Mixed-Use Building with
For Sale
$275,000
148 S Main St, Leslie, MI 49251
Downtown property combines a physical therapy office, residential apartment, and leased garage within one commercial building.
Property Size2,561 SF
Price / SF$107.38
Days on Market104
Property Features for 148 S Main St
General Information
Standard status
Active
Size
2,561 SF
Financials
Gross Income
$28,800
Average Monthly Rent
$1,100
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,755
Building Details
Year Renovated
2013
Stories
2
Tenancy
Multi
Listing Agency:
Howard Hanna Real Estate Executives
(517) 657-9100
Listed By:
Tracey Hernly & Co.
(517) 657-9100
Source:
Exprealty
Added: May 19
Changed: Aug 29
Last Checked: Aug 29 at 6:22PM
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 Howard Hanna Real Estate Executives
Investment Insights
Based on property information with market context.
This 2,561-square-foot mixed-use building includes a ground-floor physical therapy office, a second-floor apartment, and a separate 22-by-40-foot garage. The apartment was added in 2013 and contains two bedrooms and a den. Its electric heat pump provides heating and cooling, while the unit also includes a 2020 washer and 2022 disposal. The first-floor space has a 95% efficient furnace installed in 2015.
The property is located in downtown Leslie at 148 S Main St. Current month-to-month occupants include the office, apartment, and garage. The roof was completed in 2010, and the façade was updated in 2013. A Phase I environmental audit addressing lead and other potential environmental concerns found no contaminants or other concerns.
The property is located in downtown Leslie at 148 S Main St. Current month-to-month occupants include the office, apartment, and garage. The roof was completed in 2010, and the façade was updated in 2013. A Phase I environmental audit addressing lead and other potential environmental concerns found no contaminants or other concerns.
Key Highlights
- 2,561 SF mixed‑use building in downtown Leslie
- Ground‑floor physical therapy office with a 95% efficient furnace installed in 2015
- Second‑floor apartment added in 2013 with 2 bedrooms and a den
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
$21,602
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
7.86%
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%
$432,040
$432.0K
Cap Rate 7%
$308,600
$308.6K
Cap Rate 9%
$240,022
$240.0K
Market Conditions
NOI Build-Up for 2,561 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
$46.1K $18.00/SF
− Vacancy
−$10.1K −$3.94/SF
EGI
$36.0K $14.06/SF
− OpEx
−$14.4K −$5.62/SF
NOI
$21.6K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$432,040
Cap Rate 7%
$308,600
Cap Rate 9%
$240,022
Alternative Uses
Best Use
Mixed Use
$362.2K
$316.9K – $422.6K
NOI $25,354 @ 7.0% cap · market cap 9.22%
Second Best
Healthcare Medical
$308.6K
$270.0K – $360.0K
NOI $21,602 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$411.5K
$360.0K – $480.0K
NOI $28,802 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 49251, MI
6,136
Population
2,499
Households
2.5
Avg Household Size
42
Median Age
21%
College-Educated
95%
High-School Grad
58.3 sq mi
ZIP Area
105
Density / Sq Mi
$83,458
Median Household Income
$48,048
Median Earnings
$1,083
Median Rent
$193,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown property combines a physical therapy office, residential apartment, and leased garage within one commercial building.
Where is this mixed-use property located?
The property is located at 148 S Main St Leslie, MI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,561 SF mixed‑use building in downtown Leslie; Ground‑floor physical therapy office with a 95% efficient furnace installed in 2015; Second‑floor apartment added in 2013 with 2 bedrooms and a den
