Mixed-Use Building with
For Sale
$249,900
409 N Evans Street, Tecumseh, MI 49286
COM/IND/BUS OPP, Tecumseh, MI
Property Size2,344 SF
Lot Size0.36 Acres
Price / SF$106.61
Days on Market261
Property Features for 409 N Evans Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Tecumseh (46043)
Standard status
Active
APN
XTO-300-8090-00
Size
2,344 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
279
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Listing Agency:
Goedert Real Estate - Adr
(517) 265-9644
Listed By:
Dave Cubberly
(517) 902-5850
Added: Feb 9
Changed: Oct 13
Last Checked: Oct 28 at 7:06PM
MLS# 50199047
Copyright © 2026 Lenawee County Association of REALTORS®. 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 2,344-square-foot mixed-use building, constructed in 1950, combines an operating salon with residential space. The lower level includes five salon stations, a dedicated drying room, breakroom, reception seating, and two half baths. Salon equipment is included. The 1,172-square-foot second floor contains a two-bedroom apartment with an eat-in kitchen, natural light, a living room with fireplace, and views overlooking Evans Creek.
The property sits three blocks from downtown Tecumseh along a main thoroughfare, within walking distance of shopping, dining, and entertainment. A private paved parking lot serves the building and offers room for expansion. Building systems include forced-air heat, central air, and public water.
The property sits three blocks from downtown Tecumseh along a main thoroughfare, within walking distance of shopping, dining, and entertainment. A private paved parking lot serves the building and offers room for expansion. Building systems include forced-air heat, central air, and public water.
Key Highlights
- 2,344‑square‑foot mixed‑use building on 0.36 acres
- 1,172‑square‑foot, 2‑bedroom apartment occupies the entire second floor
- Lower‑level salon includes five stations, drying room, breakroom, reception area, and two half baths
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
Mixed Use
$275.4K
$241.0K – $321.4K
NOI $19,281 @ 7.0% cap · market cap 7.72%
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 - Commercial space with a salon below and a two-bedroom apartment above.
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: 2,344‑square‑foot mixed‑use building on 0.36 acres; 1,172‑square‑foot, 2‑bedroom apartment occupies the entire second floor; Lower‑level salon includes five stations, drying room, breakroom, reception area, and two half baths
