Building Details

Year Built 1890

Buildings 1

Listing Agency: Pilot Property Group - Residential LLC Show Phone

Listed By: Anthony Rubino · License #6502425251 Show Phone

Source: Xome

Added: Mar 1 Changed: Sep 9 Last Checked: Sep 10 at 6:43AM

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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 Pilot Property Group - Residential LLC

Investment Insights

Based on property information with market context.

This mixed-use property contains 3,784 sq. ft. of interior area and dates to 1890. The building has been rebuilt and renovated with contemporary utility systems and fire suppression. Multiple entrances support flexible access, while separate utilities and metering accommodate multi-tenant arrangements.

Heavy power, water, and natural gas capacity are in place for restaurant or bar use. The property is located at 112 Third St in Imlay City, Michigan, with downtown Main Street exposure.

Key Highlights

• 3,784 sq. ft. total interior area
• Rebuilt and renovated with contemporary utilities and fire suppression
• Multiple entrances provide flexible building access

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

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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

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?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Updated commercial building with multiple entrances, separate utility metering, and service capacity for restaurant or bar operations.

Where is this mixed-use property located?

The property is located at 112 Third St 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 sq. ft. total interior area; Rebuilt and renovated with contemporary utilities and fire suppression; Multiple entrances provide flexible building access