Tuffy Tire & Auto
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For Sale
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2441 Washtenaw Avenue, Ypsilanti, MI 48197
Freestanding automotive service property with an absolute NNN lease and corporate guaranty.
Property Size4,017 SF
Lot Size0.33 Acres
Price / SF$220.31
Days on Market7
Property Features for 2441 Washtenaw Avenue
General Information
Standard status
Active
Size
4,017 SF
Lot size
0.33 Acres
Property subtype
Retail
Financials
Asking Price
$885,000
Cap Rate
6.5%
Building Details
Tenancy
Single
Listing Agency:
TD Commercial Group
Listed By:
Jared McNutt · License #SL3631750
Source:
Crexi
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 20 at 7:36AM
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 TD Commercial Group
Investment Insights
Based on property information with market context.
The property includes an approximately 4,017 SF automotive service building on an approximately 0.33-acre parcel. Tuffy Tire & Auto occupies the site under an absolute NNN lease, with the tenant responsible for taxes, insurance, utilities, HVAC, roof, and structural obligations. Mavis Tire Supply LLC provides the corporate guaranty. The initial lease term extends through May 31, 2032, followed by four automatic five-year extension options with 5% rent increases at each option, providing contractual term through May 31, 2052.
The property fronts Washtenaw Avenue in Ypsilanti, a primary corridor connecting Ann Arbor and Ypsilanti. Reported traffic volume is 27,758 VPD at the property and more than 32,000 VPD west of the site. Nearby retail includes Washtenaw Fountain Plaza, approximately 123,000 SF, and Fountain Square Shopping Center, approximately 37,000 SF, with surrounding quick-service restaurant, service, and hospitality uses. The 5-mile trade area includes 183,340 residents and an average household income of $98,205.
The property fronts Washtenaw Avenue in Ypsilanti, a primary corridor connecting Ann Arbor and Ypsilanti. Reported traffic volume is 27,758 VPD at the property and more than 32,000 VPD west of the site. Nearby retail includes Washtenaw Fountain Plaza, approximately 123,000 SF, and Fountain Square Shopping Center, approximately 37,000 SF, with surrounding quick-service restaurant, service, and hospitality uses. The 5-mile trade area includes 183,340 residents and an average household income of $98,205.
Key Highlights
- ±4,017 SF automotive service building on ±0.33 acres
- Absolute NNN lease with Mavis Tire Supply LLC corporate guaranty
- Initial lease term through May 31, 2032
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
$54,621
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
6.17%
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%
$1,092,420
$1.1M
Cap Rate 7%
$780,300
$780.3K
Cap Rate 9%
$606,900
$606.9K
Market Conditions
NOI Build-Up for 4,017 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
$84.4K $21.00/SF
− Vacancy
−$6.3K −$1.58/SF
EGI
$78.0K $19.43/SF
− OpEx
−$23.4K −$5.83/SF
NOI
$54.6K $13.60/SF
Area
Washtenaw County, MI
Vacancy
7.50%
Lease Rate
$21.00 /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%
$1,092,420
Cap Rate 7%
$780,300
Cap Rate 9%
$606,900
Alternative Uses
Best Use
Retail
$780.3K
$682.8K – $910.4K
NOI $54,621 @ 7.0% cap · market cap 6.17%
Second Best
Industrial
$532.7K
$466.1K – $621.4K
NOI $37,286 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,622 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48197, MI
67,895
Population
28,649
Households
2.4
Avg Household Size
33
Median Age
47%
College-Educated
94%
High-School Grad
41.2 sq mi
ZIP Area
1,648
Density / Sq Mi
$70,913
Median Household Income
$39,314
Median Earnings
$1,203
Median Rent
$274,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - Freestanding automotive service property with an absolute NNN lease and corporate guaranty.
Where is this auto shop located?
The property is located at 2441 Washtenaw Avenue Ypsilanti, MI.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: ±4,017 SF automotive service building on ±0.33 acres; Absolute NNN lease with Mavis Tire Supply LLC corporate guaranty; Initial lease term through May 31, 2032
