Renovated Downtown
For Sale
$449,000
112 E Third Street, Imlay City, MI 48444
Updated utilities, fire suppression, and separate metering support restaurant, bar, or multi-tenant use.
Property Size3,784 SF
Price / SF$118.66
Days on Market180
Property Features for 112 E Third Street
General Information
Standard status
Active
Size
3,784 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Building Details
Building Size
3,784 SF
Year Built
1890
Listing Agency:
Pilot Property Group - Residential LLC
(586) 873-5419
Listed By:
Anthony U Rubino · License #6502425251
(586) 873-5419
Source:
Carolbollo
Added: Mar 3
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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.
Located at 112 E Third Street in Imlay City, this 3,784-square-foot storefront property was built in 1890 and subsequently rebuilt and renovated. The interior includes contemporary utility systems and fire suppression, along with multiple entrances that support varied commercial layouts.
The property offers downtown Main Street exposure and substantial power, water, and natural gas capacity. Independent utilities and metering provide operational separation for multiple occupants. The configuration and infrastructure support restaurant or bar use, while the separate service arrangement accommodates multi-tenant occupancy.
The property offers downtown Main Street exposure and substantial power, water, and natural gas capacity. Independent utilities and metering provide operational separation for multiple occupants. The configuration and infrastructure support restaurant or bar use, while the separate service arrangement accommodates multi-tenant occupancy.
Key Highlights
- 3,784 square feet of total interior area
- Rebuilt and renovated with contemporary utilities and fire suppression
- Downtown Main Street exposure with multiple entrances
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
$26,096
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
5.81%
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%
$521,920
$521.9K
Cap Rate 7%
$372,800
$372.8K
Cap Rate 9%
$289,956
$290.0K
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
$45.4K $12.00/SF
− Vacancy
−$8.1K −$2.15/SF
EGI
$37.3K $9.85/SF
− OpEx
−$11.2K −$2.96/SF
NOI
$26.1K $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%
$521,920
Cap Rate 7%
$372,800
Cap Rate 9%
$289,956
Alternative Uses
Best Use
Retail
$372.8K
$326.2K – $434.9K
NOI $26,096 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$619.7K
$542.2K – $722.9K
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
Lease Details
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
17k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Updated utilities, fire suppression, and separate metering support restaurant, bar, or multi-tenant use.
Where is this storefront property located?
The property is located at 112 E Third Street 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 square feet of total interior area; Rebuilt and renovated with contemporary utilities and fire suppression; Downtown Main Street exposure with multiple entrances
