Triplex With Commercial Flex
For Sale
$174,900
1202 Lapeer Avenue, Port Huron, MI 48060
Commercial zoning supports a flexible residential and commercial configuration.
Property Size3,636 SF
Days on Market13
Property Features for 1202 Lapeer Avenue
General Information
Standard status
Active
Size
3,636 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
Commercial
Additional Details
Multifamily Units
3
Building Details
Building Size
3,636 SF
Year Built
9999
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
RE/MAX Noire
(586) 738-8778
Listed By:
Jessica Belanger Marine
(586) 738-8778
Source:
Homesforsaleinmich
Added: Aug 3
Changed: Aug 13
Last Checked: Aug 14 at 1:48PM
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 RE/MAX Noire
Investment Insights
Based on property information with market context.
This Port Huron property combines three residential units with a separate vacant area formerly used as an eyeglass factory. The additional space can remain commercial or be renovated for residential use, subject to applicable approvals. The configuration also supports live/work occupancy or a mixed residential-commercial arrangement.
All three residential units have long-term tenants who are willing to remain. The property has a valid rental certificate through 2027, and the lower unit is approved for Section 8 housing. Located at 1202 Lapeer Avenue, the property sits immediately next to Kind Park and is a short distance from downtown Port Huron.
All three residential units have long-term tenants who are willing to remain. The property has a valid rental certificate through 2027, and the lower unit is approved for Section 8 housing. Located at 1202 Lapeer Avenue, the property sits immediately next to Kind Park and is a short distance from downtown Port Huron.
Key Highlights
- Three residential units plus a vacant former commercial space
- Commercial zoning supports residential and commercial use
- Former eyeglass factory area offers additional configuration flexibility
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
$12,517
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
7.16%
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%
$250,340
$250.3K
Cap Rate 7%
$178,814
$178.8K
Cap Rate 9%
$139,078
$139.1K
Market Conditions
NOI Build-Up for 3,636 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
$21.8K $6.00/SF
− Vacancy
−$5.1K −$1.41/SF
EGI
$16.7K $4.59/SF
− OpEx
−$4.2K −$1.15/SF
NOI
$12.5K $3.44/SF
Area
St. Clair County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$250,340
Cap Rate 7%
$178,814
Cap Rate 9%
$139,078
Alternative Uses
Best Use
Multifamily LT 5
$2.73M
$2.39M – $3.19M
NOI $191,340 @ 7.0% cap · market cap 109.40%
Second Best
Apartment 5plus
$2.52M
$2.20M – $2.94M
NOI $176,181 @ 7.0% cap · market cap 100.73%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Explore this area
Business Placement
Demographics for 48060, MI
39,775
Population
18,066
Households
2.2
Avg Household Size
39
Median Age
17%
College-Educated
89%
High-School Grad
20.7 sq mi
ZIP Area
1,921
Density / Sq Mi
$51,342
Median Household Income
$32,017
Median Earnings
$1,005
Median Rent
$152,000
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?
Triplex - Commercial zoning supports a flexible residential and commercial configuration.
Where is this triplex located?
The property is located at 1202 Lapeer Avenue Port Huron, MI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Three residential units plus a vacant former commercial space; Commercial zoning supports residential and commercial use; Former eyeglass factory area offers additional configuration flexibility
