Commercial Property on Michigan
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3373 E MICHIGAN AVE, Ypsilanti, MI 48198
1.76-acre commercial property with 390+ feet of frontage.
Property Size1,700 SF
Lot Size1.76 Acres
Price / SF$176.47
Days on Market743
Property Features for 3373 E MICHIGAN AVE
General Information
Standard status
Active
Size
1,700 SF
Lot size
1.76 Acres
Property subtype
Land
Building Details
Year Built
1993
Listing Agency:
RE/MAX Team 2000
(313) 525-1101
Listed By:
Yousef Beydoun · License #6501354088
Source:
Crexi
Added: Jul 31, 2024
Changed: Jul 6
Last Checked: Aug 12 at 6:03AM
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 Team 2000
Investment Insights
Based on property information with market context.
This commercial property encompasses 1.76 acres and features over 390 feet of frontage on Michigan Avenue. The site is fully fenced and secured, with a surface composed of both asphalt and crushed concrete/gravel. It includes three curb cuts for accessibility and is located near the interstate. A 1,700-square-foot building, currently utilized as a storage facility, is situated on the premises. This property offers development opportunities.
Key Highlights
- 1. 76 acres of prime commercial property.
- 390+ feet of frontage on Michigan Avenue.
- Three curb cuts for easy access.
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
$23,116
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
7.71%
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%
$462,320
$462.3K
Cap Rate 7%
$330,229
$330.2K
Cap Rate 9%
$256,844
$256.8K
Market Conditions
NOI Build-Up for 1,700 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
$35.7K $21.00/SF
− Vacancy
−$2.7K −$1.58/SF
EGI
$33.0K $19.43/SF
− OpEx
−$9.9K −$5.83/SF
NOI
$23.1K $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%
$462,320
Cap Rate 7%
$330,229
Cap Rate 9%
$256,844
Alternative Uses
Best Use
Retail
$330.2K
$289.0K – $385.3K
NOI $23,116 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$286.3K
$250.5K – $334.0K
NOI $20,039 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$499.5K
$437.1K – $582.8K
NOI $34,966 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 48198, MI
40,067
Population
17,379
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
92%
High-School Grad
33.4 sq mi
ZIP Area
1,200
Density / Sq Mi
$63,678
Median Household Income
$36,671
Median Earnings
$1,197
Median Rent
$178,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - 1.76-acre commercial property with 390+ feet of frontage.
Where is this mixed-use property located?
The property is located at 3373 E MICHIGAN AVE Ypsilanti, MI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1. 76 acres of prime commercial property.; 390+ feet of frontage on Michigan Avenue.; Three curb cuts for easy access.
