Bank Branch with Double-Lane
For Sale
$1,500,000
450 E MICHIGAN AVENUE, Saline, MI 48176
Move-in ready bank facility with a vault, teller stations, and a remote double-lane drive-thru plus bathroom.
Property Size5,622 SF
Price / SF$266.81
Days on Market1172
Property Features for 450 E MICHIGAN AVENUE
General Information
Standard status
Active
Size
5,622 SF
Property subtype
Retail
Zoning
C-2 CBD
Amenities
vault
teller stations
double lane drive thru
bathroom
Building Details
Building Size
5,622 SF
Buildings
1
Stories
1
Listing Agency:
Anchorage Realty & Commercial
Listed By:
Doug F. Ziesemer · License #6501379708
(734) 395-2092
Source:
Cpix.resimplifi
Added: Jun 22, 2023
Changed: Aug 8
Last Checked: Sep 4 at 2:11AM
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 Anchorage Realty & Commercial
Investment Insights
Based on property information with market context.
This move-in ready bank facility is suited for a bank or credit union and includes a vault and teller stations in the former bank suite. A remote double-lane drive-thru is also in place, along with a bathroom.
The property is located within the City of Saline “Central Business District,” surrounded by retail uses such as fast food restaurants, CVS Drug Store, and Dairy Queen, along with strip centers anchored by Ace Hardware and Busch’s Supermarket. Additional office, retail, and family dining establishments are present in the area, and the Faurecia Plastics plant is located just northeast of the property.
The existing layout supports traditional branch operations with both in-lobby service (vault and teller stations) and drive-thru service for customer access.
The property is located within the City of Saline “Central Business District,” surrounded by retail uses such as fast food restaurants, CVS Drug Store, and Dairy Queen, along with strip centers anchored by Ace Hardware and Busch’s Supermarket. Additional office, retail, and family dining establishments are present in the area, and the Faurecia Plastics plant is located just northeast of the property.
The existing layout supports traditional branch operations with both in-lobby service (vault and teller stations) and drive-thru service for customer access.
Key Highlights
- Move‑in ready bank facility in the City of Saline Central Business District
- Includes a vault and teller stations in the former bank suite
- Remote double‑lane drive‑thru with a bathroom
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
$78,052
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
5.20%
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%
$1,561,040
$1.6M
Cap Rate 7%
$1,115,029
$1.1M
Cap Rate 9%
$867,244
$867.2K
Market Conditions
NOI Build-Up for 5,622 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
$121.4K $21.60/SF
− Vacancy
−$17.4K −$3.09/SF
EGI
$104.1K $18.51/SF
− OpEx
−$26.0K −$4.63/SF
NOI
$78.1K $13.88/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,561,040
Cap Rate 7%
$1,115,029
Cap Rate 9%
$867,244
Alternative Uses
Best Use
Specialty Retail
$1.12M
$975.7K – $1.30M
NOI $78,052 @ 7.0% cap · market cap 5.20%
Second Best
Retail
$1.09M
$955.6K – $1.27M
NOI $76,445 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,633 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
142k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 34%
Groceries 17%
Apparel 5%
McDonald's
Dining
26,195 visits/mo
0.3 miles
Busch's Fresh Food Market
Groceries
23,993 visits/mo
0.3 miles
Speedway
Shops & Services
18,708 visits/mo
0.4 miles
Tim Hortons
Dining
14,932 visits/mo
0.1 miles
BP
Shops & Services
12,120 visits/mo
0.4 miles
Demographics for 48176, MI
22,833
Population
9,076
Households
2.5
Avg Household Size
44
Median Age
58%
College-Educated
96%
High-School Grad
70.8 sq mi
ZIP Area
323
Density / Sq Mi
$110,987
Median Household Income
$53,263
Median Earnings
$1,161
Median Rent
$384,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Move-in ready bank facility with a vault, teller stations, and a remote double-lane drive-thru plus bathroom.
Where is this bank located?
The property is located at 450 E MICHIGAN AVENUE Saline, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Move‑in ready bank facility in the City of Saline Central Business District; Includes a vault and teller stations in the former bank suite; Remote double‑lane drive‑thru with a bathroom
