Building Details

Building Size 4,200 SF

Year Built 1837

Stories 2

Listing Agency: Keller Williams Living

Listed By: Trevor L Brooks · License #6501374978 Show Phone

Source: Cpix.resimplifi

Added: Jun 8 Changed: Sep 1 Last Checked: Sep 13 at 4:10AM

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Investment Insights

Based on property information with market context.

This renovated mixed-use building offers approximately 4,200 square feet of versatile space across three floors. It is currently occupied by a market business, with community flex space on the second floor. Recent improvements include a new roof and a new HVAC system, supporting comfort and operational efficiency. An elevator provides access to the second floor, improving convenience for customers and tenants using the upper-level space.

The property is located in the central business district of Dundee, described as a high-visibility corner site. The downtown setting and mixed-use configuration are intended to support both ongoing commercial operations and additional flexible uses within the building.

For buyers or operators looking for a downtown property with multiple functional areas, this setup provides a ground-level market business plus separate second-floor flex space. The combination of renovated building systems, elevator access to the second floor, and an existing commercial use can support a range of tenant and operator scenarios within one address.

Key Highlights

• Renovated downtown Dundee mixed‑use building built in 1837
• 4,200 SF across three floors with market business on the ground floor
• Community flex space on the second floor for additional retail or flexible use

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

$40,909

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

5.11%

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%

$818,180 $818.2K

Cap Rate 7%

$584,414 $584.4K

Cap Rate 9%

$454,544 $454.5K

Market Conditions

NOI Build-Up for 4,200 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

$59.0K $14.04/SF

− Vacancy

−$4.4K −$1.05/SF

EGI

$54.5K $12.99/SF

− OpEx

−$13.6K −$3.25/SF

NOI

$40.9K $9.74/SF

Area

Monroe County, MI

Vacancy

7.50%

Lease Rate

$14.04 /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%

$818,180

Cap Rate 7%

$584,414

Cap Rate 9%

$454,544

Alternative Uses

Best Use

Specialty Retail

$584.4K

$511.4K – $681.8K (±1% cap)

NOI $40,909 @ 7.0% cap · market cap 5.11%

Second Best

Retail

$576.5K

$504.4K – $672.5K (±1% cap)

NOI $40,352 @ 7.0% cap · market cap 5.04%

Theoretical Best

Warehouse

$4.33M

$3.79M – $5.05M (±1% cap)

NOI $303,224 @ 7.0% cap · market cap 37.90%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Riverside Deli Food Market Alpha Wireless Mobile Phone Store Radio Shack Dundee Electronics & Wireless Store

Suggested Use

Top Pick Real Estate Agency Electrical Service Nail Salon Bakery (Bike/Boat/Book/etc) Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

237

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 48131, MI

8,126

Population

3,838

Households

2.1

Avg Household Size

37

Median Age

33%

College-Educated

95%

High-School Grad

50.1 sq mi

ZIP Area

162

Density / Sq Mi

$81,386

Median Household Income

$47,535

Median Earnings

$1,112

Median Rent

$246,300

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Renovated three-floor mixed-use building with strong accessibility for retail and flex operations.

Where is this grocery and convenience store located?

The property is located at 145 Riley St Dundee, MI.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: Renovated downtown Dundee mixed‑use building built in 1837; 4,200 SF across three floors with market business on the ground floor; Community flex space on the second floor for additional retail or flexible use