Mixed-Use Property with
New
For Sale
$399,900
37 S Monroe St, Monroe, MI 48161
Two-level property combines restaurant facilities on the ground floor with separate residential space above.
Property Size2,139 SF
Price / SF$186.96
Days on Market5
Property Features for 37 S Monroe St
General Information
Standard status
Active
Size
2,139 SF
Additional Details
Floor
Ground
Amenities
full commercial kitchen
Listing Agency:
Keller Williams Advantage
Listed By:
Linda L Leporowski · License #6501305996
(248) 380-8800
Source:
Katie-k
Added: Sep 18
Last Checked: Sep 21 at 11:18AM
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 Keller Williams Advantage
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.
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 = 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
$28,877
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
7.22%
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%
$577,540
$577.5K
Cap Rate 7%
$412,529
$412.5K
Cap Rate 9%
$320,856
$320.9K
Market Conditions
NOI Build-Up for 2,139 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
$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 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%
$577,540
Cap Rate 7%
$412,529
Cap Rate 9%
$320,856
Alternative Uses
Best Use
Industrial
$1.82M
$1.59M – $2.12M
NOI $127,176 @ 7.0% cap · market cap 31.80%
Second Best
Mixed Use
$412.5K
$361.0K – $481.3K
NOI $28,877 @ 7.0% cap · market cap 7.22%
Theoretical Best
Warehouse
$2.21M
$1.93M – $2.57M
NOI $154,427 @ 7.0% cap · market cap 38.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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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
