2018-Built Retail
For Sale
$1,099,999
900 E Michigan Avenue, Saline, MI 48176
Retail building built in 2018 with a long-term optical tenant in place and limited landlord responsibilities.
Property Size2,548 SF
Days on Market76
Property Features for 900 E Michigan Avenue
General Information
Standard status
Active
Size
2,548 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$22,058
Building Details
Building Size
2,548 SF
Year Built
2018
Buildings
1
Units
1
Listing Agency:
Berkshire Hathaway HomeServices MI
(269) 344-8599
Listed By:
Ryan Rider · License #6501273398
Source:
Eliterealtymi
Added: Jun 10
Changed: Aug 23
Last Checked: Aug 23 at 6:22AM
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 Berkshire Hathaway HomeServices MI
Investment Insights
Based on property information with market context.
This for-sale retail building was built in 2018 and is currently operating as an optical retailer. The asset is described as having a long-term tenant in place, with very limited landlord responsibilities.
The property is located at 900 E Michigan Ave in Saline, Michigan. The surrounding area is characterized as somewhat bikeable and car-dependent based on the provided BikeScore and WalkScore data.
For investors and buyers considering a long-term hold, the current configuration and tenant profile support an operator-ready retail use without requiring immediate re-tenanting. The seller’s remarks also note that the tenant is a corporate optical operator with over 900 locations across 34 states, and the property is presented as an option for a 1031 exchange strategy.
The property is located at 900 E Michigan Ave in Saline, Michigan. The surrounding area is characterized as somewhat bikeable and car-dependent based on the provided BikeScore and WalkScore data.
For investors and buyers considering a long-term hold, the current configuration and tenant profile support an operator-ready retail use without requiring immediate re-tenanting. The seller’s remarks also note that the tenant is a corporate optical operator with over 900 locations across 34 states, and the property is presented as an option for a 1031 exchange strategy.
Key Highlights
- Retail building built in 2018
- Long‑term tenant in place (currently used as an optical retailer)
- Corporate tenant with over 900 locations in 34 states
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
$34,646
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
3.15%
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%
$692,920
$692.9K
Cap Rate 7%
$494,943
$494.9K
Cap Rate 9%
$384,956
$385.0K
Market Conditions
NOI Build-Up for 2,548 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
$53.5K $21.00/SF
− Vacancy
−$4.0K −$1.58/SF
EGI
$49.5K $19.43/SF
− OpEx
−$14.8K −$5.83/SF
NOI
$34.6K $13.60/SF
Area
Washtenaw County, MI
Vacancy
7.50%
Lease Rate
$21.00 /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%
$692,920
Cap Rate 7%
$494,943
Cap Rate 9%
$384,956
Alternative Uses
Best Use
Retail
$494.9K
$433.1K – $577.4K
NOI $34,646 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$748.7K
$655.1K – $873.5K
NOI $52,407 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
11,582 visits/mo
0.2 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?
Retail space - Retail building built in 2018 with a long-term optical tenant in place and limited landlord responsibilities.
Where is this retail space located?
The property is located at 900 E Michigan Avenue Saline, MI.
What is the asking price?
The asking price for this property is $1,099,999.
What are key features of this property?
This property features: Retail building built in 2018; Long‑term tenant in place (currently used as an optical retailer); Corporate tenant with over 900 locations in 34 states
