Downtown Mixed-Use Building with
For Sale
$649,900
69206 N Main St, Richmond, MI 48062
Historic downtown property combines a medical clinic suite with leased apartment units and B-2 zoning for commercial use on the first two floors.
Property Size4,860 SF
Price / SF$133.72
Days on Market36
Property Features for 69206 N Main St
General Information
Standard status
Active
Size
4,860 SF
Zoning
B-2 Downtown Zoning
Additional Details
Multifamily Units
5
Building Details
Year Built
1920
Tenancy
Single
Listing Agency:
RE/MAX Classic
(248) 684-6655
Listed By:
Travis B Cota · License #253755
Source:
Katie-k
Added: Jul 26
Changed: Aug 30
Last Checked: Aug 30 at 12:28AM
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 RE/MAX Classic
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.
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 = 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
$57,737
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
8.88%
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%
$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
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
$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 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%
$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
NOI $57,737 @ 7.0% cap · market cap 8.88%
Second Best
Healthcare Medical
$727.9K
$636.9K – $849.2K
NOI $50,953 @ 7.0% cap · market cap 7.84%
Theoretical Best
Specialty Retail
$909.9K
$796.1K – $1.06M
NOI $63,691 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
