Redevelopment Site or Auto
For Sale
$1,600,000
1251 N Main St, Ann Arbor, MI 48103
1.1 acre site suitable for redevelopment or auto body shop.
Property Size4,000 SF
Lot Size1.10 Acres
Price / SF$400
Days on Market768
Property Features for 1251 N Main St
General Information
Standard status
Active
Size
4,000 SF
Total Parking Spaces
15
Lot size
1.10 Acres
Property subtype
Industrial
Zoning
Fringe Commerical
Building Details
Building Size
4,000 SF
Year Built
1956
Buildings
1
Stories
1
Listing Agency:
Signature Associates - Southfield
Listed By:
Drake Filippis · License #6505240607
(248) 799-3161
Source:
Cpix.resimplifi
Added: Aug 29, 2024
Changed: Oct 5
Last Checked: Oct 5 at 3:17PM
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 Signature Associates - Southfield
Investment Insights
Based on property information with market context.
This 1.1-acre property is suitable for redevelopment or continued use as an auto body and collision shop. The property offers by-right self-storage development potential. The building size is 4000 square feet. The seller will provide an exceptional contract.
Key Highlights
- 1.1 Acre Redevelopment Site
- By Right‑Self Storage Development
- Current Use as Auto Body/Collision Shop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,376
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$947,520
$947.5K
Cap Rate 7%
$676,800
$676.8K
Cap Rate 9%
$526,400
$526.4K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$72.0K $18.00/SF
− Vacancy
−$4.3K −$1.08/SF
EGI
$67.7K $16.92/SF
− OpEx
−$20.3K −$5.08/SF
NOI
$47.4K $11.84/SF
Area
Ann Arbor, MI
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$947,520
Cap Rate 7%
$676,800
Cap Rate 9%
$526,400
Alternative Uses
Best Use
Retail
$676.8K
$592.2K – $789.6K
NOI $47,376 @ 7.0% cap · market cap 2.96%
Second Best
Self Storage
$488.4K
$427.4K – $569.8K
NOI $34,188 @ 7.0% cap · market cap 2.14%
Theoretical Best
Office A
$883.4K
$773.0K – $1.03M
NOI $61,839 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48103, MI
55,605
Population
25,511
Households
2.2
Avg Household Size
40
Median Age
75%
College-Educated
97%
High-School Grad
66.5 sq mi
ZIP Area
836
Density / Sq Mi
$115,513
Median Household Income
$65,698
Median Earnings
$1,760
Median Rent
$455,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - 1.1 acre site suitable for redevelopment or auto body shop.
Where is this auto shop located?
The property is located at 1251 N Main St Ann Arbor, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 1.1 Acre Redevelopment Site; By Right‑Self Storage Development; Current Use as Auto Body/Collision Shop
