Two-Suite Strip Mall
For Sale
$750,000
731 & 733 W Michigan Avenue, Saline, MI 48176
Two adjoining suites combine retail space, a commercial kitchen, and rear storage access.
Property Size6,635 SF
Days on Market20
Property Features for 731 & 733 W Michigan Avenue
General Information
Standard status
Active
Size
6,635 SF
Property subtype
Commercial
Zoning
C-3
Additional Details
Cold Storage
Yes
Taxes and HOA fees
Annual Taxes
$9,943
Amenities
commercial kitchen with coolers and prep kitchen
overhead door leading to storage area
Building Details
Building Size
6,635 SF
Year Built
1956
Buildings
1
Stories
6635
Units
2
Listing Agency:
The Charles Reinhart Company
(734) 645-2637
Listed By:
Todd Lands · License #6506044616
(734) 645-2637
Source:
Thebrokeragehouse
Added: Aug 5
Changed: Aug 23
Last Checked: Aug 23 at 6:36AM
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 The Charles Reinhart Company
Investment Insights
Based on property information with market context.
This two-suite strip mall property includes retail space supported by a commercial kitchen with coolers and a prep area. The rear portion contains a large overhead door and an extensive storage area, adding flexibility to the existing layout. The property has a long history as a cellular store and includes features that may accommodate continued retail use or food-service-related operations, subject to applicable approvals.
Located at 731 & 733 W Michigan Ave in Saline, the property is near a new data center. Built in 1956, the building also carries a Walk Score of 30 and a Bike Score of 27, reflecting a setting where automobile access is more prevalent than pedestrian or bicycle travel.
Located at 731 & 733 W Michigan Ave in Saline, the property is near a new data center. Built in 1956, the building also carries a Walk Score of 30 and a Bike Score of 27, reflecting a setting where automobile access is more prevalent than pedestrian or bicycle travel.
Key Highlights
- Two suites within a Westside Saline strip mall
- Commercial kitchen with coolers and prep kitchen
- Large rear overhead door serving the storage area
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
$61,586
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
8.21%
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%
$1,231,720
$1.2M
Cap Rate 7%
$879,800
$879.8K
Cap Rate 9%
$684,289
$684.3K
Market Conditions
NOI Build-Up for 6,635 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
$99.5K $15.00/SF
− Vacancy
−$11.5K −$1.74/SF
EGI
$88.0K $13.26/SF
− OpEx
−$26.4K −$3.98/SF
NOI
$61.6K $9.28/SF
Area
Washtenaw County, MI
Vacancy
11.60%
Lease Rate
$15.00 /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%
$1,231,720
Cap Rate 7%
$879,800
Cap Rate 9%
$684,289
Alternative Uses
Best Use
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,116 @ 7.0% cap · market cap 12.28%
Second Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,219 @ 7.0% cap · market cap 12.03%
Theoretical Best
Office A
$1.95M
$1.71M – $2.27M
NOI $136,469 @ 7.0% cap · market cap 18.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
11,582 visits/mo
0.1 miles
Demographics for 48176, MI
22,833
Population
9,076
Households
2.5
Avg Household Size
44
Median Age
58%
College-Educated
96%
High-School Grad
70.8 sq mi
ZIP Area
323
Density / Sq Mi
$110,987
Median Household Income
$53,263
Median Earnings
$1,161
Median Rent
$384,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Two adjoining suites combine retail space, a commercial kitchen, and rear storage access.
Where is this strip mall located?
The property is located at 731 & 733 W Michigan Avenue Saline, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two suites within a Westside Saline strip mall; Commercial kitchen with coolers and prep kitchen; Large rear overhead door serving the storage area
