404 E Main St

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Address: 404 E Main St, Niles, Michigan, US
Created date: May 15, 2024
Date last updated: May 22, 2024
  • Desirable central location, situated in heart of downtown Niles in walking distance to various amenities including restaurants, coffee shops, banks, parks, bars, and businesses
  • Ongoing renovations and refurbishments began in 2022, featuring a new boiler and individual heating units in every unit, along with significant electrical upgrades
  • Proximity makes it home to employees working across the SW Michigan and St Joseph County market
  • Consistent high-occupancy levels with fair market rents
  • Value-add potential to increase rents through improved marketing and additional amenities

Property Description

404 E Main St is a repurposed, recently renovated multifamily property nestled in the heart of historic downtown Niles, Michigan. The historic former Four Flags Hotel features 47 residential units of varying sizes, many of which have undergone recent renovations to finishes, fixtures, and mechanicals. Offering affordable, convenient living within walking distance of food and leisure amenities, this property is an attractive living option for those with local roots looking to live, work, and play in the greater Michiana area. Each room features a private restroom, refrigerator, and heating unit. Current occupancy sits around 94% with only a few vacant units. With historically low turnover the property should maintain the trend towards full occupancy. In addition to the main parcel, two lots to the south and east are included in the sale, providing additional parking space for residents. Offering an affordable living situation for locals, whether it be families or individuals, 404 E Main St has demonstrated continued high levels of occupancy and good community, with local, onsite maintenance and management. The property is less than five miles from the Indiana state line, 2.2 miles from US 12, and 3.2 miles from US 31, making it a convenient location for workers across a large geographical area.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $2,750,000
No. of Units: 47
Year Built: 1926
Lot Size: 0.51 Sq ft
Opportunity Zone: No
Price per unit: $58,511
Property Website Click Here
Address: 404 E Main St, Niles, MI 49120, USA
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