Commercial Land with Existing
New
For Sale
$1,350,000
217231 217-231 N Main St, Plymouth, MI 48170
B-3-zoned site includes a fully occupied retail and office building with existing curb cuts.
Property Size6,870 SF
Price / SF$196.51
Days on Market2
Property Features for 217231 217-231 N Main St
General Information
Standard status
Active
Size
6,870 SF
Building Details
Year Built
1885
Listing Agency:
Forward Commercial Group
Listed By:
Emil Cherkasov · License #6502392741
(248) 792-8190
Source:
Katie-k
Added: Sep 6
Last Checked: Sep 6 at 2:18PM
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 Forward Commercial Group
Investment Insights
Based on property information with market context.
This commercial land offering includes a 6,870-square-foot retail and office building that is fully occupied and was built in 1885. The existing improvement provides in-place income while the property’s B-3 zoning supports continued commercial use and future site planning. Existing curb cuts provide ingress and egress for the current operation.
The parcel contains approximately 0.73 acres with about 102 feet of frontage and 302 feet of depth along N. Main Street in Plymouth, Michigan. The rear portion offers room for additional construction, while the overall site may accommodate future redevelopment subject to applicable approvals. The property is positioned within an established suburban commercial setting in Metro Detroit.
The parcel contains approximately 0.73 acres with about 102 feet of frontage and 302 feet of depth along N. Main Street in Plymouth, Michigan. The rear portion offers room for additional construction, while the overall site may accommodate future redevelopment subject to applicable approvals. The property is positioned within an established suburban commercial setting in Metro Detroit.
Key Highlights
- Approximately 0.73‑acre commercial land parcel
- 6,870‑square‑foot fully occupied retail/office building
- Approximately 102 feet of frontage and 302 feet of depth
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
$65,095
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
4.82%
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%
$1,301,900
$1.3M
Cap Rate 7%
$929,929
$929.9K
Cap Rate 9%
$723,278
$723.3K
Market Conditions
NOI Build-Up for 6,870 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
$98.9K $14.40/SF
− Vacancy
−$5.9K −$0.86/SF
EGI
$93.0K $13.54/SF
− OpEx
−$27.9K −$4.06/SF
NOI
$65.1K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,301,900
Cap Rate 7%
$929,929
Cap Rate 9%
$723,278
Alternative Uses
Best Use
Retail
$929.9K
$813.7K – $1.08M
NOI $65,095 @ 7.0% cap · market cap 4.82%
Second Best
Office B
$337.9K
$295.6K – $394.2K
NOI $23,650 @ 7.0% cap · market cap 1.75%
Theoretical Best
Specialty Retail
$1.27M
$1.11M – $1.48M
NOI $89,035 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
943
Businesses Nearby
Explore this area
Business Placement
Demographics for 48170, MI
41,069
Population
18,184
Households
2.3
Avg Household Size
45
Median Age
59%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
1,190
Density / Sq Mi
$109,442
Median Household Income
$68,920
Median Earnings
$1,114
Median Rent
$400,800
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?
Commercial land - B-3-zoned site includes a fully occupied retail and office building with existing curb cuts.
Where is this commercial land located?
The property is located at 217231 217-231 N Main St Plymouth, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Approximately 0.73‑acre commercial land parcel; 6,870‑square‑foot fully occupied retail/office building; Approximately 102 feet of frontage and 302 feet of depth
