Building Details

Year Built 1890

Listing Agency: Pilot Property Group, Inc. a***@pilotpg.com Show Phone

Listed By: Anthony U Rubino · License #6502425251 Show Phone

Source: Elliman

Added: Mar 12 Changed: Aug 16 Last Checked: Aug 20 at 9:07AM

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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, Inc.

Investment Insights

Based on property information with market context.

This 3,784 sq. ft. mixed-use building has been rebuilt and renovated with contemporary utilities and fire suppression systems. It features prime downtown Main Street exposure and multiple entrances. The property offers heavy power, water, and natural gas capacity, making it suitable for restaurant or bar use. Separate utilities and metering provide multi-tenant flexibility.

Key Highlights

• Prime downtown Main Street exposure
• Heavy power, water, and natural gas capacity suitable for restaurant or bar use
• 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

—

—

no second resolved use

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

Mixed-use 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.

Location Intelligence

Trade Area within ½ mile

428

Businesses Nearby

Explore this area Business Placement

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

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 - 3,784 sq ft mixed-use building with prime Main Street exposure.

Where is this mixed-use property located?

The property is located at 112 E 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: Prime downtown Main Street exposure; Heavy power, water, and natural gas capacity suitable for restaurant or bar use; Rebuilt and renovated with contemporary utilities and fire suppression