Commercial Land in Prime
For Sale
$199,999
Pending
80375 MAIN St, Memphis, MI 48041
Blank slate with commercial overlay, ideal for offices.
Property Size4,232 SF
Lot Size0.76 Acres
Days on Market164
Property Features for 80375 MAIN St
General Information
Standard status
Pending
Size
4,232 SF
Lot size
0.76 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,177
Building Details
Building Size
4,232 SF
Year Built
1946
Listing Agency:
(586) 201-6280
Listed By:
Nathan E Smith
(586) 201-6280
Source:
Elliman
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 20 at 10:02AM
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 Nathan E Smith
Investment Insights
Based on property information with market context.
This property presents a blank slate with many potential uses. It features a commercial overlay, making it suitable for offices, doctors' offices, dentists' offices, and various other commercial applications. The location is in the heart of Memphis, within walking distance of small-town amenities.
Key Highlights
- Commercial overlay allows for various business uses such as offices, doctors, and dentists.
- Blank slate to build the home of your dreams.
- Perfect location in the heart of Memphis.
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
$14,569
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
7.28%
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%
$291,380
$291.4K
Cap Rate 7%
$208,129
$208.1K
Cap Rate 9%
$161,878
$161.9K
Market Conditions
NOI Build-Up for 4,232 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
$25.4K $6.00/SF
− Vacancy
−$6.0K −$1.41/SF
EGI
$19.4K $4.59/SF
− OpEx
−$4.9K −$1.15/SF
NOI
$14.6K $3.44/SF
Area
St. Clair County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$291,380
Cap Rate 7%
$208,129
Cap Rate 9%
$161,878
Alternative Uses
Best Use
Office B
$208.1K
$182.1K – $242.8K
NOI $14,569 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.18M
$2.78M – $3.71M
NOI $222,703 @ 7.0% cap · market cap 111.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 48041, MI
4,332
Population
1,838
Households
2.4
Avg Household Size
45
Median Age
17%
College-Educated
93%
High-School Grad
40.0 sq mi
ZIP Area
108
Density / Sq Mi
$87,599
Median Household Income
$50,551
Median Earnings
$867
Median Rent
$296,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Blank slate with commercial overlay, ideal for offices.
Where is this commercial land located?
The property is located at 80375 MAIN St Memphis, MI.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: Commercial overlay allows for various business uses such as offices, doctors, and dentists.; Blank slate to build the home of your dreams.; Perfect location in the heart of Memphis.
