Historic Farmhouse
New
For Sale
$455,000
5454 Main Street, Lexington, MI 48450
Commercial-zoned downtown property with a wrap-around porch, gardens, and multiple outbuildings for additional storage.
Property Size2,145 SF
Days on Market7
Property Features for 5454 Main Street
General Information
Standard status
Active
Size
2,145 SF
Property subtype
Commercial
Zoning
Commercial
Building Details
Building Size
2,145 SF
Year Built
1895
Listing Agency:
Premier Properties Real Estate LLC
(810) 334-2033
Listed By:
Dennis Quinn · License #6501255171
Source:
Erareardonrealty
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 7:05AM
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 Premier Properties Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1895, this 1.5-story storefront occupies a farmhouse-style structure with a wrap-around porch and established perennial gardens that bloom across three seasons. The property has been used as a quaint shop and includes several separate storage improvements: an 8x12 garden shed, an 8x10 utility barn, and a two-story 30x40 barn.
The property is located at 5454 Main Street in downtown Lexington, with a walkable setting within the Village of Lexington. Commercial zoning supports its current retail-oriented configuration, while the porch, outdoor areas, and additional buildings provide distinct physical elements for continued business use. Existing house inventory is included, while barn inventory is negotiable.
The property is located at 5454 Main Street in downtown Lexington, with a walkable setting within the Village of Lexington. Commercial zoning supports its current retail-oriented configuration, while the porch, outdoor areas, and additional buildings provide distinct physical elements for continued business use. Existing house inventory is included, while barn inventory is negotiable.
Key Highlights
- 1895‑built 1.5‑story farmhouse‑style storefront
- Commercial zoning in downtown Lexington
- Wrap‑around porch with perennial gardens blooming three seasons
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
$22,267
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
4.89%
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%
$445,340
$445.3K
Cap Rate 7%
$318,100
$318.1K
Cap Rate 9%
$247,411
$247.4K
Market Conditions
NOI Build-Up for 2,145 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
$33.2K $15.48/SF
− Vacancy
−$1.4K −$0.65/SF
EGI
$31.8K $14.83/SF
− OpEx
−$9.5K −$4.45/SF
NOI
$22.3K $10.38/SF
Area
Sanilac 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%
$445,340
Cap Rate 7%
$318,100
Cap Rate 9%
$247,411
Alternative Uses
Best Use
Retail
$318.1K
$278.3K – $371.1K
NOI $22,267 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$455.6K
$398.6K – $531.5K
NOI $31,889 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
14k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
BP
Shops & Services
5,508 visits/mo
0.0 miles
Family Dollar
Shops & Services
3,907 visits/mo
0.2 miles
A&W Restaurant
Dining
3,410 visits/mo
0.3 miles
Jet's Pizza
Dining
1,614 visits/mo
0.1 miles
Demographics for 48450, MI
4,199
Population
4,113
Households
1
Avg Household Size
55
Median Age
23%
College-Educated
95%
High-School Grad
21.9 sq mi
ZIP Area
192
Density / Sq Mi
$58,297
Median Household Income
$33,892
Median Earnings
$855
Median Rent
$200,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial-zoned downtown property with a wrap-around porch, gardens, and multiple outbuildings for additional storage.
Where is this storefront property located?
The property is located at 5454 Main Street Lexington, MI.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: 1895‑built 1.5‑story farmhouse‑style storefront; Commercial zoning in downtown Lexington; Wrap‑around porch with perennial gardens blooming three seasons
