Brick Office Building with Upper-Level
New
For Sale
$159,000
407 Mill Road, Adrian, MI 49221
Commercial Sale, Adrian, MI
Property Size1,210 SF
Lot Size0.28 Acres
Price / SF$131.40
Days on Market3
Property Features for 407 Mill Road
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
10
Interior features
Broadband
Elementary school district
Adrian
Middle school district
Adrian
High school district
Adrian
Standard status
Active
APN
XA0-100-0071-00
Size
1,210 SF
Lot size
0.28 Acres
Additional Details
Property Use
Commercial
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG IN CL MILL ST 392.26 FT S 2^00' E & 328.87 FT N 73^25' W FR NE COR SEC 35 T6S R3E TH N 73^25' W 65 FT TH N 16^29' E
Tax Annual Amount
4558
Legal Description
BEG IN CL MILL ST 392.26 FT S 2^00' E & 328.87 FT N 73^25' W FR NE COR SEC 35 T6S R3E TH N 73^25' W 65 FT TH N 16^29' E
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
reception area
kitchenette
handicap accessible
Building Details
Year built
1961
Floors in Building
2
Number of units
1
Building materials
Brick
Listing Agency:
ERA REARDON REALTY, L.L.C.
(517) 782-2996
Listed By:
Jill Baker · License #6501437282
(517) 745-3114
Added: Nov 2
Last Checked: Nov 4 at 7:06AM
MLS# 26058145
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 1,210-square-foot brick office building, constructed in 1961, has a reception area, two offices, a kitchenette, and two bathrooms on the main level. The upper floor provides additional space. The property is handicap accessible, with forced-air heating and central air conditioning. Broadband is available, and cable service is available at the property.
The 0.28-acre property is at 407 Mill Road in Adrian, near N. Main Street and M-52. ProMedica Hospital, shopping, dining, and other businesses are nearby. Updates include a newer roof, flooring, exterior paint, and seal coating.
The 0.28-acre property is at 407 Mill Road in Adrian, near N. Main Street and M-52. ProMedica Hospital, shopping, dining, and other businesses are nearby. Updates include a newer roof, flooring, exterior paint, and seal coating.
Key Highlights
- 1,210 square feet on a 0.28‑acre parcel
- Main level features reception, two offices, a kitchenette, and two bathrooms
- Additional space on the upper level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,330
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$266,600
$266.6K
Cap Rate 7%
$190,429
$190.4K
Cap Rate 9%
$148,111
$148.1K
Market Conditions
NOI Build-Up for 1,210 SF
Gross rent
$20.6K $17.04/SF
− Vacancy
−$2.8K −$2.35/SF
EGI
$17.8K $14.69/SF
− OpEx
−$4.4K −$3.67/SF
NOI
$13.3K $11.02/SF
Area
Lenawee County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$266,600
Cap Rate 7%
$190,429
Cap Rate 9%
$148,111
Alternative Uses
Best Use
Office B
$190.4K
$166.6K – $222.2K
NOI $13,330 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$15.01M
$13.14M – $17.51M
NOI $1,050,862 @ 7.0% cap · market cap 660.92%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
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Business Placement
Demographics for 49221, MI
41,315
Population
17,011
Households
2.4
Avg Household Size
39
Median Age
22%
College-Educated
88%
High-School Grad
119.9 sq mi
ZIP Area
345
Density / Sq Mi
$57,316
Median Household Income
$32,289
Median Earnings
$986
Median Rent
$158,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - The main floor includes reception, two offices, a kitchenette, and two bathrooms, with additional space upstairs.
Where is this office building located?
The property is located at 407 Mill Road Adrian, MI.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: 1,210 square feet on a 0.28‑acre parcel; Main level features reception, two offices, a kitchenette, and two bathrooms; Additional space on the upper level
