Downtown Mixed-Use
For Sale
$1,000,500
100 S Ann Arbor Street, Saline, MI 48176
Updated commercial property with two operating businesses and two residential apartments.
Property Size4,594 SF
Days on Market13
Property Features for 100 S Ann Arbor Street
General Information
Standard status
Active
Size
4,594 SF
Property subtype
Commercial
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$20,077
Building Details
Building Size
4,594 SF
Year Built
1920
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Howard Hanna Real Estate
(734) 646-9080
Listed By:
Christine Faeth · License #6501271635
Source:
Erareardonrealty
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 25 at 9:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
This 4,594-square-foot mixed-use building, constructed in 1920, combines commercial and residential components. The property includes two businesses and two apartments, each configured with two bedrooms and one bathroom. Improvements throughout the building have been completed within the last couple of years.
Located at 100 S Ann Arbor Street in downtown Saline, the property is zoned for Commercial, Office, and Residential use. The sale requires the existing businesses to remain in place and lease their respective spaces from the new owner.
Located at 100 S Ann Arbor Street in downtown Saline, the property is zoned for Commercial, Office, and Residential use. The sale requires the existing businesses to remain in place and lease their respective spaces from the new owner.
Key Highlights
- 4,594 SF mixed‑use building in downtown Saline
- Two operating businesses to remain and lease from the new owner
- Two 2‑bedroom/1‑bath apartments
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
$62,467
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
6.24%
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%
$1,249,340
$1.2M
Cap Rate 7%
$892,386
$892.4K
Cap Rate 9%
$694,078
$694.1K
Market Conditions
NOI Build-Up for 4,594 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
$96.5K $21.00/SF
− Vacancy
−$7.2K −$1.58/SF
EGI
$89.2K $19.43/SF
− OpEx
−$26.8K −$5.83/SF
NOI
$62.5K $13.60/SF
Area
Washtenaw County, MI
Vacancy
7.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,249,340
Cap Rate 7%
$892,386
Cap Rate 9%
$694,078
Alternative Uses
Best Use
Retail
$892.4K
$780.8K – $1.04M
NOI $62,467 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$773.6K
$676.9K – $902.5K
NOI $54,152 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,489 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
18,708 visits/mo
0.2 miles
Comerica Bank
Shops & Services
2,239 visits/mo
0.1 miles
KeyBank
Shops & Services
1,935 visits/mo
0.1 miles
Carquest Auto Parts
Shops & Services
457 visits/mo
0.5 miles
Demographics for 48176, MI
22,833
Population
9,076
Households
2.5
Avg Household Size
44
Median Age
58%
College-Educated
96%
High-School Grad
70.8 sq mi
ZIP Area
323
Density / Sq Mi
$110,987
Median Household Income
$53,263
Median Earnings
$1,161
Median Rent
$384,700
Median Home Value
Market
Vacancy Rate% for Retail 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 - Updated commercial property with two operating businesses and two residential apartments.
Where is this mixed-use property located?
The property is located at 100 S Ann Arbor Street Saline, MI.
What is the asking price?
The asking price for this property is $1,000,500.
What are key features of this property?
This property features: 4,594 SF mixed‑use building in downtown Saline; Two operating businesses to remain and lease from the new owner; Two 2‑bedroom/1‑bath apartments
