Freestanding Retail Redevelopment
1603 S Main St Chelsea, MI 48118
1603 S Main St, Chelsea, MI, 48118
$5,000,000
For Sale
$5,000,000
Freestanding building on a 6.38-acre site zoned T-1 (Transition Mixed Use) in the Chelsea area on S Main Street.
Property Size28,962 SF
Lot Size6.38 Acres
Price / SF$172.64
Days on Market87
Property Features for 1603 S Main St
General Information
- Standard status
- Active
- Size
- 28,962 SF
- Lot size
- 6.38 Acres
- Property subtype
- Retail
Listing agency
Keystone Commercial Real Estate
(248) 356-8000
Listed by
Greg Newman · License #6501288543
(248) 356-8000
Source
Cpix.resimplifi
Added: Apr 27 Updated: Jul 22 at 10:08AM Checked: Jul 22 at 10:08AM
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 Keystone Commercial Real Estate
Investment Insights
Based on property information with market context.
This property consists of a freestanding building on a 6.38-acre site with reuse or redevelopment potential. Zoned T-1 (Transition Mixed Use), the site offers flexibility for a range of retail and mixed-use concepts. The property can also support automotive-oriented use as a dealership, with options for developers or owner-users to adapt the existing structure or redevelop the full parcel.
The site is located on S Main Street in Chelsea and is described as centrally located near downtown Chelsea, with convenient access to I-94.
Prospective purchasers should review the T-1 zoning requirements and site plan considerations for intended retail and mixed-use development or reuse of the existing freestanding building.
The site is located on S Main Street in Chelsea and is described as centrally located near downtown Chelsea, with convenient access to I-94.
Prospective purchasers should review the T-1 zoning requirements and site plan considerations for intended retail and mixed-use development or reuse of the existing freestanding building.
Key Highlights
- 6.38‑acre site with reuse or redevelopment potential
- Zoned T‑1 (Transition Mixed Use) for a variety of retail and mixed‑use uses
- Freestanding building located on S Main Street in the Chelsea area
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $608.2k | $21.00 |
| − Vacancy | −$45.6k | −$1.58 |
| EGI | $562.6k | $19.43 |
| − OpEx | −$168.8k | −$5.83 |
| NOI | $393.8k | $13.60 |
28,962 SF · lease $21.00/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$5.63M
$4.92M – $6.56M
NOI $393,811 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.51M
$7.45M – $9.93M
NOI $595,690 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Commercial land
Similar For Sale Nearby
FAQs
What type of property is this?
Commercial land - Freestanding building on a 6.38-acre site zoned T-1 (Transition Mixed Use) in the Chelsea area on S Main Street.
Where is this commercial land located?
The property is located at 1603 S Main St Chelsea, MI.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 6.38‑acre site with reuse or redevelopment potential; Zoned T‑1 (Transition Mixed Use) for a variety of retail and mixed‑use uses; Freestanding building located on S Main Street in the Chelsea area
