Updated Office and Medical
For Sale
$925,000
122 Grant Street, Niles, MI 49120
COMMERCIAL - Niles, MI
Property Size5,280 SF
Lot Size0.71 Acres
Price / SF$175.19
Days on Market484
Property Features for 122 Grant Street
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking
30
Elementary school district
Niles
Middle school district
Niles
High school district
Niles
Directions
Located across from Hospital on Grant Street. From Main Street take Broadway to Grant Street. From Niles Buchanan Road, turns into Grant Street.
Subdivision
Southwestern Michigan - S
Standard status
Active
APN
11-74-0990-0001-01-7
Size
5,280 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
To be provided by title office
Legal Description
To be provided by title office
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1955
Floors in Building
1
Number of units
1
Listing Agency:
D Mottl Realty Group LLC
(269) 591-0035
Listed By:
Melissa Klipowicz
(269) 357-3053
Added: Apr 21, 2025
Changed: Aug 4
Last Checked: Aug 17 at 3:06PM
MLS# 25016693
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 updated office and medical building provides over 5,000 square feet of office/medical space with a layout that includes many exam rooms and offices. The building also features a dedicated employee area and a bathroom, along with a large basement that offers ample storage space.
The property is located close to downtown Niles and across the street from the hospital, with on-site parking lot improvements included in the 2016 update. Updates in 2016 include HVAC, roof, and water softeners, supporting day-to-day operational needs.
With its exam-room and office configuration plus dedicated employee space, the interior can accommodate a range of medical and professional office uses based on the available room layout.
The property is located close to downtown Niles and across the street from the hospital, with on-site parking lot improvements included in the 2016 update. Updates in 2016 include HVAC, roof, and water softeners, supporting day-to-day operational needs.
With its exam-room and office configuration plus dedicated employee space, the interior can accommodate a range of medical and professional office uses based on the available room layout.
Key Highlights
- Over 5,000 sq ft office/medical space close to downtown Niles and across from the hospital
- Updated in 2016 with HVAC, roof, water softeners, and parking lot
- Forced air heat and central air conditioning
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
$58,872
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
6.36%
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%
$1,177,440
$1.2M
Cap Rate 7%
$841,029
$841.0K
Cap Rate 9%
$654,133
$654.1K
Market Conditions
NOI Build-Up for 5,280 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
$112.8K $21.36/SF
− Vacancy
−$14.7K −$2.78/SF
EGI
$98.1K $18.58/SF
− OpEx
−$39.2K −$7.43/SF
NOI
$58.9K $11.15/SF
Area
Berrien County, MI
Vacancy
13.00%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
40.00%
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%
$1,177,440
Cap Rate 7%
$841,029
Cap Rate 9%
$654,133
Alternative Uses
Best Use
Healthcare Medical
$841.0K
$735.9K – $981.2K
NOI $58,872 @ 7.0% cap · market cap 6.36%
Second Best
Office B
$830.9K
$727.1K – $969.4K
NOI $58,166 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$1.11M
$972.2K – $1.30M
NOI $77,774 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
859
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated office/medical building offers multiple exam rooms, offices, and ample storage in a large basement.
Where is this medical office space located?
The property is located at 122 Grant Street Niles, MI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Over 5,000 sq ft office/medical space close to downtown Niles and across from the hospital; Updated in 2016 with HVAC, roof, water softeners, and parking lot; Forced air heat and central air conditioning
