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    Commercial Building with Private Parking Title is generated by Realmo AI

    5520 Main Street, Lexington, MI 48450

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    Claim this Listing
    Pending
    $349,900

    COMMERCIAL - Lexington, MI

    Property size:
    1,600 SF
    Lot size:
    0.10 Acres
    Added:
    Sep 20, 2025
    Days on Market:
    258
    Last Refresh:
    Jun 4 at 9:06 am

    Property Features for 5520 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Patio and Porch features
    Patio
    Exterior features
    Deck/Patio, Fence Owned
    Fencing
    Fenced
    Standard status
    Pending
    APN
    152-320-000-057-00
    Size
    1,600 SF
    Lot size
    0.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5655

    Utilities

    Heating system
    Heat Pump (Heating), Wall Furnace
    Cooling system
    Heat Pump
    Water source
    Public

    We can help!

    Listing Contact
    Michael Rickerman
    Michael Rickerman

    Listing agent Michael Rickerman License #6506045489

    Listing office Epique Inc. 411 S Main Street, Houston, MI

    Listing date Sep 20, 2025

    MLS# 50189112

    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.

    HighLights

    • Commercial building on Main Street (M‑25) in the Village of Lexington with private parking and public utilities
    • Main floor leased long‑term; Cadillac House Hotel uses the space as its exercise/fitness facility
    • Upper level includes 2‑bedroom, 1‑bath living quarters currently used as an AirBnB by the owners
    • Recent updates include new roof (2020), vinyl siding (2020), and new windows for the main floor and upper units (2020)
    • Comfort features include natural gas wall furnaces for each level plus mini‑splits; heat pump provides heating and cooling
    • Additional improvements include a new rear deck (2021), new upper door (2021), and new washer/dryer for the upper unit (2024)

    Overview

    This commercial building at 5520 Main Street is set up as a mixed-use property with income-generating space on the main level and separate living quarters above. The main floor is on a long-term lease as the Cadillac House Hotel’s exercise/fitness facility. The upper level features a 2-bedroom, 1-bath living unit currently used by the owners as a popular AirBnB.

    The property is located on the 1st block south of the light in the heart of the village on Main Street (M-25). On-site private parking is available, and the building is described as move-in ready. Recent renovations include a new roof (2020), vinyl siding (2020), and new windows for the main floor and upper units (2020), along with a new rear deck (2021) and a new door for the upper unit (2021). A washer and dryer for the upper unit were added in 2024.

    Utilities include city water and city sewer, with natural gas wall furnaces for each level plus mini-splits providing additional heating and cooling. With a leased fitness facility already in place and separate upper-level living space, the property may appeal to buyers seeking an owner-operator setup or a building designed to support both commercial and short-term rental use.
    Property Profile Location Intelligence

    Current Use by Public Records

    TruePoint Investigations, Inc Law Firm

    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
    -82.531292
    Latitude
    43.267815

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    FAQs

    What type of property is this?
    Fitness center & gym - Mixed-use building on Main Street with private parking, a leased fitness facility, and updated heating and building improvements.
    Where is this fitness center & gym located?
    The property is located at 5520 Main Street Lexington, MI.
    What is the asking price?
    The asking price for this property is $349,900.
    What are key features of this property?
    This property features: Commercial building on Main Street (M‑25) in the Village of Lexington with private parking and public utilities; Main floor leased long‑term; Cadillac House Hotel uses the space as its exercise/fitness facility; Upper level includes 2‑bedroom, 1‑bath living quarters currently used as an AirBnB by the owners
    (810) 712-1568
    We can help!
    Listing Contact
    Michael Rickerman
    Michael Rickerman
    Real Estate License ID: 6506045489
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    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.

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