Downtown Mixed-Use
New
For Sale
$300,000
120 E Adrian St, Blissfield, MI 49228
Three-unit building combines a commercial main floor with two upstairs apartments.
Property Size3,234 SF
Days on Market4
Property Features for 120 E Adrian St
General Information
Standard status
Active
Size
3,234 SF
Property subtype
Investment
Zoning
commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,902
Building Details
Building Size
3,234 SF
Year Built
1880
Buildings
1
Units
3
Listing Agency:
Foundation Realty
(517) 215-4943
Listed By:
Kasey White · License #6506046326
(517) 215-4943
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 8:36AM
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 Foundation Realty
Investment Insights
Based on property information with market context.
Located at 120 E Adrian St in Blissfield, this mixed-use property contains three units: a commercial space on the main floor and two apartments above. The building dates to 1880 and includes a large parking area, commercial zoning, and frontage along US-223.
The property is positioned one block from downtown Blissfield, with Ellis Park and the River Raisin Festival minutes away. Its combination of commercial space and residential units supports an income-producing configuration with an established downtown setting.
The property is positioned one block from downtown Blissfield, with Ellis Park and the River Raisin Festival minutes away. Its combination of commercial space and residential units supports an income-producing configuration with an established downtown setting.
Key Highlights
- Three‑unit configuration with one commercial space and two upstairs apartments
- 1880 construction date
- Commercial zoning with frontage along US‑223
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
$26,602
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
8.87%
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%
$532,040
$532.0K
Cap Rate 7%
$380,029
$380.0K
Cap Rate 9%
$295,578
$295.6K
Market Conditions
NOI Build-Up for 3,234 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
$47.3K $14.64/SF
− Vacancy
−$4.8K −$1.48/SF
EGI
$42.6K $13.16/SF
− OpEx
−$16.0K −$4.94/SF
NOI
$26.6K $8.23/SF
Area
Lenawee County, MI
Vacancy
10.10%
Lease Rate
$14.64 /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%
$532,040
Cap Rate 7%
$380,029
Cap Rate 9%
$295,578
Alternative Uses
Best Use
Apartment 5plus
$35.72M
$31.26M – $41.68M
NOI $2,500,505 @ 7.0% cap · market cap 833.50%
Second Best
Retail
$479.6K
$419.7K – $559.5K
NOI $33,572 @ 7.0% cap · market cap 11.19%
Theoretical Best
Multifamily LT 5
$40.12M
$35.11M – $46.81M
NOI $2,808,667 @ 7.0% cap · market cap 936.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 49228, MI
5,432
Population
2,185
Households
2.5
Avg Household Size
42
Median Age
19%
College-Educated
96%
High-School Grad
78.6 sq mi
ZIP Area
69
Density / Sq Mi
$75,481
Median Household Income
$41,209
Median Earnings
$972
Median Rent
$178,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit building combines a commercial main floor with two upstairs apartments.
Where is this mixed-use property located?
The property is located at 120 E Adrian St Blissfield, MI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Three‑unit configuration with one commercial space and two upstairs apartments; 1880 construction date; Commercial zoning with frontage along US‑223
