Freestanding Retail Redevelopment
For Sale
$5,000,000
1603 S Main St, Chelsea, MI 48118
Freestanding building on a 6.38-acre site zoned T-1 (Transition Mixed Use) in the Chelsea area on S Main Street.
Property Size28,962 SF
Lot Size6.38 Acres
Days on Market153
Property Features for 1603 S Main St
General Information
Standard status
Active
Size
28,962 SF
Lot size
6.38 Acres
Property subtype
Retail
Zoning
T-1
Additional Details
Highway Access
Yes
Building Details
Building Size
28,962 SF
Year Built
1945
Listing Agency:
Keystone Commercial Real Estate
Listed By:
Greg Newman · License #6501288543
(248) 406-7113
Source:
Keystonecres
Added: May 7
Changed: Sep 8
Last Checked: Oct 5 at 4:34PM
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 Keystone Commercial Real Estate
Investment Insights
Based on property information with market context.
This property consists of a freestanding building on a 6.38-acre site with reuse or redevelopment potential. Zoned T-1 (Transition Mixed Use), the site offers flexibility for a range of retail and mixed-use concepts. The property can also support automotive-oriented use as a dealership, with options for developers or owner-users to adapt the existing structure or redevelop the full parcel.
The site is located on S Main Street in Chelsea and is described as centrally located near downtown Chelsea, with convenient access to I-94.
Prospective purchasers should review the T-1 zoning requirements and site plan considerations for intended retail and mixed-use development or reuse of the existing freestanding building.
The site is located on S Main Street in Chelsea and is described as centrally located near downtown Chelsea, with convenient access to I-94.
Prospective purchasers should review the T-1 zoning requirements and site plan considerations for intended retail and mixed-use development or reuse of the existing freestanding building.
Key Highlights
- 6.38‑acre site with reuse or redevelopment potential
- Zoned T‑1 (Transition Mixed Use) for a variety of retail and mixed‑use uses
- Freestanding building located on S Main Street in the Chelsea area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$393,811
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,876,220
$7.9M
Cap Rate 7%
$5,625,871
$5.6M
Cap Rate 9%
$4,375,678
$4.4M
Market Conditions
NOI Build-Up for 28,962 SF
Gross rent
$608.2K $21.00/SF
− Vacancy
−$45.6K −$1.58/SF
EGI
$562.6K $19.43/SF
− OpEx
−$168.8K −$5.83/SF
NOI
$393.8K $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 Rate 5%
$7,876,220
Cap Rate 7%
$5,625,871
Cap Rate 9%
$4,375,678
Alternative Uses
Best Use
Retail
$5.63M
$4.92M – $6.56M
NOI $393,811 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.51M
$7.45M – $9.93M
NOI $595,690 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
123k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 27%
Electronics 4%
Hotels & Casinos 2%
McDonald's
Dining
26,799 visits/mo
0.1 miles
Culver's
Dining
26,046 visits/mo
0.0 miles
Shell
Shops & Services
25,837 visits/mo
0.1 miles
Starbucks
Dining
13,646 visits/mo
0.0 miles
Wendy's
Dining
10,650 visits/mo
0.2 miles
Demographics for 48118, MI
13,309
Population
5,864
Households
2.3
Avg Household Size
48
Median Age
51%
College-Educated
98%
High-School Grad
86.2 sq mi
ZIP Area
154
Density / Sq Mi
$87,934
Median Household Income
$55,637
Median Earnings
$1,576
Median Rent
$348,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Freestanding building on a 6.38-acre site zoned T-1 (Transition Mixed Use) in the Chelsea area on S Main Street.
Where is this commercial land located?
The property is located at 1603 S Main St Chelsea, MI.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 6.38‑acre site with reuse or redevelopment potential; Zoned T‑1 (Transition Mixed Use) for a variety of retail and mixed‑use uses; Freestanding building located on S Main Street in the Chelsea area
