Three-Unit Mixed-Use
For Sale
$300,000
120 E Adrian Street, Blissfield, MI 49228
COM/IND/BUS OPP, Blissfield, MI
Property Size3,234 SF
Lot Size0.45 Acres
Price / SF$92.76
Days on Market32
Property Features for 120 E Adrian Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Lot features
Corner Lot, Main Street
Subdivision
Blissfield (46026)
Standard status
Active
APN
BL2-620-0410-00
Size
3,234 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4903
Utilities
Heating system
Forced Air
Cooling system
Central Air, Wall/Window Unit(s)
Water source
Public
Amenities
large parking area
Building Details
Year built
1880
Roof type
Shingle
Listing Agency:
Foundation Realty, LLC
(517) 266-8888
Listed By:
Kasey White · License #6506046326
(517) 215-4943
Added: Aug 5
Changed: Sep 2
Last Checked: Sep 5 at 6:06PM
MLS# 50217383
Copyright © 2026 Lenawee County Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1880, this 3,234-square-foot mixed-use property combines a main-level commercial space with two upstairs apartments. The building includes forced-air heating, wall/window unit(s), central air, a shingle roof, and public water service. A dedicated parking lot supports the property’s commercial and residential components.
The property is located at 120 E Adrian Street in Blissfield, with frontage on US-223 and a position one block from downtown. Ellis Park and the River Raisin Festival are minutes away. Commercial zoning supports the existing mixed-use configuration, subject to applicable regulations.
The property is located at 120 E Adrian Street in Blissfield, with frontage on US-223 and a position one block from downtown. Ellis Park and the River Raisin Festival are minutes away. Commercial zoning supports the existing mixed-use configuration, subject to applicable regulations.
Key Highlights
- 3,234‑square‑foot mixed‑use property with one commercial unit and two apartments
- Built in 1880 with a shingle roof and historic character
- Frontage on US‑223 in Blissfield
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
$26,602
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
8.87%
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%
$532,040
$532.0K
Cap Rate 7%
$380,029
$380.0K
Cap Rate 9%
$295,578
$295.6K
Market Conditions
NOI Build-Up for 3,234 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
$47.3K $14.64/SF
− Vacancy
−$4.8K −$1.48/SF
EGI
$42.6K $13.16/SF
− OpEx
−$16.0K −$4.94/SF
NOI
$26.6K $8.23/SF
Area
Lenawee County, MI
Vacancy
10.10%
Lease Rate
$14.64 /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%
$532,040
Cap Rate 7%
$380,029
Cap Rate 9%
$295,578
Alternative Uses
Best Use
Apartment 5plus
$35.72M
$31.26M – $41.68M
NOI $2,500,505 @ 7.0% cap · market cap 833.50%
Second Best
Mixed Use
$380.0K
$332.5K – $443.4K
NOI $26,602 @ 7.0% cap · market cap 8.87%
Theoretical Best
Multifamily LT 5
$40.12M
$35.11M – $46.81M
NOI $2,808,667 @ 7.0% cap · market cap 936.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 49228, MI
5,432
Population
2,185
Households
2.5
Avg Household Size
42
Median Age
19%
College-Educated
96%
High-School Grad
78.6 sq mi
ZIP Area
69
Density / Sq Mi
$75,481
Median Household Income
$41,209
Median Earnings
$972
Median Rent
$178,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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 - Historic commercial building with two apartments, parking, and commercial zoning in a downtown setting.
Where is this mixed-use property located?
The property is located at 120 E Adrian Street Blissfield, MI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 3,234‑square‑foot mixed‑use property with one commercial unit and two apartments; Built in 1880 with a shingle roof and historic character; Frontage on US‑223 in Blissfield
