Commercial Building with
For Sale
$279,900
409 N Evans Street, Tecumseh, MI 49286
Commercial building with salon and apartment near downtown Tecumseh.
Property Size2,344 SF
Price / SF$119.41
Days on Market198
Property Features for 409 N Evans Street
General Information
Standard status
Active
Size
2,344 SF
Property subtype
Industrial
Amenities
Central Air
3
100179101167
Building Details
Year Built
1950
Listing Agency:
Adr
(517) 902-5850
Listed By:
Goedert Real Estate · License #6501383951
(517) 902-5850
Source:
Xome
Added: Feb 7
Changed: Aug 23
Last Checked: Aug 23 at 4:31AM
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 Adr
Investment Insights
Based on property information with market context.
This commercial building is located three blocks from downtown Tecumseh, on a main thoroughfare with high traffic exposure. The lower level is currently configured as a beauty salon, featuring five stations, a separate drying room, a breakroom, two half baths, and a reception area with seating. All salon equipment is included in the sale. The second floor comprises a 1,172 square foot, 2-bedroom apartment. The apartment includes a large eat-in kitchen with natural light and views of Evans Creek. The spacious living room includes a fireplace and is large enough to accommodate two living spaces or a home office. The building is suitable for an owner/operator looking to live on-site. A private paved parking lot offers room for expansion. The property is a short walk to shopping, dining, and entertainment. The walk score is 44, indicating car-dependence, and the bike score is 41, indicating it is somewhat bikeable.
Key Highlights
- Commercial building with high traffic exposure, 3 blocks from downtown Tecumseh.
- Includes a fully equipped beauty salon with five stations on the lower level.
- Features a 1,172 sq. ft., 2‑bedroom apartment on the second floor.
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
$24,333
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
8.69%
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%
$486,660
$486.7K
Cap Rate 7%
$347,614
$347.6K
Cap Rate 9%
$270,367
$270.4K
Market Conditions
NOI Build-Up for 2,344 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
$36.3K $15.48/SF
− Vacancy
−$1.5K −$0.65/SF
EGI
$34.8K $14.83/SF
− OpEx
−$10.4K −$4.45/SF
NOI
$24.3K $10.38/SF
Area
Lenawee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$486,660
Cap Rate 7%
$347,614
Cap Rate 9%
$270,367
Alternative Uses
Best Use
Retail
$347.6K
$304.2K – $405.6K
NOI $24,333 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$29.08M
$25.45M – $33.93M
NOI $2,035,719 @ 7.0% cap · market cap 727.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial building with salon and apartment near downtown Tecumseh.
Where is this retail space located?
The property is located at 409 N Evans Street Tecumseh, MI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Commercial building with high traffic exposure, 3 blocks from downtown Tecumseh.; Includes a fully equipped beauty salon with five stations on the lower level.; Features a 1,172 sq. ft., 2‑bedroom apartment on the second floor.
