Historic Two-Story Mixed-Use
For Sale
$500,000
209 Main Street, Belleville, MI 48111
A two-story commercial building with offices, multiple restrooms, and parking, ready for immediate occupancy.
Property Size7,761 SF
Price / SF$71.43
Days on Market83
Property Features for 209 Main Street
General Information
Standard status
Active
Size
7,761 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$19,718
Building Details
Building Size
7,761 SF
Year Built
1889
Stories
2
Listing Agency:
Moving The Mitten RE Group Inc
(734) 627-7100
Listed By:
Therese Antonelli · License #6501366596
Source:
Buyatthelake
Added: Jun 3
Changed: Aug 23
Last Checked: Aug 23 at 10:06AM
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 Moving The Mitten RE Group Inc
Investment Insights
Based on property information with market context.
This stately Colonial Revival / Neo-Classical commercial building is available for immediate occupancy and offers a flexible interior for a range of uses. The property includes approximately 7,000+ square feet across two stories with wide open areas, enclosed offices, kitchenettes, and multiple restrooms. A full basement provides additional storage and potential for further build-out or operational needs. For parking support, the site includes ample parking in a lot, street parking availability, and a 6-car attached garage with a porte cochere that offers covered shelter for vehicles and possible outdoor use.
The building is situated on a high-traffic corner lot on Main Street in downtown Belleville. It is located within the City of Belleville’s B-2 Central Business District and is positioned to serve customers and visitors passing through the business corridor, with walkability noted as somewhat walkable.
Zoned commercial in the B-2 Central Business District, the building is suited for many tenant and owner-operator concepts, including professional and administrative offices, personal service uses, recreation, child care facilities, health and fitness facilities, and place of worship. The configuration also supports food and beverage concepts such as restaurants, bars, taverns, and wineries or breweries with outdoor seating, as well as hospitality and retail-oriented uses like a bed and breakfast or grocery store.
The building is situated on a high-traffic corner lot on Main Street in downtown Belleville. It is located within the City of Belleville’s B-2 Central Business District and is positioned to serve customers and visitors passing through the business corridor, with walkability noted as somewhat walkable.
Zoned commercial in the B-2 Central Business District, the building is suited for many tenant and owner-operator concepts, including professional and administrative offices, personal service uses, recreation, child care facilities, health and fitness facilities, and place of worship. The configuration also supports food and beverage concepts such as restaurants, bars, taverns, and wineries or breweries with outdoor seating, as well as hospitality and retail-oriented uses like a bed and breakfast or grocery store.
Key Highlights
- 7000+ SF two‑story commercial building built in 1889
- Wide open areas plus enclosed offices, kitchenettes, and multiple restrooms
- Zoned commercial (City of Belleville B‑2 Central Business District) with many permitted uses
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
$27,431
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
5.49%
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%
$548,620
$548.6K
Cap Rate 7%
$391,871
$391.9K
Cap Rate 9%
$304,789
$304.8K
Market Conditions
NOI Build-Up for 7,000 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
$105.0K $15.00/SF
− Vacancy
−$47.3K −$6.75/SF
EGI
$57.8K $8.25/SF
− OpEx
−$30.3K −$4.33/SF
NOI
$27.4K $3.92/SF
Area
Wayne County, MI
Vacancy
45.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$548,620
Cap Rate 7%
$391,871
Cap Rate 9%
$304,789
Alternative Uses
Best Use
Hotel Hospitality
$391.9K
$342.9K – $457.2K
NOI $27,431 @ 7.0% cap · market cap 5.49%
Second Best
Office B
$344.3K
$301.2K – $401.6K
NOI $24,098 @ 7.0% cap · market cap 4.82%
Theoretical Best
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,720 @ 7.0% cap · market cap 18.14%
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 - A two-story commercial building with offices, multiple restrooms, and parking, ready for immediate occupancy.
Where is this office building located?
The property is located at 209 Main Street 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: 7000+ SF two‑story commercial building built in 1889; Wide open areas plus enclosed offices, kitchenettes, and multiple restrooms; Zoned commercial (City of Belleville B‑2 Central Business District) with many permitted uses
