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    Victorian Mixed-Use Property with Elevator Title is generated by Realmo AI

    185 S Main Street, Romeo, MI 48065

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    Claim this Listing
    For Sale
    $649,000

    COMMERCIAL - Romeo, MI

    Property size:
    6,752 SF
    Lot size:
    0.52 Acres
    Price / SF:
    $96/SF
    Added:
    Jan 30, 2026
    Days on Market:
    127
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 185 S Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement
    Standard status
    Active
    APN
    28-04-02-135-006
    Size
    6,752 SF
    Lot size
    0.52 Acres

    Utilities

    Heating system
    Forced Air
    Water source
    Public, Well

    Building Details

    Year built
    1900
    Roof type
    Shingle

    We can help!

    Listing Contact
    AL KELLER

    Listing agent AL KELLER License #6502347786

    Listing office Realty Executives Home Towne Romeo 138 S Main St, MI

    Listing date Jan 30, 2026

    MLS# 50198526

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Victorian home built in 1900 with forced‑air heating and shingle roof
    • Water service includes both public and well sources
    • Village zoning allows for many uses, including potential for bed and breakfast, office space, or residential
    • Updated features include windows, baths, electrical, and kitchen, with some original hardwood floors refinished
    • 5 full baths plus 2 powder rooms, along with an elevator
    • 3‑car garage with loads of off‑street parking in the rear; land contract terms available and possession at closing

    Overview

    This Victorian-style property offers a flexible layout that can support a range of uses under village zoning, including bed and breakfast, office space, and residential options. The home features an elevator, five full baths, and two powder rooms. Recent updates mentioned include new windows, updated baths, electrical improvements, and a renovated kitchen, along with refinished original hardwood floors. Parking is accommodated with a three-car garage and loads of off-street parking located in the rear of the property.

    Located in the heart of Romeo, Michigan, the property is positioned for walkable access to shopping and restaurants, as well as Romeo’s seasonal and community events mentioned in the listing. The seller notes possession at closing. Land contract terms are also available, subject to an agreement with the buyer.

    For tenants, owners, or operators looking for a mixed-use configuration with on-site amenities, the combination of in-place elevator access, multiple bathrooms, and rear off-street parking can be practical for both office and lodging concepts. The breadth of recent improvements, alongside preserved elements such as refinished hardwood floors, may appeal to buyers seeking a property that is already been updated while still retaining character.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Romeo
    County
    Macomb
    State
    Michigan
    Longitude
    -83.013042
    Latitude
    42.800131

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    FAQs

    What type of property is this?
    Single family property - Village-zoned Victorian property with an elevator and multiple full baths, suited for office or lodging concepts.
    Where is this single family property located?
    The property is located at 185 S Main Street Romeo, MI.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: Victorian home built in 1900 with forced‑air heating and shingle roof; Water service includes both public and well sources; Village zoning allows for many uses, including potential for bed and breakfast, office space, or residential
    (586) 752-4202
    We can help!
    Listing Contact
    AL KELLER
    Real Estate License ID: 6502347786
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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