Established Restaurant with
For Sale
$890,000
1002 S Main St, Adrian, MI 49221
Restaurant property with maintained improvements, equipment, and on-site parking in a B-2 zoning district.
Property Size3,263 SF
Price / SF$272.76
Days on Market195
Property Features for 1002 S Main St
General Information
Standard status
Active
Size
3,263 SF
Total Parking Spaces
42
Property subtype
Retail
Zoning
B-2
Additional Details
Business Included
Yes
Seating Capacity
90
Building Details
Building Size
3,263 SF
Stories
1
Listing Agency:
The Wagley Group
(517) 403-6767
Listed By:
Joseph Wagley · License #6502349116&6502366
(517) 403-6767
Source:
Cpix.resimplifi
Added: Feb 17
Changed: Aug 30
Last Checked: Aug 30 at 2:43PM
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 The Wagley Group
Investment Insights
Based on property information with market context.
This conventional restaurant property includes a maintained building, restaurant equipment, and an on-site parking area. The dining room accommodates approximately 90 customers, while the parking lot provides spaces for over 40 vehicles. The property is zoned B-2.
The restaurant is located on S Main St in Adrian, within two miles of grocery and retail stores, motels, and a local college. Its setting places the property near established shopping, lodging, and educational destinations. Showings are generally scheduled before the restaurant opens due to ongoing business operations.
The restaurant is located on S Main St in Adrian, within two miles of grocery and retail stores, motels, and a local college. Its setting places the property near established shopping, lodging, and educational destinations. Showings are generally scheduled before the restaurant opens due to ongoing business operations.
Key Highlights
- Approximately 90 customer seats
- Parking lot with spaces for over 40 vehicles
- B‑2 zoning
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
$36,292
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
4.08%
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%
$725,840
$725.8K
Cap Rate 7%
$518,457
$518.5K
Cap Rate 9%
$403,244
$403.2K
Market Conditions
NOI Build-Up for 3,263 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
$50.5K $15.48/SF
− Vacancy
−$2.1K −$0.65/SF
EGI
$48.4K $14.83/SF
− OpEx
−$12.1K −$3.71/SF
NOI
$36.3K $11.12/SF
Area
Lenawee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$725,840
Cap Rate 7%
$518,457
Cap Rate 9%
$403,244
Alternative Uses
Best Use
Specialty Retail
$518.5K
$453.7K – $604.9K
NOI $36,292 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$40.48M
$35.42M – $47.23M
NOI $2,833,853 @ 7.0% cap · market cap 318.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
119k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Dining 33%
Home Improvements & Furnishings 15%
Hotels & Casinos 2%
Dollar General
Shops & Services
13,343 visits/mo
0.3 miles
Ollie's Bargain Outlet
Shops & Services
12,941 visits/mo
0.5 miles
Shell
Shops & Services
11,059 visits/mo
0.4 miles
Family Farm & Home
Home Improvements & Furnishings
9,803 visits/mo
0.4 miles
Burger King
Dining
9,167 visits/mo
0.5 miles
Demographics for 49221, MI
41,315
Population
17,011
Households
2.4
Avg Household Size
39
Median Age
22%
College-Educated
88%
High-School Grad
119.9 sq mi
ZIP Area
345
Density / Sq Mi
$57,316
Median Household Income
$32,289
Median Earnings
$986
Median Rent
$158,700
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.
Similar Off Market Nearby
- Asian Buffet — 1374 S Main St, Adrian, MI 49221
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with maintained improvements, equipment, and on-site parking in a B-2 zoning district.
Where is this conventional restaurant located?
The property is located at 1002 S Main St Adrian, MI.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Approximately 90 customer seats; Parking lot with spaces for over 40 vehicles; B‑2 zoning
