Storefront Property with Road
For Sale
$399,000
2229 S 11th Street, Niles, MI 49120
Commercial building includes three bathrooms and a roof updated in 2021.
Property Size2,700 SF
Price / SF$147.78
Days on Market9
Property Features for 2229 S 11th Street
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Business Opportunities
Amenities
3
186137182138
Building Details
Year Built
1988
Listing Agency:
(269) 240-5929
Listed By:
Front Door Real Estate Team
(269) 240-5929
Source:
Xome
Added: Aug 1
Changed: Aug 9
Last Checked: Aug 9 at 2:28PM
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, built in 1988, provides a flexible commercial footprint with three bathrooms. The building benefits from a newer roof installed in 2021, supporting ongoing use of the space.
The property is located at 2229 S 11th Street in Niles, Michigan, with 186 feet of road frontage. Its substantial lot offers room for parking, outdoor displays, or potential expansion, subject to applicable approvals.
The property is located at 2229 S 11th Street in Niles, Michigan, with 186 feet of road frontage. Its substantial lot offers room for parking, outdoor displays, or potential expansion, subject to applicable approvals.
Key Highlights
- 2,700 square feet of storefront space
- 186 feet of road frontage on S 11th Street
- Roof installed in 2021
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
Current Use
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
174k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 73%
Shops & Services 24%
Hotels & Casinos 2%
Electronics 1%
McDonald's
Dining
24,636 visits/mo
0.3 miles
Culver's
Dining
22,066 visits/mo
0.0 miles
Wendy's
Dining
18,019 visits/mo
0.1 miles
Dollar Tree
Shops & Services
16,981 visits/mo
0.3 miles
Speedway
Shops & Services
15,907 visits/mo
0.1 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 building includes three bathrooms and a roof updated in 2021.
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 storefront space; 186 feet of road frontage on S 11th Street; Roof installed in 2021
