Renovated Mixed-Use
For Sale
$599,900
Pending
116 Tecumseh Street, Dundee, MI 48131
Dundee, MI
Property Size2,600 SF
Lot Size0.03 Acres
Days on Market99
Property Features for 116 Tecumseh Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed Use,Commercial
Zoning description
Mixed Use, Commercial
Parking features
Parking Lot
Patio and Porch features
Patio
Interior features
Living Quarters Attached, Restroom(s), Separate Meters
Exterior features
Deck/Patio
Lot features
Main Street, Downtown Dev Authority
Subdivision
Dundee Twp (58004)
Standard status
Pending
Size
2,600 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
3613
Utilities
Heating system
Forced Air
Water source
Public
Amenities
shared patio area
Listing Agency:
Key Realty One LLC - S. Dixie
(734) 790-4650
Listed By:
Theresa Barton · License #6501328287
(734) 735-5228
Added: Jun 9
Changed: Aug 20
Last Checked: Sep 15 at 4:06AM
MLS# 50210696
Copyright © 2026 Southeastern Border Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated mixed-use building combines a main-level commercial area with two residential apartments above. The property contains approximately 2,600 square feet on a 0.03-acre lot, with attached living quarters, restrooms, separate meters, forced-air heating, and public water service. The commercial portion is vacant, while both upper-level apartments are currently rented. Each apartment includes two bedrooms, one bathroom, and laundry hookups.
Located at 116 Tecumseh Street in Dundee, Michigan, the property offers access to two city parking lots along with street parking. A shared rear patio provides outdoor space associated with the building. The main-floor commercial section is available for lease, and the basement is also available for lease. Zoning is identified as Mixed Use, Commercial.
Located at 116 Tecumseh Street in Dundee, Michigan, the property offers access to two city parking lots along with street parking. A shared rear patio provides outdoor space associated with the building. The main-floor commercial section is available for lease, and the basement is also available for lease. Zoning is identified as Mixed Use, Commercial.
Key Highlights
- Renovated 2,600‑square‑foot mixed‑use building on a 0.03‑acre lot
- Main‑level commercial space with two rented 2‑bedroom, 1‑bathroom apartments above
- Both apartments include laundry hookups; building has separate meters
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
$35,100
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
5.85%
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%
$702,000
$702.0K
Cap Rate 7%
$501,429
$501.4K
Cap Rate 9%
$390,000
$390.0K
Market Conditions
NOI Build-Up for 2,600 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
$62.4K $24.00/SF
− Vacancy
−$6.2K −$2.40/SF
EGI
$56.2K $21.60/SF
− OpEx
−$21.1K −$8.10/SF
NOI
$35.1K $13.50/SF
Area
Monroe County, MI
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$702,000
Cap Rate 7%
$501,429
Cap Rate 9%
$390,000
Alternative Uses
Best Use
Mixed Use
$501.4K
$438.8K – $585.0K
NOI $35,100 @ 7.0% cap · market cap 5.85%
Second Best
Retail
$356.9K
$312.3K – $416.3K
NOI $24,980 @ 7.0% cap · market cap 4.16%
Theoretical Best
Warehouse
$2.68M
$2.35M – $3.13M
NOI $187,710 @ 7.0% cap · market cap 31.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 48131, MI
8,126
Population
3,838
Households
2.1
Avg Household Size
37
Median Age
33%
College-Educated
95%
High-School Grad
50.1 sq mi
ZIP Area
162
Density / Sq Mi
$81,386
Median Household Income
$47,535
Median Earnings
$1,112
Median Rent
$246,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space with two occupied apartments, shared patio access, separate meters, and convenient public parking options.
Where is this mixed-use property located?
The property is located at 116 Tecumseh Street Dundee, MI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Renovated 2,600‑square‑foot mixed‑use building on a 0.03‑acre lot; Main‑level commercial space with two rented 2‑bedroom, 1‑bathroom apartments above; Both apartments include laundry hookups; building has separate meters
