Mixed-Use Building With
For Sale
$550,000
155 S Main, Leslie, MI 49251
Two storefronts, basement space, and three renovated apartments support multiple commercial and residential income uses.
Property Size4,972 SF
Price / SF$110.62
Days on Market63
Property Features for 155 S Main
General Information
Standard status
Active
Size
4,972 SF
Units
Unit Mix
1 x 2BR with den, 2 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,116
Amenities
in-unit washer/dryer
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Howard Hanna Real Estate Executives
(517) 657-9100
Listed By:
Tracey Hernly & Co.
(517) 657-9100
Source:
Exprealty
Added: Jun 30
Changed: Aug 30
Last Checked: Aug 30 at 7:01PM
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 4,972-square-foot mixed-use building combines two main-level storefronts with three upper-level apartments and a full basement. The storefronts can operate as one commercial area or be separated into distinct retail or office suites. The basement has its own exterior entrance. Residential space includes one two-bedroom apartment with a den and two one-bedroom apartments, each equipped with an in-unit washer and dryer. Apartment improvements completed in 2009/2010 include granite countertops, tile, and hardwood flooring.
The property is located at 155 S Main in Leslie, Michigan. Its configuration accommodates both commercial occupancy and multifamily use within the same building, with the apartments positioned above the storefront component.
The property is located at 155 S Main in Leslie, Michigan. Its configuration accommodates both commercial occupancy and multifamily use within the same building, with the apartments positioned above the storefront component.
Key Highlights
- 4,972‑square‑foot mixed‑use building at 155 S Main, Leslie, MI 49251
- Two main‑level storefronts can be combined or separated into individual spaces
- Three apartments: one 2‑bedroom with den and two 1‑bedrooms
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
$49,223
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
8.95%
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%
$984,460
$984.5K
Cap Rate 7%
$703,186
$703.2K
Cap Rate 9%
$546,922
$546.9K
Market Conditions
NOI Build-Up for 4,972 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
$89.5K $18.00/SF
− Vacancy
−$10.7K −$2.16/SF
EGI
$78.8K $15.84/SF
− OpEx
−$29.5K −$5.94/SF
NOI
$49.2K $9.90/SF
Area
Ingham County, MI
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$984,460
Cap Rate 7%
$703,186
Cap Rate 9%
$546,922
Alternative Uses
Best Use
Mixed Use
$703.2K
$615.3K – $820.4K
NOI $49,223 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$578.6K
$506.3K – $675.0K
NOI $40,501 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$798.8K
$699.0K – $932.0K
NOI $55,917 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two storefronts, basement space, and three renovated apartments support multiple commercial and residential income uses.
Where is this mixed-use property located?
The property is located at 155 S Main Leslie, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,972‑square‑foot mixed‑use building at 155 S Main, Leslie, MI 49251; Two main‑level storefronts can be combined or separated into individual spaces; Three apartments: one 2‑bedroom with den and two 1‑bedrooms
