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    106 Lafayette St South Lyon, MI 48178

    For Sale
    $1,400,000

    6,800 SF Storefront, $1.4M Asking

    Property size:
    6,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional 6,800 square foot retail storefront, located at 106 S Lafayette St in the heart of downtown South Lyon, Michigan (48178), presents a compelling investment opportunity. Priced at $1,400,000, the property boasts a strong current net operating income of approximately $88,000, projected to increase annually due to built-in rent escalations within the existing leases. The building is a two-tenant property with leases commencing October 2024, offering lease terms of five and eight years respectively, providing long-term stability for the investor. Recent comprehensive renovations have enhanced the property's value and functionality. These upgrades include a new roof, a modernized split electrical system, a new HVAC system, and the completion of all necessary city code improvements. The property benefits from its convenient location, with a city-owned parking lot directly adjacent, ensuring ample free parking for tenants and customers. This turnkey investment offers a blend of immediate income generation and long-term growth potential in a thriving downtown area. The property is classified as a NNN lease type.

    Property Features for 106 Lafayette St

    General Information

    Property type
    Individual retail properties
    Square Feet
    6,800 SF

    HighLights

    • 6,800 SF retail building for sale in downtown South Lyon, MI.
    • $1,400,000 purchase price.
    • Two‑tenant building with 5 and 8‑year leases starting October 2024.
    • $88,000 annual net operating income (NOI) with built‑in rent increases.
    • Completely renovated with new roof, HVAC, electrical system, and all city code compliance.
    • Adjacent city‑owned parking lot with free parking.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    24 Hours Garage ... Home Help

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Clothing Store Building Supply Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    South Lyon
    County
    Oakland
    State
    Michigan
    Longitude
    -83.6517549
    Latitude
    42.4603014

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    FAQs

    What type of property is this?
    Individual retail property - 6,800 SF Storefront, $1.4M Asking
    Where is this individual retail property located?
    The property is located at 106 Lafayette St South Lyon, MI.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: 6,800 SF retail building for sale in downtown South Lyon, MI.; $1,400,000 purchase price.; Two-tenant building with 5 and 8-year leases starting October 2024.
    Request Owner's contact information
    106 Lafayette St South Lyon, MI 48178
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    South Lyon, MI 48178
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    Realmo Value Estimation

    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.

    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.

    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
    106 Lafayette St South Lyon, MI 48178
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