Retail Storefront with Commercial
For Sale
$850,000
731 W Michigan Ave, Saline, MI 48176
C-3 property includes additional retail, kitchen, and storage areas.
Property Size6,635 SF
Price / SF$128.11
Days on Market61
Property Features for 731 W Michigan Ave
General Information
Standard status
Active
Size
6,635 SF
Total Parking Spaces
20
Property subtype
Retail
Zoning
C-3
Building Details
Building Size
6,635 SF
Year Built
1956
Stories
1
Listing Agency:
The Charles Reinhart Co
Listed By:
Todd Lands · License #6506044616
(734) 645-2637
Source:
Cpix.resimplifi
Added: Jul 15
Changed: Sep 12
Last Checked: Sep 13 at 4:05AM
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 Co
Investment Insights
Based on property information with market context.
The 6,635-square-foot retail property includes a storefront occupied by Radio Shack, a second retail area, a commercial-grade kitchen, and a tall storage section. The kitchen has previously supported catering operations, while the additional retail space was most recently used by a wireless phone dealer. These distinct areas provide a varied commercial layout within the building.
Built in 1956, the property is located at 731 W Michigan Ave in Saline, Michigan, and carries C-3 zoning. The west-end configuration of Riverside Plaza combines customer-facing retail areas with back-of-house kitchen and storage space, supporting several established commercial formats subject to applicable approvals.
Built in 1956, the property is located at 731 W Michigan Ave in Saline, Michigan, and carries C-3 zoning. The west-end configuration of Riverside Plaza combines customer-facing retail areas with back-of-house kitchen and storage space, supporting several established commercial formats subject to applicable approvals.
Key Highlights
- 6,635 SF retail property in Saline, Michigan
- C‑3 zoning at 731 W Michigan Ave
- Commercial‑grade kitchen with prior catering use
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
7.25%
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 10.84%
Second Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,219 @ 7.0% cap · market cap 10.61%
Theoretical Best
Office A
$1.95M
$1.71M – $2.27M
NOI $136,469 @ 7.0% cap · market cap 16.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
12k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - C-3 property includes additional retail, kitchen, and storage areas.
Where is this storefront property located?
The property is located at 731 W Michigan Ave Saline, MI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6,635 SF retail property in Saline, Michigan; C‑3 zoning at 731 W Michigan Ave; Commercial‑grade kitchen with prior catering use
