Maintained Office Building with
For Sale
$500,000
209 Main St, Belleville, MI 48111
Interior includes office, conference, and meeting rooms, along with a finished basement for additional functional space.
Property Size7,761 SF
Price / SF$64.42
Days on Market87
Property Features for 209 Main St
General Information
Standard status
Active
Size
7,761 SF
Taxes and HOA fees
Annual Taxes
$19,718
Amenities
Conference Rooms
Meeting Rooms
Finished Basement
Listing Agency:
RE/MAX Crossroads III
(734) 699-4000
Listed By:
Glenn Silvenis · License #6502321652
(734) 699-4000
Source:
Exprealty
Added: May 27
Changed: Aug 20
Last Checked: Aug 20 at 10:47AM
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 RE/MAX Crossroads III
Investment Insights
Based on property information with market context.
This 7,761-square-foot office building at 209 Main St includes a range of work and gathering areas, with offices, conference rooms, and meeting rooms arranged throughout the property. A finished basement adds usable interior space, while the attached garage accommodates more than six vehicles.
The property is located on Main Street in Belleville, Michigan. Deed restrictions apply to the building’s use and should be reviewed as part of evaluating potential occupancy or redevelopment plans.
The property is located on Main Street in Belleville, Michigan. Deed restrictions apply to the building’s use and should be reviewed as part of evaluating potential occupancy or redevelopment plans.
Key Highlights
- 7,761‑square‑foot office building on Main Street
- Office, conference, and meeting rooms throughout the building
- Finished basement provides additional interior space
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
$26,717
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
5.34%
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%
$534,340
$534.3K
Cap Rate 7%
$381,671
$381.7K
Cap Rate 9%
$296,856
$296.9K
Market Conditions
NOI Build-Up for 7,761 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
$46.6K $6.00/SF
− Vacancy
−$10.9K −$1.41/SF
EGI
$35.6K $4.59/SF
− OpEx
−$8.9K −$1.15/SF
NOI
$26.7K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$534,340
Cap Rate 7%
$381,671
Cap Rate 9%
$296,856
Alternative Uses
Best Use
Office B
$381.7K
$334.0K – $445.3K
NOI $26,717 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,583 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 48111, MI
44,055
Population
19,406
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
66.9 sq mi
ZIP Area
659
Density / Sq Mi
$74,125
Median Household Income
$42,194
Median Earnings
$1,162
Median Rent
$239,400
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?
Office building - Interior includes office, conference, and meeting rooms, along with a finished basement for additional functional space.
Where is this office building located?
The property is located at 209 Main St Belleville, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 7,761‑square‑foot office building on Main Street; Office, conference, and meeting rooms throughout the building; Finished basement provides additional interior space
