Retail Space with Finished
For Sale
Contact for pricing
106 N MONROE ST, Monroe, MI 48161
Leased veterinary-use retail space with C-M zoning and a defined renewal structure.
Property Size2,088 SF
Price / SF$215.52
Days on Market69
Property Features for 106 N MONROE ST
General Information
Standard status
Active
Size
2,088 SF
Property subtype
Retail, Office
Zoning
retail
Building Details
Year Built
1975
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Wiens & Roth Real Estate
Listed By:
Wiens & Roth · License #6504386409
Source:
Crexi
Added: Jul 9
Changed: Sep 9
Last Checked: Sep 15 at 5:31AM
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 Wiens & Roth Real Estate
Investment Insights
Based on property information with market context.
This retail property is occupied by a veterinary clinic and includes finished basement space. The C-M zoning supports medical and retail uses, providing flexibility for future occupancy within those categories.
The current lease runs through January 31, 2029 and includes three one-year renewal options. The tenant is responsible for utilities, HVAC, snow removal, trash, and minor repairs, while the landlord’s structural responsibilities are specifically limited. The property produces a 7.35% cap rate, and the lease includes established escalation terms during the option periods.
The current lease runs through January 31, 2029 and includes three one-year renewal options. The tenant is responsible for utilities, HVAC, snow removal, trash, and minor repairs, while the landlord’s structural responsibilities are specifically limited. The property produces a 7.35% cap rate, and the lease includes established escalation terms during the option periods.
Key Highlights
- 7.35% cap rate
- Lease runs through January 31, 2029 with three one‑year renewal options
- C‑M zoning supports medical and retail uses
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
$20,060
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
4.46%
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%
$401,200
$401.2K
Cap Rate 7%
$286,571
$286.6K
Cap Rate 9%
$222,889
$222.9K
Market Conditions
NOI Build-Up for 2,088 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
$31.3K $15.00/SF
− Vacancy
−$2.7K −$1.28/SF
EGI
$28.7K $13.73/SF
− OpEx
−$8.6K −$4.12/SF
NOI
$20.1K $9.61/SF
Area
Monroe County, MI
Vacancy
8.50%
Lease Rate
$15.00 /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%
$401,200
Cap Rate 7%
$286,571
Cap Rate 9%
$222,889
Alternative Uses
Best Use
Retail
$286.6K
$250.8K – $334.3K
NOI $20,060 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.15M
$1.88M – $2.51M
NOI $150,745 @ 7.0% cap · market cap 33.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Leased veterinary-use retail space with C-M zoning and a defined renewal structure.
Where is this retail space located?
The property is located at 106 N MONROE ST Monroe, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 7.35% cap rate; Lease runs through January 31, 2029 with three one‑year renewal options; C‑M zoning supports medical and retail uses
