Mixed-Use Building with
For Sale
$249,900
409 N Evans Street, Tecumseh, MI 49286
A ground-floor salon and upstairs residence support a business operation with living space in the same building.
Property Size2,344 SF
Price / SF$106.61
Days on Market261
Property Features for 409 N Evans Street
General Information
Standard status
Active
Size
2,344 SF
Property subtype
Commercial
Additional Details
Mixed-Use Components
retail, residential
Taxes and HOA fees
Annual Taxes
$279
Amenities
separate drying room
breakroom
two half baths
reception area with seating
fireplace
eat-in kitchen
private paved parking lot
Building Details
Building Size
2,344 SF
Year Built
1950
Buildings
1
Listing Agency:
Goedert Real Estate - Adr
(517) 265-9644
Listed By:
Dave Cubberly · License #6501383951
(517) 902-5850
Source:
Housewant
Added: Feb 9
Changed: Oct 27
Last Checked: Oct 27 at 4:36AM
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 Goedert Real Estate - Adr
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Investment Insights
Based on property information with market context.
Built in 1950, this mixed-use building pairs a ground-floor beauty salon with a second-floor apartment measuring 1,172 sq.ft. The salon has five stations, a separate drying room, a breakroom, two half baths, and a reception area with seating; salon equipment is included. Upstairs, the two-bedroom apartment features an eat-in kitchen and a living room with a fireplace, with space described for a home office or additional living area.
The property is three blocks from downtown Tecumseh, on N Evans Street. Shopping, dining, and entertainment are within walking distance, and the apartment overlooks Evans Creek. A private paved parking lot is on site, with room to expand.
The property is three blocks from downtown Tecumseh, on N Evans Street. Shopping, dining, and entertainment are within walking distance, and the apartment overlooks Evans Creek. A private paved parking lot is on site, with room to expand.
Key Highlights
- Ground‑floor salon includes 5 stations, a separate drying room, breakroom, two half baths, and reception seating
- Salon equipment included in the sale
- Second‑floor 2‑bedroom apartment measures 1,172 sq.ft.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,281
Cap Rate
7.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,620
$385.6K
Cap Rate 7%
$275,443
$275.4K
Cap Rate 9%
$214,233
$214.2K
Market Conditions
NOI Build-Up for 2,344 SF
Gross rent
$34.3K $14.64/SF
− Vacancy
−$3.5K −$1.48/SF
EGI
$30.9K $13.16/SF
− OpEx
−$11.6K −$4.94/SF
NOI
$19.3K $8.23/SF
Area
Lenawee County, MI
Vacancy
10.10%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,620
Cap Rate 7%
$275,443
Cap Rate 9%
$214,233
Alternative Uses
Best Use
Office B
$368.9K
$322.8K – $430.4K
NOI $25,822 @ 7.0% cap · market cap 10.33%
Second Best
Retail
$347.6K
$304.2K – $405.6K
NOI $24,333 @ 7.0% cap · market cap 9.74%
Theoretical Best
Multifamily LT 5
$29.08M
$25.45M – $33.93M
NOI $2,035,719 @ 7.0% cap · market cap 814.61%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
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Business Placement
Demographics for 49286, MI
14,991
Population
6,144
Households
2.4
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
58.2 sq mi
ZIP Area
258
Density / Sq Mi
$73,054
Median Household Income
$37,480
Median Earnings
$954
Median Rent
$221,800
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A ground-floor salon and upstairs residence support a business operation with living space in the same building.
Where is this mixed-use property located?
The property is located at 409 N Evans Street Tecumseh, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Ground‑floor salon includes 5 stations, a separate drying room, breakroom, two half baths, and reception seating; Salon equipment included in the sale; Second‑floor 2‑bedroom apartment measures 1,172 sq.ft.
