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    115 S Main St Chelsea, MI 48118

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    For Lease
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    Prime commercial space in downtown Chelsea with restaurant infrastructure.

    Type:Retail, Office, Restaurant
    Property size:
    3,163 SF
    Added:
    Jul 1, 2024
    Days on Market:
    653
    Last Refresh:
    Mar 17 at 1:22 pm

    Property Features for 115 S Main St

    General Information

    Standard status
    Active
    Size
    3,163 SF
    Property subtype
    Retail, Office, Restaurant

    Spaces For Lease

    at 115 S Main St Contact us

    $25 /Mo

    Size
    3,163 SF
    Type
    Retail, Office, Restaurant
    Contact us

    We can help!

    Listing Contact
    Jeff Evans

    Listing agent Jeff Evans License #MI 6501248033

    Listing office Swisher Commercial

    Listing date Jul 1, 2024

    Source Crexi

    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 Swisher Commercial

    Overview

    Downtown Chelsea Commercial Space Available

    Located in the heart of downtown Chelsea, this commercial space, formerly the Chelsea Ale House, offers 3,163 square feet of space with an additional 255 square feet of basement storage. The space features hardwood floors and exposed brick walls. New windows and a deck for outdoor seating at the rear of the suite are upcoming. The space includes existing equipment and a fully functional restaurant infrastructure. It includes one private restroom, with access to two additional restrooms located in the common area just outside the back entry. Parking is available in the rear of the building as well as street parking in front. Situated on Main Street, this location offers high visibility and foot traffic. This space is suitable for a new dining establishment or any other venture requiring similar setups, and is ideal for entrepreneurs seeking to establish a presence in downtown Chelsea.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chelsea
    County
    Washtenaw
    State
    Michigan
    Longitude
    -84.020116
    Latitude
    42.3175667

    Nearby Similar for Lease

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      Renovated Office Space Near I-94

      3,684 SF renovated office space with ample parking.
      50 S Fletcher Rd, Chelsea, MI 48118
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      Retail Space for Lease

      Retail space available for lease at 1620 S Main St.
      1620 S Main St, Chelsea, MI 48118
      View Details
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      Chelsea Workshop and Office Space

      4,130 SF flex space near Chelsea Fairgrounds.
      20401 W Old US Hwy 12, Chelsea, MI 48118
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      Retail Building in Chelsea, MI

      Multi-tenant retail building totaling 31,986 SF on 4.64 acres.
      1145-1171 S. Main St., Chelsea, MI 48118
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Prime commercial space in downtown Chelsea with restaurant infrastructure.
    Where is this conventional restaurant located?
    The property is located at 115 S Main St Chelsea, MI.
    What are key features of this property?
    This property features: Prime downtown Chelsea location on Main Street with high visibility and foot traffic.; Equipped restaurant infrastructure ready for immediate use, ideal for a new dining establishment.; Spacious 3,163 square feet with **charming hardwood floors and exposed brick walls.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeff Evans
    Real Estate License ID: MI 6501248033
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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