Three-Unit Mixed-Use
For Sale
$199,000
216 N Main Street, Adrian, MI 49221
Downtown commercial property with updated interiors, individual entrances, and prominent street-facing windows.
Property Size2,001 SF
Days on Market225
Property Features for 216 N Main Street
General Information
Standard status
Active
Size
2,001 SF
Property subtype
Commercial
Zoning
Office
Amenities
large front windows
private entrances
modern updates
Building Details
Building Size
2,001 SF
Year Built
1958
Buildings
1
Tenancy
Multi
Listing Agency:
Front Street Realty
(517) 745-8699
Listed By:
Alexis Mattison · License #LCAR-6501443811
(517) 745-8699
Source:
Homesforsaleinmich
Added: Jan 7
Changed: Aug 14
Last Checked: Aug 20 at 1:58PM
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 Front Street Realty
Investment Insights
Based on property information with market context.
Built in 1958, this three-unit mixed-use commercial building occupies a downtown Adrian location and is zoned Office. The property includes separate commercial units with private entrances, large front windows, and modern updates. The configuration supports retail, office, and service-oriented occupancy, subject to applicable zoning and permitting requirements.
Each unit presents a distinct storefront-style entry and direct street exposure along N Main Street. The combination of individual access, window frontage, and flexible layouts provides a practical format for multiple commercial occupants within one building.
Each unit presents a distinct storefront-style entry and direct street exposure along N Main Street. The combination of individual access, window frontage, and flexible layouts provides a practical format for multiple commercial occupants within one building.
Key Highlights
- Three‑unit commercial building in downtown Adrian
- Office zoning
- Large front windows on each unit
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
$16,460
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
8.27%
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%
$329,200
$329.2K
Cap Rate 7%
$235,143
$235.1K
Cap Rate 9%
$182,889
$182.9K
Market Conditions
NOI Build-Up for 2,001 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
$29.3K $14.64/SF
− Vacancy
−$3.0K −$1.48/SF
EGI
$26.3K $13.16/SF
− OpEx
−$9.9K −$4.94/SF
NOI
$16.5K $8.23/SF
Area
Lenawee County, MI
Vacancy
10.10%
Lease Rate
$14.64 /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%
$329,200
Cap Rate 7%
$235,143
Cap Rate 9%
$182,889
Alternative Uses
Best Use
Office B
$314.9K
$275.6K – $367.4K
NOI $22,044 @ 7.0% cap · market cap 11.08%
Second Best
Retail
$296.7K
$259.7K – $346.2K
NOI $20,772 @ 7.0% cap · market cap 10.44%
Theoretical Best
Multifamily LT 5
$24.83M
$21.72M – $28.96M
NOI $1,737,830 @ 7.0% cap · market cap 873.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
Explore this area
Business Placement
Demographics for 49221, MI
41,315
Population
17,011
Households
2.4
Avg Household Size
39
Median Age
22%
College-Educated
88%
High-School Grad
119.9 sq mi
ZIP Area
345
Density / Sq Mi
$57,316
Median Household Income
$32,289
Median Earnings
$986
Median Rent
$158,700
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?
Mixed-use property - Downtown commercial property with updated interiors, individual entrances, and prominent street-facing windows.
Where is this mixed-use property located?
The property is located at 216 N Main Street Adrian, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Three‑unit commercial building in downtown Adrian; Office zoning; Large front windows on each unit
