504 Main St, Belleville, MI 48111-3115
- Retail space
- 5,812 SF
- 0.17 lot acres
Current Use by Public Records
- Urban Barber Shop Brand / Barber Shop
- CET Pharmacy Group / Pharmacy
- 24hr Flyers / Marketing & Advertising / Advertising Agency
- B’s Wax / Spa & Massage Center / Skin Care Clinic
- Nails By Tee Beauty Bar / Hair Salon / Nail Salon
Property Details for 504 Main St
- Year built
- 1946
- Lot size
- 0.17 lot acres
- Property type
- Retail space
- APN
- 31 084 01 0270 001
- APU
- 31084010270001
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Nov 7, 2018 | $130,000 | Nme Group LLC | Belleville Prop Mgmt LLC | Warranty Deed | $98k · Genisys Cu |
| Apr 19, 2016 | — | Belleville Property Mgmt LLC | Mazloum,tarek | Quit Claim Deed · related | — |
| Sep 28, 2011 | $130,000 | Tarek Mazloum | Bayview Ln Svcg LLC | Grant Deed | — |
| Jul 9, 2010 | $318,500 | Bayview Ln Svcg LLC | Deputy Sheriff Of Wayne County | Trustees Deed · related | — |
| Jun 30, 2008 | — | Ib Property Holdings LLC | Bayview Loan Servicing LLC | Quit Claim Deed · related | — |
| May 16, 2008 | $298,000 | Bayview Loan Servicing LLC | Deputy Sheriff Of Wayne County | Trustees Deed · related | — |
| Nov 28, 2007 | $450,000 | James Pickett | Msp Developement Lc | Warranty Deed | — |
| — | — | Nme Group LLC | — | Deed Of Trust · related | $379k · Genisys Cu |
Description
This exceptional 5,895 square foot retail storefront, located at 504 Main St, Belleville, MI 48111, presents a compelling investment opportunity. Built in 1967 and renovated in 2019, the property boasts a prime downtown location with excellent visibility and frontage on Main Street. Currently housing six tenants with an 83% occupancy rate, the property generates a strong net operating income (NOI) of $72,928, resulting in a 9.12% capitalization rate. The asking price is $800,000, translating to $135.71 per square foot. The property benefits from a strong mix of local service-based tenants and is strategically positioned near national retailers such as CVS Pharmacy, Chase Bank, State Farm, and Edward Jones. The surrounding area demonstrates significant growth, with multiple new developments underway in downtown Belleville. Furthermore, the property enjoys a highly desirable location, situated within a 5-mile radius of a population exceeding 62,000 residents and conveniently located approximately 10 miles from Detroit Metropolitan Airport and 31 miles from Detroit City Airport. This multi-tenant, net-lease property offers a stable income stream and significant potential for future appreciation. The property is a rare find in a thriving market.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $557,000
- AI Estimate
- $557,000
Market price range: $204k - $721kMarket price range: $204k - $721k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $445,000 Current use
- COMMERCIAL (GENERAL)
- $640,000 Change: +44% Conversion: Easy
- RESTAURANT
- $600,000 Change: +36% Conversion: Easy
- OFFICE BUILDING
- $565,000 Change: +28% Conversion: Easy
- MEDICAL BUILDING
- $545,000 Change: +24% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $460,000 Change: +4% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $415,000 Change: -6% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Belleville
- County
- Wayne
- State
- Michigan
- Longitude
- -83.4919
- Latitude
- 42.2095
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
