4-Unit Showroom
New
For Sale
$239,000
1111 W Chicago Blvd, Tecumseh, MI 49286
Planned individual buildouts include dedicated HVAC, separate utility metering, and an insulated overhead door.
Property Size18,000 SF
Price / SF$175.74
Days on Market2
Property Features for 1111 W Chicago Blvd
General Information
Standard status
Active
Size
18,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$26,477
Building Details
Year Built
1950
Buildings
1
Building Size
18,000 SF
Listing Agency:
Howard Hanna Real Estate Services-Tecumseh
Listed By:
Patrick J Hoffman · License #SAL.2012002500
(248) 342-4604
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 2:30PM
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 Services-Tecumseh
Investment Insights
Based on property information with market context.
Four condominium showroom units, each measuring 1,360 SF, are planned within an existing 18,000 SF building. Construction is scheduled to start in late 2026, with 11,763 SF of the building undergoing renovation. Each unit is planned with a concrete floor, drywall sidewalls, lighting, a restroom, and separately metered HVAC equipment.
Each space will also include a 12X12 insulated overhead door and two metal pedestrian doors, with one on each of the west and east elevations.
Each space will also include a 12X12 insulated overhead door and two metal pedestrian doors, with one on each of the west and east elevations.
Key Highlights
- Four condominium showroom units, each with 1,360 SF
- Renovation planned for 11,763 SF of an existing 18,000 SF building
- Construction expected to begin Late 2026
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
$17,523
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
7.33%
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%
$350,460
$350.5K
Cap Rate 7%
$250,329
$250.3K
Cap Rate 9%
$194,700
$194.7K
Market Conditions
NOI Build-Up for 1,360 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
$29.0K $21.36/SF
− Vacancy
−$2.1K −$1.54/SF
EGI
$27.0K $19.82/SF
− OpEx
−$9.4K −$6.94/SF
NOI
$17.5K $12.88/SF
Area
Lenawee County, MI
Vacancy
7.20%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
35.00%
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%
$350,460
Cap Rate 7%
$250,329
Cap Rate 9%
$194,700
Alternative Uses
Best Use
Flex RnD
$250.3K
$219.0K – $292.1K
NOI $17,523 @ 7.0% cap · market cap 7.33%
Second Best
Retail
$201.7K
$176.5K – $235.3K
NOI $14,118 @ 7.0% cap · market cap 5.91%
Theoretical Best
Multifamily LT 5
$16.87M
$14.76M – $19.69M
NOI $1,181,134 @ 7.0% cap · market cap 494.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49286, MI
14,991
Population
6,144
Households
2.4
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
58.2 sq mi
ZIP Area
258
Density / Sq Mi
$73,054
Median Household Income
$37,480
Median Earnings
$954
Median Rent
$221,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Showroom - Planned individual buildouts include dedicated HVAC, separate utility metering, and an insulated overhead door.
Where is this showroom located?
The property is located at 1111 W Chicago Blvd Tecumseh, MI.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Four condominium showroom units, each with 1,360 SF; Renovation planned for 11,763 SF of an existing 18,000 SF building; Construction expected to begin Late 2026
