Office and Medical Space
For Sale
$925,000
122 Grant Street Niles, Niles, MI 49120
Updated office and medical building with exam rooms, offices, dedicated employee area, and ample basement storage.
Property Size5,280 SF
Price / SF$185
Days on Market48
Property Features for 122 Grant Street Niles
General Information
Standard status
Active
Size
5,280 SF
Total Parking Spaces
30
Amenities
Yes
3
1
No
Real Estate
0.71
30.0
243x180
5280.0
Building Details
Building Size
5,280 SF
Year Built
1955
Year Renovated
2016
Buildings
1
Listing Agency:
(269) 399-5881
Listed By:
Eric Essenburg
(269) 399-5881
Source:
Remax-executive
Added: Jul 10
Changed: Aug 15
Last Checked: Aug 25 at 5:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Eric Essenburg
Investment Insights
Based on property information with market context.
Over 5,000 square feet of office and medical space is available in a building updated in 2016, with HVAC, roof improvements, water softeners, and updates to the parking lot. The layout includes a dedicated employee area and bathroom, along with many exam rooms and offices for flexibility. A large basement provides additional storage space.
The property is located close to downtown Niles and across the street from the hospital.
With its multiple exam room and office configuration, dedicated employee amenities, and basement storage, the building is designed to support a medical or professional office use.
The property is located close to downtown Niles and across the street from the hospital.
With its multiple exam room and office configuration, dedicated employee amenities, and basement storage, the building is designed to support a medical or professional office use.
Key Highlights
- Updated 5,280 SF office/medical building with exam rooms and offices on a single 1‑story structure
- Across the street from the hospital and close to downtown Niles
- Updates in 2016 include HVAC, roof, water softeners, and the parking lot
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
$55,750
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
6.03%
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%
$1,115,000
$1.1M
Cap Rate 7%
$796,429
$796.4K
Cap Rate 9%
$619,444
$619.4K
Market Conditions
NOI Build-Up for 5,000 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
$106.8K $21.36/SF
− Vacancy
−$13.9K −$2.78/SF
EGI
$92.9K $18.58/SF
− OpEx
−$37.2K −$7.43/SF
NOI
$55.7K $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%
$1,115,000
Cap Rate 7%
$796,429
Cap Rate 9%
$619,444
Alternative Uses
Best Use
Healthcare Medical
$796.4K
$696.9K – $929.2K
NOI $55,750 @ 7.0% cap · market cap 6.03%
Second Best
Office B
$786.9K
$688.5K – $918.0K
NOI $55,082 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$1.05M
$920.6K – $1.23M
NOI $73,649 @ 7.0% cap · market cap 7.96%
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 and medical building with exam rooms, offices, dedicated employee area, and ample basement storage.
Where is this medical office space located?
The property is located at 122 Grant Street Niles 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: Updated 5,280 SF office/medical building with exam rooms and offices on a single 1‑story structure; Across the street from the hospital and close to downtown Niles; Updates in 2016 include HVAC, roof, water softeners, and the parking lot
