Listing Agency: Town & Country Realty-Lexington t***@greatlakes.net Show Phone

Listed By: Angela Wagester · License #6501364122 Show Phone

Added: Jun 26 Changed: Aug 19 Last Checked: Oct 6 at 5:06AM

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MLS# 50213020

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Investment Insights

Based on property information with market context.

This 4,700-square-foot mixed-use property includes approximately 3,500 square feet of commercial space arranged for restaurant operations. The building features a fully equipped commercial kitchen, two bar areas, and a dining area. A second-floor apartment with three to four bedrooms adds a residential component to the property.

The property occupies 0.3 acres at 29 W Lapeer Street in Peck, Michigan, within Sanilac County. Public water serves the site. Its combination of restaurant-oriented improvements and an upper-level apartment creates a distinctive mixed-use configuration.

Key Highlights

• 4,700‑square‑foot mixed‑use property
• Approximately 3,500 square feet of commercial space
• Fully equipped commercial kitchen with two bar areas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,129

Cap Rate

8.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$502,580 $502.6K

Cap Rate 7%

$358,986 $359.0K

Cap Rate 9%

$279,211 $279.2K

Market Conditions

NOI Build-Up for 4,700 SF

Gross rent

$37.8K $8.04/SF

− Vacancy

−$1.9K −$0.40/SF

EGI

$35.9K $7.64/SF

− OpEx

−$10.8K −$2.29/SF

NOI

$25.1K $5.35/SF

Area

Sanilac County, MI

Vacancy

5.00%

Lease Rate

$8.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$502,580

Cap Rate 7%

$358,986

Cap Rate 9%

$279,211

Alternative Uses

Best Use

Specialty Retail

$681.6K

$596.4K – $795.2K (±1% cap)

NOI $47,714 @ 7.0% cap · market cap 17.05%

Second Best

Mixed Use

$453.2K

$396.6K – $528.8K (±1% cap)

NOI $31,725 @ 7.0% cap · market cap 11.33%

Theoretical Best

Office A

$998.2K

$873.4K – $1.16M (±1% cap)

NOI $69,873 @ 7.0% cap · market cap 24.96%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Big Box & Wholesale Store Garden Center Building Supply (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Grocery & Convenience Store

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

1

Residential units

Location Intelligence

Trade Area within ½ mile

63

Businesses Nearby

9k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Marathon Petroleum Shops & Services

4,203 visits/mo 0.2 miles

Dollar General Shops & Services

3,834 visits/mo 0.2 miles

Tri-County Bank Shops & Services

1,071 visits/mo 0.1 miles

Demographics for 48466, MI

1,514

Population

679

Households

2.2

Avg Household Size

43

Median Age

13%

College-Educated

88%

High-School Grad

36.9 sq mi

ZIP Area

41

Density / Sq Mi

$55,430

Median Household Income

$43,182

Median Earnings

$747

Median Rent

$135,800

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Commercial space includes a kitchen, two bar areas, and a second-floor apartment.

Where is this mixed-use property located?

The property is located at 29 W Lapeer Street Peck, MI.

What is the asking price?

The asking price for this property is $279,900.

What are key features of this property?

This property features: 4,700‑square‑foot mixed‑use property; Approximately 3,500 square feet of commercial space; Fully equipped commercial kitchen with two bar areas