Building Details

Year built 1890

Listing Agency: Pilot Property Group - Residential LLC b***@pilotpg.com Show Phone

Listed By: Anthony Rubino · License #6502425251 Show Phone

Added: Mar 3 Changed: Aug 19 Last Checked: Aug 27 at 11:06PM

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MLS# 50200594

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Investment Insights

Based on property information with market context.

This 3,784-square-foot mixed-use building combines a substantially renovated interior with contemporary utility systems and fire suppression. Forced-air heating, public water service, and substantial electrical, water, and natural gas capacity support a range of commercial configurations, including restaurant or bar operations. Multiple entrances add flexibility for access and layout planning.

The property offers downtown Main Street exposure in Imlay City and occupies a 0.14-acre site. Separate utilities and metering create a practical framework for multiple occupants or independently managed spaces. Originally built in 1890, the building has been rebuilt and updated for present-day commercial use while retaining a flexible storefront-oriented configuration.

Key Highlights

• 3,784 square feet of total interior area
• 0.14‑acre site in downtown Imlay City
• Rebuilt and renovated with contemporary utilities and fire suppression

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

$37,462

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

8.34%

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%

$749,240 $749.2K

Cap Rate 7%

$535,171 $535.2K

Cap Rate 9%

$416,244 $416.2K

Market Conditions

NOI Build-Up for 3,784 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

$68.1K $18.00/SF

− Vacancy

−$8.2K −$2.16/SF

EGI

$59.9K $15.84/SF

− OpEx

−$22.5K −$5.94/SF

NOI

$37.5K $9.90/SF

Area

Lapeer County, MI

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

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%

$749,240

Cap Rate 7%

$535,171

Cap Rate 9%

$416,244

Alternative Uses

Best Use

Mixed Use

$535.2K

$468.3K – $624.4K (±1% cap)

NOI $37,462 @ 7.0% cap · market cap 8.34%

Second Best

Retail

$372.8K

$326.2K – $434.9K (±1% cap)

NOI $26,096 @ 7.0% cap · market cap 5.81%

Theoretical Best

Healthcare Medical

$619.7K

$542.2K – $722.9K (±1% cap)

NOI $43,376 @ 7.0% cap · market cap 9.66%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

Top Pick Parking Lot & Garage Real Estate Agency Dental Office Law Firm (Bike/Boat/Book/etc) Store Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Sprinkler system

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

428

Businesses Nearby

17k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 65% Dining 23% Electronics 12%

Speedway Shops & Services

6,459 visits/mo 0.3 miles

AutoZone Shops & Services

3,634 visits/mo 0.3 miles

Tubby's Dining

2,482 visits/mo 0.4 miles

Verizon Electronics

1,612 visits/mo 0.4 miles

Hungry Howie's Pizza Dining

1,465 visits/mo 0.5 miles

Demographics for 48444, MI

9,420

Population

4,140

Households

2.3

Avg Household Size

41

Median Age

13%

College-Educated

86%

High-School Grad

81.5 sq mi

ZIP Area

116

Density / Sq Mi

$69,010

Median Household Income

$35,815

Median Earnings

$800

Median Rent

$237,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Flexible utility infrastructure and separate metering support multi-tenant occupancy and restaurant-oriented operations.

Where is this mixed-use property located?

The property is located at 112 E Third Street Imlay City, MI.

What is the asking price?

The asking price for this property is $449,000.

What are key features of this property?

This property features: 3,784 square feet of total interior area; 0.14‑acre site in downtown Imlay City; Rebuilt and renovated with contemporary utilities and fire suppression