Mixed-Use Property with
For Sale
$85,000
2919 S 11th Street, Niles, MI 49120
Gutted interior offers a renovation project with residential and general business zoning flexibility.
Property Size1,010 SF
Price / SF$123.19
Days on Market42
Property Features for 2919 S 11th Street
General Information
Standard status
Active
Size
1,010 SF
Property subtype
Commercial
Zoning
Residential/General Business
Property Condition
Severity
Major Repairs Needed
Evidence
interior is gutted
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,190
Building Details
Building Size
1,010 SF
Year Built
1922
Buildings
2
Stories
690
Units
1
Construction
vinyl siding
Listing Agency:
MI Realty, A Michigan RE Co.
(269) 362-5101
Listed By:
Tammy Anders · License #6502422914
(269) 362-5101
Source:
Thebrokeragehouse
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 22 at 7:55AM
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 MI Realty, A Michigan RE Co.
Investment Insights
Based on property information with market context.
This mixed-use property includes a 690-square-foot structure with vinyl siding, replacement windows, and a 320-square-foot garage. The interior has been cleared for renovation, allowing the next owner to reconfigure the space around a residential or business-oriented plan. Built in 1922, the property requires finishing and improvement work.
The site is positioned along S 11th Street, also identified as M-51 S and known as 933 near the Indiana State Line. The corridor is described as a major commercial route with high-density traffic. An older well is present, while municipal water and sewer are available. Residential/General Business zoning supports use as a residence or home-based business.
The site is positioned along S 11th Street, also identified as M-51 S and known as 933 near the Indiana State Line. The corridor is described as a major commercial route with high-density traffic. An older well is present, while municipal water and sewer are available. Residential/General Business zoning supports use as a residence or home-based business.
Key Highlights
- 690‑square‑foot structure with a 320‑square‑foot garage
- Residential/General Business zoning allows residential or home‑based business use
- Interior is gutted and ready for renovation
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
$6,986
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
8.22%
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%
$139,720
$139.7K
Cap Rate 7%
$99,800
$99.8K
Cap Rate 9%
$77,622
$77.6K
Market Conditions
NOI Build-Up for 690 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
$12.4K $18.00/SF
− Vacancy
−$1.2K −$1.80/SF
EGI
$11.2K $16.20/SF
− OpEx
−$4.2K −$6.07/SF
NOI
$7.0K $10.13/SF
Area
Berrien County, MI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$139,720
Cap Rate 7%
$99,800
Cap Rate 9%
$77,622
Alternative Uses
Best Use
Mixed Use
$99.8K
$87.3K – $116.4K
NOI $6,986 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$145.2K
$127.1K – $169.4K
NOI $10,164 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
176
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Gutted interior offers a renovation project with residential and general business zoning flexibility.
Where is this mixed-use property located?
The property is located at 2919 S 11th Street Niles, MI.
What is the asking price?
The asking price for this property is $85,000.
What are key features of this property?
This property features: 690‑square‑foot structure with a 320‑square‑foot garage; Residential/General Business zoning allows residential or home‑based business use; Interior is gutted and ready for renovation
