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    410 2nd St Niles, MI 49120-2285
    Property profile & analytics

    410 2nd St Niles, MI 49120-2285

    View on Map
    • Strip malls
    • 29,341 SF
    • 1.66 lot acres
    Off-Market
    Last Sale May 23, 2025
    Property ID
    US43-3904940
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Fitstop 24 Niles / Gym & Fitness Center
    • Dollar General / Discount Store
    • Western Union / Bank / Credit Union
    • FedEx OnSite / Postal Service / Courier Service
    • Fun Tan / Tanning Salon

    Property Details for 410 2nd St

    Year built
    1962
    Lot size
    1.66 lot acres
    Property size
    29,341 SF
    Zone code
    CB
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    72-3110-0010-00-6
    APU
    7231100010006

    Description

    This exceptional industrial property, located at 410 N 2nd Street in Niles, Michigan, presents a compelling investment opportunity. Spanning 31,734 square feet on a 1.73-acre lot, this property boasts a diverse tenant mix with lease terms ranging from two to seven years remaining, ensuring consistent rental income and long-term stability. The property's anchor tenant, Dollar General, contributes significantly to the property's strong cash flow by attracting substantial foot traffic and providing a reliable revenue stream. The property's strategic location in a high-demand area guarantees excellent visibility and consistent traffic, further enhancing its investment appeal. Recent improvements include a brand-new roof, minimizing future maintenance expenses and maximizing the return on investment. This property is ideally suited for investors seeking a stable, high-yielding asset with a proven track record of success. The combination of a strong tenant base, prime location, and recent upgrades makes this a truly exceptional opportunity in the Niles commercial real estate market. The asking price is $2,250,000. This property offers a rare blend of immediate income generation and long-term growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Niles
    County
    Berrien
    State
    Michigan
    Longitude
    -86.2576
    Latitude
    41.8319
    CBSA code
    35660
    CBSA name
    NILES-BENTON HARBOR, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $38,662
    $0.00
    $0.00
    $861,700
    -
    $0.00
    $0.00
    $1,723,400

    Comparable in this City

    • Value Estimation by Request
      8,420 SF

      309 5th St

      SHOPPING CENTER, STRIP CENTER • 8,420 SF
      309 5th St, Niles, MI 49120-2438
      View Details
    • Value Estimation by Request
      74,375 SF

      720 11th St

      SHOPPING CENTER, STRIP CENTER • 74,375 SF
      720 11th St, Niles, MI 49120-3313
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    • Value Estimation by Request
      14,703 SF

      2010 11th St

      SHOPPING CENTER, STRIP CENTER • 14,703 SF
      2010 11th St, Niles, MI 49120-4000
      View Details
    • Value Estimation by Request
      2,530 SF

      1421 11th St

      SHOPPING CENTER, STRIP CENTER • 2,530 SF
      1421 11th St, Niles, MI 49120-4201
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    • Value Estimation by Request
      14,100 SF

      1991 11th St

      SHOPPING CENTER, STRIP CENTER • 14,100 SF
      1991 11th St, Niles, MI 49120-4757
      View Details
    • Value Estimation by Request
      61,128 SF

      1900 11th St

      SHOPPING CENTER, STRIP CENTER • 61,128 SF
      1900 11th St, Niles, MI 49120-4059
      View Details

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    Similar Nearby for Lease

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      Former Restaurant with Extra Parking

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    410 2nd St
    Niles, MI 49120-2285
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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