By:
Kathy L DeVries
(616) 422-5874
Added: Jul 1
Changed: Aug 4
Last Checked: Aug 21 at 12:06AM
MLS# 26033263
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 1,652-square-foot commercial storefront sits on 1.18 acres and includes the operating Flower Cart, LLC florist business. The property features a retail area, bathroom, greenhouse, wood siding, rubber roofing, forced-air heat, central air, broadband, and a crushed asphalt driveway. The offering also includes the business trade name, customer goodwill, vehicle, and associated business assets.
Building improvements include a refurbished retail entrance and bathroom completed in 2021, a new awning and LED lighting added in 2023, and a greenhouse roof with polycarbonate walls installed in 2024. The crushed asphalt driveway was completed in 2025, while a furnace and water lines with sinks were added in 2026. The building was constructed in 1950.
Building improvements include a refurbished retail entrance and bathroom completed in 2021, a new awning and LED lighting added in 2023, and a greenhouse roof with polycarbonate walls installed in 2024. The crushed asphalt driveway was completed in 2025, while a furnace and water lines with sinks were added in 2026. The building was constructed in 1950.
Key Highlights
- 1,652‑square‑foot storefront on 1.18 acres
- Operating florist business included with the commercial property
- Greenhouse has a new roof and polycarbonate walls installed in 2024
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
$17,149
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
6.18%
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%
$342,980
$343.0K
Cap Rate 7%
$244,986
$245.0K
Cap Rate 9%
$190,544
$190.5K
Market Conditions
NOI Build-Up for 1,652 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
$25.6K $15.48/SF
− Vacancy
−$1.1K −$0.65/SF
EGI
$24.5K $14.83/SF
− OpEx
−$7.3K −$4.45/SF
NOI
$17.1K $10.38/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$342,980
Cap Rate 7%
$244,986
Cap Rate 9%
$190,544
Alternative Uses
Best Use
Retail
$245.0K
$214.4K – $285.8K
NOI $17,149 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$347.6K
$304.2K – $405.6K
NOI $24,334 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49120, MI
37,076
Population
15,581
Households
2.4
Avg Household Size
43
Median Age
21%
College-Educated
92%
High-School Grad
116.5 sq mi
ZIP Area
318
Density / Sq Mi
$61,940
Median Household Income
$38,779
Median Earnings
$911
Median Rent
$166,800
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?
Storefront property - Commercial storefront with an operating florist business, greenhouse, customer area, and recent building upgrades.
Where is this storefront property located?
The property is located at 1124 N 5th Street Niles, MI.
What is the asking price?
The asking price for this property is $277,500.
What are key features of this property?
This property features: 1,652‑square‑foot storefront on 1.18 acres; Operating florist business included with the commercial property; Greenhouse has a new roof and polycarbonate walls installed in 2024
