Storefront Property with Road
For Sale
$399,000
2229 S 11th Street, Niles, MI 49120
COMMERCIAL - Niles, MI
Property Size2,700 SF
Lot Size0.58 Acres
Price / SF$147.78
Days on Market33
Property Features for 2229 S 11th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2
Interior features
Broadband
Elementary school district
Brandywine
Middle school district
Brandywine
High school district
Brandywine
Standard status
Active
APN
11-14-2360-0013-00-6
Size
2,700 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 13 14 15 & S 30' OF LOT 16 SUPERVISOR'S REPLAT OF FRIDAY BROTHERS SUBDIVISION
Tax Annual Amount
3346
Legal Description
LOTS 13 14 15 & S 30' OF LOT 16 SUPERVISOR'S REPLAT OF FRIDAY BROTHERS SUBDIVISION
Utilities
Utilities
Cable Available
Heating system
Forced Air
Water source
Well
Amenities
three well-appointed bathrooms
Building Details
Year built
1988
Number of units
1
Listing Agency:
Front Door Real Estate Team
(574) 329-2059
Listed By:
Heather Flannery
(269) 240-5929
Added: Aug 5
Changed: Aug 6
Last Checked: Sep 6 at 12:06AM
MLS# 26040779
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 2,700-square-foot storefront property occupies a 0.58-acre parcel and provides a practical commercial footprint for a range of business uses. The building contains three bathrooms, forced-air heating, broadband access, and cable availability. A roof installed in 2021 is among the property’s recent improvements, while the structure dates to 1988.
The site offers 186 feet of road frontage along S 11th Street in Niles, Michigan. The substantial parcel provides room for on-site parking, outdoor displays, or other site uses, subject to applicable requirements. Water is supplied by a well.
The site offers 186 feet of road frontage along S 11th Street in Niles, Michigan. The substantial parcel provides room for on-site parking, outdoor displays, or other site uses, subject to applicable requirements. Water is supplied by a well.
Key Highlights
- 2,700 square feet of commercial storefront space
- 0.58‑acre parcel with 186 feet of road frontage
- Roof installed in 2021
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
$28,028
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
7.02%
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%
$560,560
$560.6K
Cap Rate 7%
$400,400
$400.4K
Cap Rate 9%
$311,422
$311.4K
Market Conditions
NOI Build-Up for 2,700 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
$41.8K $15.48/SF
− Vacancy
−$1.8K −$0.65/SF
EGI
$40.0K $14.83/SF
− OpEx
−$12.0K −$4.45/SF
NOI
$28.0K $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%
$560,560
Cap Rate 7%
$400,400
Cap Rate 9%
$311,422
Alternative Uses
Best Use
Retail
$400.4K
$350.4K – $467.1K
NOI $28,028 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$568.2K
$497.1K – $662.9K
NOI $39,771 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
150k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 57%
Shops & Services 19%
Home Improvements & Furnishings 19%
Dining 4%
Walmart
Superstores
86,498 visits/mo
0.4 miles
Tractor Supply Co.
Home Improvements & Furnishings
28,334 visits/mo
0.3 miles
Murphy USA
Shops & Services
14,575 visits/mo
0.4 miles
Phillips 66
Shops & Services
7,829 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
6,622 visits/mo
0.3 miles
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 - Adaptable commercial space includes three bathrooms, forced-air heating, and broadband access.
Where is this storefront property located?
The property is located at 2229 S 11th Street Niles, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,700 square feet of commercial storefront space; 0.58‑acre parcel with 186 feet of road frontage; Roof installed in 2021
