Building Details

Year Built 1920

Tenancy Single

Listing Agency: RE/MAX Classic

Listed By: Travis B Cota · License #6501253755 Show Phone

Source: Katie-k

Added: Jul 26 Changed: Oct 4 Last Checked: Oct 7 at 3:09PM

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Investment Insights

Based on property information with market context.

Built in 1920, this 4,860-square-foot mixed-use property occupies a downtown Richmond location and includes a functioning medical sports recovery clinic in Suite 1-A. Five additional apartments are part of the income-producing configuration, with leases in place. The building’s storefront windows provide substantial street-facing display area, while front and rear doors with sidelights and transoms were updated in 2026.

B-2 Downtown zoning permits commercial uses on the first two floors. The property is positioned on N Main St within Richmond’s historic downtown, providing a combination of commercial storefront space and residential units in one building.

Key Highlights

• 4,860‑square‑foot mixed‑use building constructed in 1920
• Medical sports recovery clinic operating from Suite 1‑A
• Five additional apartments with leases in place

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,737

Cap Rate

8.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,154,740 $1.2M

Cap Rate 7%

$824,814 $824.8K

Cap Rate 9%

$641,522 $641.5K

Market Conditions

NOI Build-Up for 4,860 SF

Gross rent

$105.0K $21.60/SF

− Vacancy

−$12.6K −$2.59/SF

EGI

$92.4K $19.01/SF

− OpEx

−$34.6K −$7.13/SF

NOI

$57.7K $11.88/SF

Area

Macomb County, MI

Vacancy

12.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,154,740

Cap Rate 7%

$824,814

Cap Rate 9%

$641,522

Alternative Uses

Best Use

Mixed Use

$824.8K

$721.7K – $962.3K (±1% cap)

NOI $57,737 @ 7.0% cap · market cap 8.88%

Second Best

Healthcare Medical

$727.9K

$636.9K – $849.2K (±1% cap)

NOI $50,953 @ 7.0% cap · market cap 7.84%

Theoretical Best

Specialty Retail

$909.9K

$796.1K – $1.06M (±1% cap)

NOI $63,691 @ 7.0% cap · market cap 9.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Law Firm Real Estate Agency Restaurant Parking Lot & Garage Electrical Service Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

319

Businesses Nearby

Explore this area Business Placement

Demographics for 48062, MI

9,375

Population

3,631

Households

2.6

Avg Household Size

43

Median Age

25%

College-Educated

86%

High-School Grad

39.5 sq mi

ZIP Area

237

Density / Sq Mi

$75,763

Median Household Income

$39,181

Median Earnings

$882

Median Rent

$249,000

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Historic downtown property combines a medical clinic suite with leased apartment units and B-2 zoning for commercial use on the first two floors.

Where is this mixed-use property located?

The property is located at 69206 N Main St Richmond, MI.

What is the asking price?

The asking price for this property is $649,900.

What are key features of this property?

This property features: 4,860‑square‑foot mixed‑use building constructed in 1920; Medical sports recovery clinic operating from Suite 1‑A; Five additional apartments with leases in place