404 Main St Niles, MI 49120-2333
- Hotels
- 31,047 SF
- 0.30 lot acres
Current Use by Public Records
- Four Flags Hotel / Apartment Complex
- Lipstick Jungle Spa & Salon / Beauty Salon / Day Spa
Property Details for 404 Main St
- Year built
- 1926
- Lot size
- 0.30 lot acres
- Property size
- 31,047 SF
- Zone code
- CB
- Property type
- Hotels
- APN
- 72-4560-0024-00-4
- APU
- 7245600024004
Description
This exceptional investment opportunity presents a 47-unit apartment building located at 404 E Main St, Niles, Michigan. The property, a repurposed and extensively renovated historic building (completed in 2022), boasts 31,047 square feet across four stories and sits on a 0.51-acre lot (APN: 11-72-4560-0024-00-4). The building features a mix of unit sizes, each equipped with a private restroom, refrigerator, and individual heating unit. Significant upgrades include a new boiler and electrical improvements. Currently operating at near 100% occupancy, this stabilized investment offers a compelling 8.9% cap rate and a price per unit of $58,511, with an asking price of $2,750,000. Its prime downtown location provides convenient access to local amenities, including restaurants, shops, and parks. The property's proximity to major highways (US 12 and US 31) and the Indiana state line expands its appeal to a wider workforce. Two additional lots included in the sale provide ample parking. The property benefits from local, on-site management and maintenance, contributing to its consistently high occupancy rates. The permitted zoning is CB. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving Michigan community.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Niles
- County
- Berrien
- State
- Michigan
- Longitude
- -86.2546
- Latitude
- 41.8296
- CBSA code
- 35660
- CBSA name
- NILES-BENTON HARBOR, MI METROPOLITAN STATISTICAL AREA
