37 S Monroe St, Monroe, MI 48161

Listing Agency: Keller Williams Advantage

Listed By: Linda L Leporowski · License #6501305996 Show Phone

Source: Katie-k

Added: Sep 18 Changed: Oct 26 Last Checked: Oct 7 at 5:21PM

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Investment Insights

Based on property information with market context.

This mixed-use property combines an operating restaurant layout on the ground floor with a separate residential area upstairs. The commercial portion includes a full kitchen, dining space, and service areas arranged for food-service use. The upper living area has its own heating system and is separated from the restaurant space.

Located at 37 S Monroe Street in Monroe, Michigan, the property fronts a principal commercial roadway. Its configuration supports distinct commercial and residential components within one building. The property is being sold as-is.

Key Highlights

• Ground‑floor restaurant layout with full commercial kitchen
• Dining and service areas included in the commercial space
• Separate residential area located above the restaurant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,877

Cap Rate

7.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$577,540 $577.5K

Cap Rate 7%

$412,529 $412.5K

Cap Rate 9%

$320,856 $320.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,139 SF

Gross rent

$51.3K $24.00/SF

− Vacancy

−$5.1K −$2.40/SF

EGI

$46.2K $21.60/SF

− OpEx

−$17.3K −$8.10/SF

NOI

$28.9K $13.50/SF

Area

Monroe County, MI

Vacancy

10.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$577,540

Cap Rate 7%

$412,529

Cap Rate 9%

$320,856

Alternative Uses

Best Use

Industrial

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,176 @ 7.0% cap · market cap 31.80%

Second Best

Mixed Use

$412.5K

$361.0K – $481.3K (±1% cap)

NOI $28,877 @ 7.0% cap · market cap 7.22%

Theoretical Best

Warehouse

$2.21M

$1.93M – $2.57M (±1% cap)

NOI $154,427 @ 7.0% cap · market cap 38.62%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Lichee Gardens Monroe Restaurant

Suggested Use

Top Pick Dental Office Building Supply HVAC Service Storage Facility Daycare Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,069

Businesses Nearby

Explore this area Business Placement

Demographics for 48161, MI

26,571

Population

12,015

Households

2.2

Avg Household Size

40

Median Age

19%

College-Educated

89%

High-School Grad

44.8 sq mi

ZIP Area

593

Density / Sq Mi

$65,517

Median Household Income

$40,184

Median Earnings

$955

Median Rent

$173,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-level property combines restaurant facilities on the ground floor with separate residential space above.

Where is this mixed-use property located?

The property is located at 37 S Monroe St Monroe, MI.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Ground‑floor restaurant layout with full commercial kitchen; Dining and service areas included in the commercial space; Separate residential area located above the restaurant