Downtown Limestone Office
For Sale
$149,900
111 N 4th Street, Niles, MI 49120
Central air, gas heat, and rear parking support professional office and service-oriented business use.
Property Size1,270 SF
Days on Market41
Property Features for 111 N 4th Street
General Information
Standard status
Active
Size
1,270 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,100
Building Details
Building Size
1,270 SF
Year Built
1949
Buildings
1
Stories
1176
Units
1
Construction
limestone
Listing Agency:
Irish Realty
(219) 851-3677
Listed By:
Brandon Thomas
Source:
Erareardonrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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 Irish Realty
Investment Insights
Based on property information with market context.
Built in 1949, this limestone office building occupies a central downtown business district location just off Main Street. The property provides 50 feet of road frontage and a commercial setting suited to professional office or service-oriented operations. Previous configurations have supported medical office and retail uses.
Building systems include central air conditioning and gas heat. A paved area behind the building provides additional parking capacity. The downtown setting and existing office character may accommodate law, insurance, accounting, financial services, and similar business functions, subject to applicable requirements.
Building systems include central air conditioning and gas heat. A paved area behind the building provides additional parking capacity. The downtown setting and existing office character may accommodate law, insurance, accounting, financial services, and similar business functions, subject to applicable requirements.
Key Highlights
- Limestone office building constructed in 1949
- 50 feet of road frontage just off Main Street
- Located in the central downtown business district
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
$13,184
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
8.80%
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%
$263,680
$263.7K
Cap Rate 7%
$188,343
$188.3K
Cap Rate 9%
$146,489
$146.5K
Market Conditions
NOI Build-Up for 1,270 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
$19.7K $15.48/SF
− Vacancy
−$826 −$0.65/SF
EGI
$18.8K $14.83/SF
− OpEx
−$5.7K −$4.45/SF
NOI
$13.2K $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%
$263,680
Cap Rate 7%
$188,343
Cap Rate 9%
$146,489
Alternative Uses
Best Use
Office B
$199.9K
$174.9K – $233.2K
NOI $13,991 @ 7.0% cap · market cap 9.33%
Second Best
Retail
$188.3K
$164.8K – $219.7K
NOI $13,184 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$267.2K
$233.8K – $311.8K
NOI $18,707 @ 7.0% cap · market cap 12.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
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?
Office building - Central air, gas heat, and rear parking support professional office and service-oriented business use.
Where is this office building located?
The property is located at 111 N 4th Street Niles, MI.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Limestone office building constructed in 1949; 50 feet of road frontage just off Main Street; Located in the central downtown business district
