Redevelopment Opportunity in Niles
For Sale
$1,200,000
Pending
2640 S 11th Street, Niles, MI 49120
1.13 acres available for redevelopment in Niles Charter Township.
Property Size5,840 SF
Lot Size1.13 Acres
Days on Market809
Property Features for 2640 S 11th Street
General Information
Standard status
Pending
Size
5,840 SF
Lot size
1.13 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$4,263
Building Details
Year Built
1992
Listing Agency:
Cressy Commercial Real Estate
(574) 271-4060
Listed By:
James H Ringler · License #6506039076
(574) 298-8980
Source:
Exitrealty
Added: Jun 19, 2024
Changed: Sep 2
Last Checked: Sep 4 at 11:26AM
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 Cressy Commercial Real Estate
Investment Insights
Based on property information with market context.
This 1.13-acre property is located on a corner lot with access from both S. 11th Street and Bertrand Road in Niles Charter Township. Currently used as a car sales lot, the site is available for redevelopment.
Key Highlights
- Prime corner lot location at a stop light intersection
- Located in Niles Charter Township
- 1.13 acres available for redevelopment
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
$60,624
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
5.05%
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%
$1,212,480
$1.2M
Cap Rate 7%
$866,057
$866.1K
Cap Rate 9%
$673,600
$673.6K
Market Conditions
NOI Build-Up for 5,840 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
$90.4K $15.48/SF
− Vacancy
−$3.8K −$0.65/SF
EGI
$86.6K $14.83/SF
− OpEx
−$26.0K −$4.45/SF
NOI
$60.6K $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%
$1,212,480
Cap Rate 7%
$866,057
Cap Rate 9%
$673,600
Alternative Uses
Best Use
Retail
$866.1K
$757.8K – $1.01M
NOI $60,624 @ 7.0% cap · market cap 5.05%
Second Best
Industrial
$372.7K
$326.1K – $434.9K
NOI $26,091 @ 7.0% cap · market cap 2.17%
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M
NOI $86,022 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
66k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 64%
Shops & Services 23%
Dining 10%
Electronics 2%
Rural King
Home Improvements & Furnishings
42,506 visits/mo
0.3 miles
Phillips 66
Shops & Services
7,829 visits/mo
0.4 miles
BIGGBY COFFEE
Dining
6,622 visits/mo
0.2 miles
Wild Bill's Tobacco
Shops & Services
3,467 visits/mo
0.3 miles
Campbell Ford, Inc
Shops & Services
2,310 visits/mo
0.4 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Parking lot & garage - 1.13 acres available for redevelopment in Niles Charter Township.
Where is this parking lot & garage located?
The property is located at 2640 S 11th Street Niles, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Prime corner lot location at a stop light intersection; Located in Niles Charter Township; 1.13 acres available for redevelopment
