Turn-Key Salon Near Michigan
For Sale
Contact for pricing
123 Keveling Dr, Saline, MI
Salon in prime location near downtown Saline. No lease.
Property Size1,000 SF
Lot Size0.02 Acres
Price / SF$290
Days on Market494
Property Features for 123 Keveling Dr
General Information
Standard status
Active
Size
1,000 SF
Lot size
0.02 Acres
Property subtype
RETAIL
Listing Agency:
Colliers - Ann Arbor
Listed By:
James H. Chaconas
(734) 994-3100
Source:
Moodyscre
Added: May 2, 2025
Changed: Aug 9
Last Checked: Sep 7 at 5:35AM
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 Colliers - Ann Arbor
Investment Insights
Based on property information with market context.
This is a turn-key salon with approximately 1,000 square feet of space, situated in a prime location just off Michigan Avenue, near downtown Saline and surrounded by local businesses. The bright and open layout includes a welcoming entry and reception area, well-designed stations, wash sinks, nail tech spaces, and private rooms suitable for pedicure and esthetician services. Additional amenities include a spacious kitchen, client storage, a restroom, and a large basement that provides extra storage space. The property features a serene and wooded view from the exterior deck. It is ideal for an owner-user, as there is no lease. Condo dues are $350 per month.
Key Highlights
- Prime location near Michigan Ave and downtown Saline.
- Turn‑key ±1,000 SF salon ready for immediate operation.
- No lease – ideal for owner‑user.
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
$13,598
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
4.69%
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%
$271,960
$272.0K
Cap Rate 7%
$194,257
$194.3K
Cap Rate 9%
$151,089
$151.1K
Market Conditions
NOI Build-Up for 1,000 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
$21.0K $21.00/SF
− Vacancy
−$1.6K −$1.58/SF
EGI
$19.4K $19.43/SF
− OpEx
−$5.8K −$5.83/SF
NOI
$13.6K $13.60/SF
Area
Washtenaw County, MI
Vacancy
7.50%
Lease Rate
$21.00 /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%
$271,960
Cap Rate 7%
$194,257
Cap Rate 9%
$151,089
Alternative Uses
Best Use
Retail
$194.3K
$170.0K – $226.6K
NOI $13,598 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.8K
$257.1K – $342.8K
NOI $20,568 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
121k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 22%
Groceries 20%
Apparel 6%
McDonald's
Dining
26,195 visits/mo
0.2 miles
Busch's Fresh Food Market
Groceries
23,993 visits/mo
0.2 miles
Tim Hortons
Dining
14,932 visits/mo
0.1 miles
BP
Shops & Services
12,120 visits/mo
0.3 miles
Wendy's
Dining
10,062 visits/mo
0.2 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Salon in prime location near downtown Saline. No lease.
Where is this retail space located?
The property is located at 123 Keveling Dr Saline, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Prime location near Michigan Ave and downtown Saline.; Turn‑key ±1,000 SF salon ready for immediate operation.; No lease – ideal for owner‑user.
