Equipped Brewery and
For Sale
$920,000
128 W Chicago Blvd, Tecumseh, MI 49286
Full-service brewing, dining, and residential components are combined with a separate production facility and included operating equipment.
Property Size4,648 SF
Price / SF$197.93
Days on Market194
Property Features for 128 W Chicago Blvd
General Information
Standard status
Active
Size
4,648 SF
Property subtype
Retail
Zoning
B-2-C
Building Details
Building Size
4,648 SF
Listing Agency:
Thomas A. Duke Company
(248) 476-3700
Listed By:
Steven R. Valli · License #6501291516
(248) 476-3700
Source:
Cpix.resimplifi
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 6:45PM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This brewery portfolio combines a main-level restaurant and taproom with upper-floor residential space and a basement area. The restaurant and taproom contain 2,324 SF, while four apartments are located above. Furniture, fixtures, and brewing equipment convey with the sale, along with an outdoor patio. The property is identified as B-2-C zoning.
The portfolio also includes a separate 6,000 SF brewing facility at 105 E. Russell Road. Together, the Tecumseh property and Russell Road facility provide distinct spaces for customer-facing operations, residential occupancy, and brewing production. The main property is located at 128 W Chicago Blvd in downtown Tecumseh, Michigan.
The portfolio also includes a separate 6,000 SF brewing facility at 105 E. Russell Road. Together, the Tecumseh property and Russell Road facility provide distinct spaces for customer-facing operations, residential occupancy, and brewing production. The main property is located at 128 W Chicago Blvd in downtown Tecumseh, Michigan.
Key Highlights
- 2,324 SF restaurant and taproom on the main level
- Four apartments positioned above the restaurant and taproom
- 2,342 SF basement area included with the main property
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
$51,697
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
5.62%
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%
$1,033,940
$1.0M
Cap Rate 7%
$738,529
$738.5K
Cap Rate 9%
$574,411
$574.4K
Market Conditions
NOI Build-Up for 4,648 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
$72.0K $15.48/SF
− Vacancy
−$3.0K −$0.65/SF
EGI
$68.9K $14.83/SF
− OpEx
−$17.2K −$3.71/SF
NOI
$51.7K $11.12/SF
Area
Lenawee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$1,033,940
Cap Rate 7%
$738,529
Cap Rate 9%
$574,411
Alternative Uses
Best Use
Multifamily LT 5
$57.67M
$50.46M – $67.28M
NOI $4,036,698 @ 7.0% cap · market cap 438.77%
Second Best
Apartment 5plus
$51.34M
$44.92M – $59.90M
NOI $3,593,799 @ 7.0% cap · market cap 390.63%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 49286, MI
14,991
Population
6,144
Households
2.4
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
58.2 sq mi
ZIP Area
258
Density / Sq Mi
$73,054
Median Household Income
$37,480
Median Earnings
$954
Median Rent
$221,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Full-service brewing, dining, and residential components are combined with a separate production facility and included operating equipment.
Where is this brewery located?
The property is located at 128 W Chicago Blvd Tecumseh, MI.
What is the asking price?
The asking price for this property is $920,000.
What are key features of this property?
This property features: 2,324 SF restaurant and taproom on the main level; Four apartments positioned above the restaurant and taproom; 2,342 SF basement area included with the main property
