Storefront Building with Road
New
For Sale
$399,000
2229 S 11th St, Niles, MI 49120
Commercial storefront with three bathrooms, a newer roof, and a sizable parcel for business operations.
Property Size2,700 SF
Price / SF$147.78
Days on Market1
Property Features for 2229 S 11th St
General Information
Standard status
Active
Size
2,700 SF
Amenities
three well-appointed bathrooms
Building Details
Year Built
1988
Buildings
1
Listing Agency:
Front Door Real Estate Team
Listed By:
Heather Flannery
(269) 240-5929
Source:
Katie-k
Added: Sep 8
Last Checked: Sep 8 at 2:43PM
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 Front Door Real Estate Team
Investment Insights
Based on property information with market context.
This 2,700-square-foot storefront property was built in 1988 and includes three bathrooms within a flexible commercial layout. A roof replacement completed in 2021 adds a recent building improvement, while the substantial parcel supports the property’s storefront configuration.
The building is located at 2229 S 11th St in Niles, Michigan, with 186 feet of road frontage. Its street-facing position provides direct exposure along the roadway for a range of retail or other storefront-oriented commercial uses.
The building is located at 2229 S 11th St in Niles, Michigan, with 186 feet of road frontage. Its street-facing position provides direct exposure along the roadway for a range of retail or other storefront-oriented commercial uses.
Key Highlights
- 2,700 square feet of storefront commercial space
- Three bathrooms within the building
- 186 feet of road frontage
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 - Commercial storefront with three bathrooms, a newer roof, and a sizable parcel for business operations.
Where is this storefront property located?
The property is located at 2229 S 11th St 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 storefront commercial space; Three bathrooms within the building; 186 feet of road frontage
