Mixed-Use Property with
For Sale
$4,500,000
210 W Carleton Road, Hillsdale, MI 49242
Commercial Sale, Hillsdale, MI
Property Size46,000 SF
Lot Size7.04 Acres
Price / SF$97.83
Days on Market75
Property Features for 210 W Carleton Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 8, Bathroom 2, Bathroom 3, Bathroom 6, Bathroom 5, Bathroom 1, Bathroom 7, Bathroom 4
Parking
250
Elementary school district
Hillsdale
Middle school district
Hillsdale
High school district
Hillsdale
Directions
US 12 to S on M-99 (Carlton Rd)
Standard status
Active
APN
Tax ID #: 006-222-326-22
Size
46,000 SF
Lot size
7.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Com NE Cor SW1/4 Sec 22 TH S00 degrees 08'15''E Alg N-S1/4 LN 1257.7 Ft TH S89 degrees 57'45''W 50 Ft To Wly R/W Ln Carlton Rd ---
Tax Annual Amount
48102
Legal Description
Com NE Cor SW1/4 Sec 22 TH S00 degrees 08'15''E Alg N-S1/4 LN 1257.7 Ft TH S89 degrees 57'45''W 50 Ft To Wly R/W Ln Carlton Rd ---
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1973
Number of units
6
Building materials
Block
Roof type
Rubber
Listing Agency:
ERA Reardon Realty, L.L.C.
(517) 782-2996
Listed By:
Brittany Ostrowski · License #6501397335
(517) 414-4461
Added: Jul 13
Changed: Sep 16
Last Checked: Sep 25 at 12:06PM
MLS# 26035609
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 46,000-square-foot mixed-use commercial property occupies 7.04 acres at 210 W Carleton Road in Hillsdale, Michigan. Built in 1973 with block construction, the facility includes approximately 6,000 square feet leased to franchise tenants and nearly 40,000 square feet of contiguous available area. The available space includes a brand-new bar, dedicated bakery, commercial catering kitchen, and full-service restaurant kitchen. Existing equipment is negotiable and excluded from the purchase price.
The property provides 250 parking spaces and two loading docks, with more than 13,000 vehicles passing daily. Its rubber roof was replaced in 2019, and the building has forced-air heating and central air conditioning. The sale includes Class C, SDD, and SDM Package liquor licenses, supporting restaurant, retail, entertainment, and hospitality uses.
The property provides 250 parking spaces and two loading docks, with more than 13,000 vehicles passing daily. Its rubber roof was replaced in 2019, and the building has forced-air heating and central air conditioning. The sale includes Class C, SDD, and SDM Package liquor licenses, supporting restaurant, retail, entertainment, and hospitality uses.
Key Highlights
- 46,000 square feet on 7.04 acres at 210 W Carleton Road
- Approximately 6,000 square feet leased; nearly 40,000 square feet available
- 250 parking spaces and two loading docks
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
$303,600
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
6.75%
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%
$6,072,000
$6.1M
Cap Rate 7%
$4,337,143
$4.3M
Cap Rate 9%
$3,373,333
$3.4M
Market Conditions
NOI Build-Up for 46,000 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
$552.0K $12.00/SF
− Vacancy
−$66.2K −$1.44/SF
EGI
$485.8K $10.56/SF
− OpEx
−$182.2K −$3.96/SF
NOI
$303.6K $6.60/SF
Area
Hillsdale County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$6,072,000
Cap Rate 7%
$4,337,143
Cap Rate 9%
$3,373,333
Alternative Uses
Best Use
Specialty Retail
$7.31M
$6.40M – $8.53M
NOI $511,629 @ 7.0% cap · market cap 11.37%
Second Best
Mixed Use
$4.34M
$3.80M – $5.06M
NOI $303,600 @ 7.0% cap · market cap 6.75%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Dock-high doors
13,000 VPD
Traffic count
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
87k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Groceries 26%
Shops & Services 9%
Beauty & Spa 3%
Kroger
Groceries
23,014 visits/mo
0.2 miles
McDonald's
Dining
21,479 visits/mo
0.1 miles
Burger King
Dining
8,685 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
8,287 visits/mo
0.0 miles
Kroger Fuel Center
Shops & Services
6,060 visits/mo
0.3 miles
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Large commercial facility with hospitality infrastructure, restaurant kitchens, liquor licenses, loading access, and substantial parking capacity.
Where is this mixed-use property located?
The property is located at 210 W Carleton Road Hillsdale, MI.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 46,000 square feet on 7.04 acres at 210 W Carleton Road; Approximately 6,000 square feet leased; nearly 40,000 square feet available; 250 parking spaces and two loading docks
