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Belle Plaza Portfolio 3 Retail Properties Offered at $4,700,000 in Niles, MI
Investment Highlights
- Attractive 9.18% Cap Rate with $431K NOI – Immediate in-place cash flow with value-add upside through lease and expense optimization.
- Value-Add Opportunity (Approx. 69% Occupied) – Lease-up potential and underutilized expense reimbursements create near-term NOI growth.
- Anchored by Investment-Grade Dollar General (BBB) – National tenant driving consistent traffic and stability.
- 62,519 SF Retail Center on 7.63 Acres – Large footprint with 23 suites, ample parking, and strong flexibility for re-tenanting or redevelopment.
- Signalized Hard Corner with 26,000+ VPD – High-visibility location at M-51 & Bell Rd., near US-12 interchange.
- Redevelopment Potential with ~600’ Frontage – Positioned within established retail corridor across from new Aldi and surrounded by national retailers.
Executive Summary
Marcus & Millichap is proud to present Belle Plaza, a 62,519 square foot plaza that is currently 69 percent occupied and located in Niles, Michigan, ten miles
north of South Bend, Indiana. The value-add investment provides opportunity for redevelopment of a seven-acre parcel at the signalized corner of M-51
(11th Street) and Bell Road, across from a newly developed Aldi. M-51 average daily traffic volume is 26,000 per day.
The plaza is located at the busiest signalized intersection in Berrien County and one block from the US-12 interchange. The 7.6-acre property sits at the
entry way to a retail corridor with over 1.8 million square feet of retail space within five miles. Major retailers that are also on M-51 in Niles include: Lowe’s,
Walmart Supercenter, Tractor Supply Company, Rural King Supply, Anytime Fitness, a 24-Hour Walgreens, CVS, O’Reilly Auto Parts, AutoZone, Martin’s
Super Market and Advanced Auto Parts. This location, being near the M-51 and SR-12 interchange, serves Buchanan and Niles, MI and the northern portion
of the South Bend/Mishawaka metro area.
Almost all tenants have a uniform lease that requires them to pay utilities, repairs, tenant improvements and their pro rata share of CAM, taxes and
insurance. However, many of the permitted pass-through expenses are not being collected; thereby providing immediate rent growth for new ownership.
Alternatively, all but two of the tenant leases are intentionally short term, providing a redevelopment opportunity.
north of South Bend, Indiana. The value-add investment provides opportunity for redevelopment of a seven-acre parcel at the signalized corner of M-51
(11th Street) and Bell Road, across from a newly developed Aldi. M-51 average daily traffic volume is 26,000 per day.
The plaza is located at the busiest signalized intersection in Berrien County and one block from the US-12 interchange. The 7.6-acre property sits at the
entry way to a retail corridor with over 1.8 million square feet of retail space within five miles. Major retailers that are also on M-51 in Niles include: Lowe’s,
Walmart Supercenter, Tractor Supply Company, Rural King Supply, Anytime Fitness, a 24-Hour Walgreens, CVS, O’Reilly Auto Parts, AutoZone, Martin’s
Super Market and Advanced Auto Parts. This location, being near the M-51 and SR-12 interchange, serves Buchanan and Niles, MI and the northern portion
of the South Bend/Mishawaka metro area.
Almost all tenants have a uniform lease that requires them to pay utilities, repairs, tenant improvements and their pro rata share of CAM, taxes and
insurance. However, many of the permitted pass-through expenses are not being collected; thereby providing immediate rent growth for new ownership.
Alternatively, all but two of the tenant leases are intentionally short term, providing a redevelopment opportunity.
Property Facts
| Price | $4,700,000 | Number of Properties | 3 |
| Price / SF | $75.18 / SF | Individually For Sale | 0 |
| Sale Conditions | Total Building Size | 62,519 SF | |
| Sale Type | Investment | Total Land Area | 7.59 AC |
| Status | Active |
| Price | $4,700,000 |
| Price / SF | $75.18 / SF |
| Sale Conditions | |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 62,519 SF |
| Total Land Area | 7.59 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 1034-1926 S 11th St, Niles, MI 49120 | Retail | 33,169 SF | 1976 | - |
| 1951-1980 S 11th St, Niles, MI 49120 | Retail | 27,550 SF | 1976 | - |
| 1946 S 11th St, Niles, MI 49120 | Retail | 1,800 SF | 1980 | - |
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