Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5481 Main St Lexington, MI 48450

    View on Map
    Claim this Listing
    New
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $175,000

    Distinctive octagon-shaped building in downtown Lexington, near Lake Huron.

    Type:Commercial
    Added:
    Apr 26, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 26 at 11:40 am

    Property Features for 5481 Main St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    Penny S Schwarzentraub

    Listing agent Penny S Schwarzentraub License #6502112481

    Listing office Town & Country Realty L.L.C

    Listing date Apr 26, 2026

    Source Elliman

    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 Town & Country Realty L.L.C

    Overview

    Unique Commercial Space in Lexington

    This unique octagon-shaped commercial space is located in the Village of Lexington. The building's distinctive architectural design and high visibility offer unmatched character, drawing in foot traffic. The versatile layout is suitable for various uses, including boutique retail, coffee shop, art gallery, wellness studio, or professional office. Situated in the heart of downtown, the property is near local shops, restaurants, the marina, and the shoreline of Lake Huron. This location is ideal for a thriving niche business. The building has a walk score of 59, indicating it is somewhat walkable, and a bike score of 43, meaning it is somewhat bikeable.
    Location Intelligence

    Current Use by Public Records

    Lexington Art Glass Factory Art Affair Theater & Performing Art Venue

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Sanilac
    State
    Michigan
    Longitude
    -82.531071
    Latitude
    43.268119

    Nearby Similar for Sale

    • $455,000
      2,145 SF

      Turn-Key Commercial Property in Lexington

      Charming commercial property with inventory included in downtown Lexington.
      5454 Main, Lexington, MI 48450
      View Details
    • $175,000
      360 SF

      Unique Commercial Space in Lexington

      Distinctive commercial building in the heart of Lexington, Michigan.
      5481 Main, Lexington, MI 48450
      View Details
    • $700,000
      2,350 SF

      74.89 Acre Agricultural Land Parcel

      74.89 acres of tillable farmland with woods and pond.
      6471 Burns Line, Lexington, MI 48450
      View Details
    • $349,900
      1,600 SF

      Main Street Commercial Building, Lexington

      Commercial building with private parking and residential income potential.
      5520 Main, Lexington, MI 48450
      View Details
    • $199,900
      5,272 SF

      Lexington Commercial Property with Licenses

      Commercial property with licenses and living quarters in Lexington, MI.
      7023 Lakeshore, Lexington, MI 48450
      View Details

    FAQs

    What type of property is this?
    Storefront property - Distinctive octagon-shaped building in downtown Lexington, near Lake Huron.
    Where is this storefront property located?
    The property is located at 5481 Main St Lexington, MI.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: Unique octagon‑shaped building with unmatched character and high visibility.; Prime downtown location steps from shops, restaurants, marina, and Lake Huron shoreline.; Versatile layout suitable for various businesses (retail, coffee shop, gallery, office, etc.).
    (810) 434-5488
    We can help!
    Listing Contact
    Penny S Schwarzentraub
    Real Estate License ID: 6502112481
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!