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    Multi-Tenant Retail Center Title is generated by Realmo AI

    1145-1171 S Main St., Chelsea, MI 48118

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    For Lease
    $16 SF/Yr $42,648/Mo (calc)

    Well-signed retail center with strong visibility and ample parking near downtown Chelsea and I-94 West.

    Type:Retail
    Property size:
    31,986 SF
    Lot size:
    4.64 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 2:16 am

    Property Features for 1145-1171 S Main St.

    General Information

    Standard status
    Active
    Size
    31,986 SF
    Lot size
    4.64 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    2004

    Spaces For Lease

    at 1145-1171 S Main St. Contact us

    We can help!

    Listing Contact
    James Porth

    Listing agent James Porth

    Listing office

    Listing date Jun 2, 2026

    Source Thomasduke

    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 James Porth

    HighLights

    • Multi‑tenant retail building totaling 31,986 SF
    • Set on 4.64 acres
    • Built in 2004
    • Good signage and ample parking
    • Close to Downtown Chelsea and Chelsea Hospital
    • Near I‑94 West

    Overview

    A multi-tenant retail building offering 31,986 SF across 4.64 acres, designed to support multiple retail occupants. The center features good signage, strong street presence, and ample parking to accommodate customer traffic. With its shopping center layout, the property provides flexible storefront options for compatible retail uses.

    Located in Chelsea, MI, the property benefits from excellent visibility near Downtown Chelsea and the Chelsea Hospital. It also offers convenient access to I-94 West, making it well positioned for drivers in the surrounding area. The combination of visibility and parking supports easy customer approach and consistent footfall.

    This offering is a practical fit for retailers seeking an established shopping environment with shared common visibility and convenient on-site parking. Tenants who rely on walk-in traffic and brand visibility may find the location especially suitable given its proximity to downtown activity and a major regional healthcare destination. As part of a multi-tenant retail center, it can also be an attractive option for operators looking to join a tenant mix in a highly visible corridor.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Chelsea Shopping Center — S Main St, Chelsea, MI 48118
    • Secretary of State Self-service Station — 1113 S Main St, Chelsea, MI 48118

    Location Insight

    • Map
    • Local Demand
    City
    Chelsea
    County
    Washtenaw
    State
    Michigan
    Longitude
    -84.0208947
    Latitude
    42.3039813

    Nearby Similar for Lease

    • $25 SF/Yr
      3,163 SF

      Downtown Chelsea Commercial Space Available

      Prime commercial space in downtown Chelsea with restaurant infrastructure.
      115 S Main St, Chelsea, MI 48118
      View Details
    • $10 SF/Yr
      4,130 SF

      Chelsea Workshop and Office Space

      4,130 SF flex space near Chelsea Fairgrounds.
      20401 W Old US Hwy 12, Chelsea, MI 48118
      View Details

    FAQs

    What type of property is this?
    Shopping center - Well-signed retail center with strong visibility and ample parking near downtown Chelsea and I-94 West.
    Where is this shopping center located?
    The property is located at 1145-1171 S Main St. Chelsea, MI.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Multi‑tenant retail building totaling 31,986 SF; Set on 4.64 acres; Built in 2004
    24847637
    We can help!
    Listing Contact
    James Porth
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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