Mixed-Use Building with
For Sale
$279,900
409 N Evans Street, Tecumseh, MI 49286
COM/IND/BUS OPP, Tecumseh, MI
Property Size2,344 SF
Lot Size0.36 Acres
Price / SF$119.41
Days on Market213
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 · License #6501383951
(517) 902-5850
Added: Feb 9
Changed: Aug 19
Last Checked: Sep 10 at 11:06AM
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.
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 = 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
$19,281
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
6.89%
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%
$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
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
$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 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%
$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 9.23%
Second Best
Mixed Use
$275.4K
$241.0K – $321.4K
NOI $19,281 @ 7.0% cap · market cap 6.89%
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
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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
Check the figures for this property
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Market
Vacancy Rate% for Office in Midwest region
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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 $279,900.
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
