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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    119 Main St Chelsea, MI 48118-1542

    • Retail space
    • 3,969 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Sep 24, 2024
    $600,000
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    9%
    Retail space
    Location Intelligence
    Property ID
    US43-1574831
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 119 Main St

    Year built
    1900
    Lot size
    0.06 lot acres
    Property size
    3,969 SF
    Zone code
    C5 CENT
    Property type
    Retail space
    APN
    06-06-12-183-020
    APU
    60612183020

    Description

    This exceptional 2,648-square-foot commercial space, located at 119 S Main St in Chelsea, Michigan (zip code 48118), presents a unique opportunity for a variety of businesses. The property, situated in the heart of downtown Chelsea, offers high visibility and significant foot traffic, ensuring maximum exposure. The building, renovated in 2024, features a charming blend of historic character and modern functionality. The main level encompasses 2,148 square feet (22' x 100'), providing ample space for retail or office use. An additional 500 square feet is available on the lower level, currently accessible via an internal staircase. The interior boasts exposed brick walls and hardwood flooring, creating an attractive aesthetic suitable for diverse build-out options. The C-5 (Central Business District) zoning allows for flexible use. Convenient parking is available both in the rear of the building and on the street. This single-tenant space, within a two-story building with 12-foot ceilings, is ideal for entrepreneurs seeking a prime location in a thriving downtown area. The property's combination of historic charm, modern updates, and excellent location makes it an exceptional investment opportunity. The address is easily accessible via Middle Cross Street.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $600,000
      ML approach
      $600,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $900,000
      6.5%
      $830,000
      7%
      $770,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $453,000
      Market price range: $281k - $600k
      AI Estimate
      $453,000
      Market price range: $281k - $600k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $455,000
      Current use
      OFFICE BUILDING
      $600,000
      Change: +31% Conversion: Easy
      COMMERCIAL (GENERAL)
      $570,000
      Change: +24% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chelsea
    County
    Washtenaw
    State
    Michigan
    Longitude
    -84.0201
    Latitude
    42.3175
    CBSA code
    11460
    CBSA name
    ANN ARBOR, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $10,976
    $0.00
    $0.00
    $207,000
    -
    $0.00
    $0.00
    $414,000

    Comparable in this City

    • Value Estimation by Request
      4,556 SF

      104 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,556 SF
      104 Main St, Chelsea, MI 48118-1264
      View Details
    • Value Estimation by Request
      2,013 SF

      108 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,013 SF
      108 Main St, Chelsea, MI 48118-1266
      View Details
    • Value Estimation by Request
      2,921 SF

      102 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,921 SF
      102 Main St, Chelsea, MI 48118-1266
      View Details
    • Value Estimation by Request
      3,955 SF

      113 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,955 SF
      113 Main St, Chelsea, MI 48118-1265
      View Details
    • Value Estimation
      $630,000
      3,377 SF

      102 Middle St

      RETAIL STORES (PERSONAL SERVICES) • 3,377 SF
      102 Middle St, Chelsea, MI 48118-1033
      View Details
    • Value Estimation
      $400,000
      3,811 SF

      113 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,811 SF
      113 Main St, Chelsea, MI 48118-1263
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Turnkey Restaurant at Robin Hills Farm

      Fully equipped restaurant for lease in Chelsea, Michigan.
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      Mixed-Use Building with Long-Term Tenants

      Fully occupied mixed-use building with diverse, long-term tenants.
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      Chelsea Industrial Space For Lease

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    • $525,000
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      Chelsea Mixed-Use Land - 3.7 Acres

      Prime Chelsea location, mixed-use potential.
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      Chelsea Land Development Opportunity

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    Similar Nearby for Lease

    • $13 SF/Yr
      1,400 SF

      Retail Space in Renovated Center

      Retail space available in a recently renovated shopping center.
      1145 S Main St, Chelsea, MI 48118
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    • $18 SF/Yr
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      Chelsea Retail Space For Rent

      Retail or office space with high traffic and ample parking.
      1020 S Main St, Chelsea, MI 48118
      View Details
    • $395,000
      2,900 SF

      Retail/Office Building For Lease/Sale

      2,900 SF retail/office building at high-traffic intersection.
      14495 N Territorial Rd, Chelsea, MI 48118
      View Details
    • $10 SF/Yr
      15,550 SF

      Chelsea Industrial Flex Space

      15,550 SF Flex Space, Ann Arbor Area
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    • $25 SF/Yr
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      Downtown Chelsea Restaurant Space

      Prime Main Street location, 2,941 SF
      115 Main St, Chelsea, MI 48118
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    • Contact for pricing
      52,968 SF

      Chelsea Retail Center Opportunity

      High-Visibility Retail Space Available
      1620 Main St, Chelsea, MI 48118
      View Details
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    119 Main St
    Chelsea, MI 48118-1542
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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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