Fully Renovated Corner Commercial
For Sale
$549,900
111 W Genesee Street, Lapeer, MI 48446
Turnkey, fully renovated building with updated electrical, HVAC, plumbing, flooring, lighting, and fixtures.
Property Size4,700 SF
Price / SF$117
Days on Market185
Property Features for 111 W Genesee Street
General Information
Standard status
Active
Size
4,700 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Highway Access
Yes
Amenities
3
155120
Building Details
Year Renovated
2019
Listing Agency:
NextHome Aegis Properties
(248) 378-4079
Listed By:
Craig Kallen · License #6504419427
(248) 378-4079
Source:
Xome
Added: Feb 5
Changed: Aug 8
Last Checked: Aug 9 at 5:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NextHome Aegis Properties
Investment Insights
Based on property information with market context.
Fully renovated commercial building offering a move-in-ready interior with updated electrical, HVAC, plumbing, flooring, lighting, and fixtures throughout. The property is configured as a single commercial building totaling 4,700 SF and is described as flexible for a range of specialty uses.
Located on a prominent corner in downtown Lapeer with nearby public and street parking. The remarks indicate close access to I-69 and M-24 and major regional corridors.
The property is presented with flexible commercial zoning intended to support a broad range of uses, with the seller also referencing retail, office, medical, wellness, tech, and specialty-use businesses as applicable options.
Located on a prominent corner in downtown Lapeer with nearby public and street parking. The remarks indicate close access to I-69 and M-24 and major regional corridors.
The property is presented with flexible commercial zoning intended to support a broad range of uses, with the seller also referencing retail, office, medical, wellness, tech, and specialty-use businesses as applicable options.
Key Highlights
- Fully renovated 4,700 SF commercial building with updates completed in 2019
- Renovations include updated electrical, HVAC, plumbing, flooring, lighting, and fixtures throughout
- Prominent corner location in downtown Lapeer with nearby public and street parking
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
$32,413
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
5.89%
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%
$648,260
$648.3K
Cap Rate 7%
$463,043
$463.0K
Cap Rate 9%
$360,144
$360.1K
Market Conditions
NOI Build-Up for 4,700 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
$56.4K $12.00/SF
− Vacancy
−$10.1K −$2.15/SF
EGI
$46.3K $9.85/SF
− OpEx
−$13.9K −$2.96/SF
NOI
$32.4K $6.90/SF
Area
Lapeer County, MI
Vacancy
17.90%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$648,260
Cap Rate 7%
$463,043
Cap Rate 9%
$360,144
Alternative Uses
Best Use
Retail
$463.0K
$405.2K – $540.2K
NOI $32,413 @ 7.0% cap · market cap 5.89%
Second Best
Office B
$231.1K
$202.3K – $269.7K
NOI $16,180 @ 7.0% cap · market cap 2.94%
Theoretical Best
Healthcare Medical
$769.7K
$673.5K – $898.0K
NOI $53,877 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48446, MI
30,788
Population
12,797
Households
2.4
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
121.9 sq mi
ZIP Area
253
Density / Sq Mi
$66,382
Median Household Income
$40,263
Median Earnings
$976
Median Rent
$206,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Turnkey, fully renovated building with updated electrical, HVAC, plumbing, flooring, lighting, and fixtures.
Where is this storefront property located?
The property is located at 111 W Genesee Street Lapeer, MI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Fully renovated 4,700 SF commercial building with updates completed in 2019; Renovations include updated electrical, HVAC, plumbing, flooring, lighting, and fixtures throughout; Prominent corner location in downtown Lapeer with nearby public and street parking
