Commercial Land With Existing
For Sale
$750,000
1530 E Michigan Avenue, Ypsilanti, MI 48198
B-3 General Business zoning and an existing building create a retail-oriented commercial land profile.
Property Size4,000 SF
Days on Market44
Property Features for 1530 E Michigan Avenue
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Zoning
Commercial, Multiple, Offic
Building Details
Building Size
4,000 SF
Year Built
1973
Listing Agency:
365 REALTY
(248) 669-7400
Listed By:
Wisam A Putrus · License #6502342531
Source:
Buyatthelake
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 24 at 5:58AM
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 365 REALTY
Investment Insights
Based on property information with market context.
This commercial land parcel spans 1.85 acres and includes an existing 4,000-square-foot building. The property carries B-3 General Business zoning and is identified for retail and office applications. The existing structure provides an established improvement on the site, while the land component is the primary value driver described for the property.
The parcel fronts Michigan Avenue for 314 feet and is located next to AutoZone. Its prior use was as a food market operated for 35 years, providing a documented commercial history at the site. The combination of substantial frontage, an existing building, and general-business zoning supports consideration of the property as a redevelopment or continued commercial-use site.
The parcel fronts Michigan Avenue for 314 feet and is located next to AutoZone. Its prior use was as a food market operated for 35 years, providing a documented commercial history at the site. The combination of substantial frontage, an existing building, and general-business zoning supports consideration of the property as a redevelopment or continued commercial-use site.
Key Highlights
- 1.85‑acre commercial land parcel
- Existing 4,000‑square‑foot building
- B‑3 General Business zoning
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
$54,390
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
7.25%
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%
$1,087,800
$1.1M
Cap Rate 7%
$777,000
$777.0K
Cap Rate 9%
$604,333
$604.3K
Market Conditions
NOI Build-Up for 4,000 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
$84.0K $21.00/SF
− Vacancy
−$6.3K −$1.58/SF
EGI
$77.7K $19.43/SF
− OpEx
−$23.3K −$5.83/SF
NOI
$54.4K $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%
$1,087,800
Cap Rate 7%
$777,000
Cap Rate 9%
$604,333
Alternative Uses
Best Use
Retail
$777.0K
$679.9K – $906.5K
NOI $54,390 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,272 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Groceries 47%
Electronics 2%
Kroger
Groceries
24,046 visits/mo
0.4 miles
Speedway
Shops & Services
16,921 visits/mo
0.2 miles
AutoZone
Shops & Services
3,009 visits/mo
0.2 miles
Family Dollar
Shops & Services
2,758 visits/mo
0.4 miles
Sunoco
Shops & Services
2,106 visits/mo
0.5 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - B-3 General Business zoning and an existing building create a retail-oriented commercial land profile.
Where is this commercial land located?
The property is located at 1530 E Michigan Avenue Ypsilanti, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 1.85‑acre commercial land parcel; Existing 4,000‑square‑foot building; B‑3 General Business zoning
