Auto Shop with Vehicle
For Sale
$475,000
1370 E Michigan Avenue, Ypsilanti, MI 48198
Five contiguous parcels include an automotive repair setup with service bays, office space, and restroom facilities.
Property Size1,290 SF
Days on Market45
Property Features for 1370 E Michigan Avenue
General Information
Standard status
Active
Size
1,290 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$2,047
Building Details
Building Size
1,290 SF
Year Built
9999
Listing Agency:
Renovare Real Estate
(734) 968-9025
Listed By:
Adam Hammons
Source:
Eliterealtymi
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 24 at 3:58AM
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 Renovare Real Estate
Investment Insights
Based on property information with market context.
This automotive property combines five contiguous parcels with an existing repair-shop setup. The improvements include a 3-car metal building, two vehicle lifts, a small office, and restroom facilities. The property is offered as-is, and the stated dimensions and square footage are estimated.
The combined parcels front E Michigan Avenue in Ypsilanti Township, with estimated road frontage of 160 feet. Included addresses are 1370, 1358, 1366, 1378, and 1364 E Michigan Ave. Current zoning, permitted uses, and building requirements should be verified with Ypsilanti Township Planning Department. Showings are by appointment.
The combined parcels front E Michigan Avenue in Ypsilanti Township, with estimated road frontage of 160 feet. Included addresses are 1370, 1358, 1366, 1378, and 1364 E Michigan Ave. Current zoning, permitted uses, and building requirements should be verified with Ypsilanti Township Planning Department. Showings are by appointment.
Key Highlights
- Five contiguous parcels included in the sale
- Estimated 160 feet of road frontage on E Michigan Ave
- 3‑car metal building configured for automotive repair
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
$17,541
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
3.69%
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%
$350,820
$350.8K
Cap Rate 7%
$250,586
$250.6K
Cap Rate 9%
$194,900
$194.9K
Market Conditions
NOI Build-Up for 1,290 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
$27.1K $21.00/SF
− Vacancy
−$2.0K −$1.58/SF
EGI
$25.1K $19.43/SF
− OpEx
−$7.5K −$5.83/SF
NOI
$17.5K $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%
$350,820
Cap Rate 7%
$250,586
Cap Rate 9%
$194,900
Alternative Uses
Best Use
Retail
$250.6K
$219.3K – $292.4K
NOI $17,541 @ 7.0% cap · market cap 3.69%
Second Best
Industrial
$171.1K
$149.7K – $199.6K
NOI $11,974 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$379.0K
$331.7K – $442.2K
NOI $26,533 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
70k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Groceries 34%
Dining 26%
Electronics 1%
Kroger
Groceries
24,046 visits/mo
0.5 miles
Speedway
Shops & Services
16,921 visits/mo
0.1 miles
Burger King
Dining
9,423 visits/mo
0.4 miles
Taco Bell
Dining
8,915 visits/mo
0.4 miles
AutoZone
Shops & Services
3,009 visits/mo
0.3 miles
Demographics for 48198, MI
40,067
Population
17,379
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
92%
High-School Grad
33.4 sq mi
ZIP Area
1,200
Density / Sq Mi
$63,678
Median Household Income
$36,671
Median Earnings
$1,197
Median Rent
$178,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Integral Services 411 LLC — 835 Ecorse Rd, Ypsilanti, MI 48198
- Prime Auto Center — 409 Emerick St, Ypsilanti, MI 48198
- Immortan Automotive- Miata/ Racecar Specialty — 835 Ecorse Rd, Ypsilanti, MI 48198
- Curtiss and Sons Automotive Integral Services 411 LLC — 835 Ecorse Rd, Ypsilanti, MI 48198
- Hawker & Son Collision — 865 Ecorse Rd, Ypsilanti, MI 48198
Frequently Asked Questions
What type of property is this?
Auto shop - Five contiguous parcels include an automotive repair setup with service bays, office space, and restroom facilities.
Where is this auto shop located?
The property is located at 1370 E Michigan Avenue Ypsilanti, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five contiguous parcels included in the sale; Estimated 160 feet of road frontage on E Michigan Ave; 3‑car metal building configured for automotive repair
