Two-Suite Strip Mall with
For Sale
$750,000
731733 731 & 733 W Michigan Ave, Saline, MI 48176
Flexible retail property with restaurant infrastructure, rear loading access, and substantial storage capacity.
Property Size6,635 SF
Price / SF$113.04
Days on Market18
Property Features for 731733 731 & 733 W Michigan Ave
General Information
Standard status
Active
Size
6,635 SF
Amenities
commercial kitchen
overhead door
storage area
Building Details
Year Built
1956
Listing Agency:
The Charles Reinhart Company
(734) 645-2637
Listed By:
Todd Lands, Todd Mercer · License #6506044616
Source:
Katie-k
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 29 at 6:24PM
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 6,635-square-foot strip mall includes two suites and was built in 1956. The property features a commercial kitchen with coolers and a prep kitchen, supporting restaurant or catering operations. A rear overhead door opens to a large storage area that can also accommodate retail or shop use.
The property is located at 731733 731 & 733 W Michigan Ave in Saline, Michigan, near a new data center. Its combination of storefront space, food-service infrastructure, rear access, and storage provides a range of commercial configurations within one building.
The property is located at 731733 731 & 733 W Michigan Ave in Saline, Michigan, near a new data center. Its combination of storefront space, food-service infrastructure, rear access, and storage provides a range of commercial configurations within one building.
Key Highlights
- Two suites totaling 6635 square feet
- Commercial kitchen with coolers and prep kitchen
- Rear overhead door provides access to a large 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
Current Use
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
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 - Flexible retail property with restaurant infrastructure, rear loading access, and substantial storage capacity.
Where is this strip mall located?
The property is located at 731733 731 & 733 W Michigan Ave 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 totaling 6635 square feet; Commercial kitchen with coolers and prep kitchen; Rear overhead door provides access to a large storage area
