Downtown Storefront with Wraparound
For Sale
$455,000
5454 Main Street, Lexington, MI 48450
COM/IND/BUS OPP, Lexington, MI
Property Size2,145 SF
Lot Size0.26 Acres
Price / SF$212.12
Days on Market177
Property Features for 5454 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Patio and Porch features
Patio
Exterior features
Deck/Patio, Fenced Yard, Garden Area, Fence Owned
Fencing
Fenced
Lot features
Main Street
Subdivision
Lexington (76035)
Standard status
Active
APN
152-300-000-020-01
Size
2,145 SF
Lot size
0.26 Acres
Utilities
Heating system
Oil, Baseboard
Water source
Public
Amenities
wrap-around porch
gardens
Building Details
Year built
1895
Roof type
Shingle
Additional Structures
Second Garage
Listing Agency:
Premier Properties Real Estate LLC · Coldwell Banker Real Estate
(810) 359-2000
Listed By:
Dennis Quinn · License #6501255171
(810) 334-2033
Added: Mar 13
Changed: Sep 2
Last Checked: Sep 5 at 5:06AM
MLS# 50201481
Copyright © 2026 Multiple Listing Service MiRealSource. 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.
Built in 1895, this 2,145-square-foot storefront occupies a 0.26-acre property in downtown Lexington. The one-and-a-half-story building features a wraparound porch, patio area, fenced grounds, and established perennial gardens. Baseboard heating fueled by oil, public water service, and a shingle roof are in place.
Accessory storage includes an 8x12 garden shed, an 8x10 utility barn, and a two-story 30x40 barn. The downtown setting supports pedestrian access within the village, while the outdoor areas provide additional space associated with the property’s commercial configuration. The existing layout and grounds offer a distinctive setting for continued storefront use or another business concept supported by the building and site.
Accessory storage includes an 8x12 garden shed, an 8x10 utility barn, and a two-story 30x40 barn. The downtown setting supports pedestrian access within the village, while the outdoor areas provide additional space associated with the property’s commercial configuration. The existing layout and grounds offer a distinctive setting for continued storefront use or another business concept supported by the building and site.
Key Highlights
- 2,145‑square‑foot storefront on a 0.26‑acre property
- Wraparound porch, patio, fenced yard, and perennial gardens
- Two‑story 30x40 barn provides additional storage
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 - Historic one-and-a-half-story commercial property with gardens, patio space, and multiple accessory structures.
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: 2,145‑square‑foot storefront on a 0.26‑acre property; Wraparound porch, patio, fenced yard, and perennial gardens; Two‑story 30x40 barn provides additional storage
