Storefront Property with Road
For Sale
$399,000
2229 S 11th Street, Niles, MI 49120
Commercial Sale, Niles, MI
Property Size2,700 SF
Lot Size0.58 Acres
Price / SF$147.78
Days on Market47
Property Features for 2229 S 11th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Interior features
Broadband
Elementary school district
Brandywine
Middle school district
Brandywine
High school district
Brandywine
Standard status
Active
APN
11-14-2360-0013-00-6
Size
2,700 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 13 14 15 & S 30' OF LOT 16 SUPERVISOR'S REPLAT OF FRIDAY BROTHERS SUBDIVISION
Tax Annual Amount
3346
Legal Description
LOTS 13 14 15 & S 30' OF LOT 16 SUPERVISOR'S REPLAT OF FRIDAY BROTHERS SUBDIVISION
Utilities
Utilities
Cable Available
Heating system
Forced Air
Water source
Well
Amenities
three well-appointed bathrooms
Building Details
Year built
1988
Number of units
1
Listing Agency:
Front Door Real Estate Team
(574) 329-2059
Listed By:
Heather Flannery
(269) 240-5929
Added: Aug 5
Changed: Sep 16
Last Checked: Sep 20 at 5:06PM
MLS# 26040779
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 storefront property provides 2,700 square feet of commercial space on a 0.58-acre parcel. Built in 1988, the building includes three bathrooms, forced-air heating, broadband connectivity, and cable availability. A newer roof installed in 2021 adds a recent capital improvement to the property.
The site offers 186 feet of road frontage along S 11th Street in Niles, Michigan. Water service is provided by a well, and the substantial parcel provides outdoor area associated with the commercial building. The property is located in Berrien County and carries a 49120 postal code.
The site offers 186 feet of road frontage along S 11th Street in Niles, Michigan. Water service is provided by a well, and the substantial parcel provides outdoor area associated with the commercial building. The property is located in Berrien County and carries a 49120 postal code.
Key Highlights
- 2,700 square feet of commercial space
- 0.58‑acre parcel with 186 feet of road frontage
- Three bathrooms
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Versatile commercial space with three bathrooms, forced-air heating, and cable availability.
Where is this storefront property located?
The property is located at 2229 S 11th Street 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 commercial space; 0.58‑acre parcel with 186 feet of road frontage; Three bathrooms
