Mixed-Use Property with Commercial
For Sale
$399,900
124 Brooklyn Rd, Napoleon, MI 49261
Main-floor business space is paired with an upstairs apartment and included kitchen equipment.
Property Size3,111 SF
Price / SF$128.54
Days on Market48
Property Features for 124 Brooklyn Rd
General Information
Standard status
Active
Size
3,111 SF
Property subtype
Commercial
Additional Details
Average Monthly Rent
$1,400
Multifamily Units
1
Building Details
Year Built
1960
Listing Agency:
The Brokerage House
(734) 664-6789
Listed By:
JENIFER SCANLON · License #6506047254
Source:
Metrodetroithomeguide
Added: Jul 14
Changed: Aug 29
Last Checked: Aug 29 at 3:35PM
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 The Brokerage House
Investment Insights
Based on property information with market context.
Built in 1960, this mixed-use property combines 1,052 square feet of ground-floor commercial space with a 912-square-foot upper-level apartment. The commercial area includes a fully equipped kitchen, and the sale includes the kitchen equipment. The layout supports a range of food-service and service-oriented operations, including catering, restaurant, bakery, and food-preparation uses. A long-term apartment tenant provides supplemental income.
Property improvements include a newer roof, refreshed exterior paint, upgraded electrical service, new AC, two tankless water heaters, and significant kitchen-system work. The site also features oversized parking and monument signage. Located at 124 Brooklyn Rd in Napoleon Township, Michigan, the property offers a combined commercial and residential configuration with dedicated business infrastructure already in place.
Property improvements include a newer roof, refreshed exterior paint, upgraded electrical service, new AC, two tankless water heaters, and significant kitchen-system work. The site also features oversized parking and monument signage. Located at 124 Brooklyn Rd in Napoleon Township, Michigan, the property offers a combined commercial and residential configuration with dedicated business infrastructure already in place.
Key Highlights
- 1,052 SF of main‑floor commercial space with a fully equipped kitchen
- 912‑square‑foot upper‑level apartment with a long‑term tenant
- Commercial kitchen equipment included with the property
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
$29,559
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
7.39%
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%
$591,180
$591.2K
Cap Rate 7%
$422,271
$422.3K
Cap Rate 9%
$328,433
$328.4K
Market Conditions
NOI Build-Up for 3,111 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
$42.9K $13.80/SF
− Vacancy
−$3.5K −$1.13/SF
EGI
$39.4K $12.67/SF
− OpEx
−$9.9K −$3.17/SF
NOI
$29.6K $9.50/SF
Area
Jackson County, MI
Vacancy
8.20%
Lease Rate
$13.80 /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%
$591,180
Cap Rate 7%
$422,271
Cap Rate 9%
$328,433
Alternative Uses
Best Use
Specialty Retail
$422.3K
$369.5K – $492.7K
NOI $29,559 @ 7.0% cap · market cap 7.39%
Second Best
Mixed Use
$368.3K
$322.3K – $429.7K
NOI $25,782 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$496.6K
$434.6K – $579.4K
NOI $34,764 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
26k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Exxon
Shops & Services
14,142 visits/mo
0.2 miles
Dollar General
Shops & Services
7,272 visits/mo
0.3 miles
SUBWAY
Dining
2,615 visits/mo
0.1 miles
BP
Shops & Services
1,813 visits/mo
0.1 miles
Demographics for 49261, MI
356
Population
103
Households
3.5
Avg Household Size
35
Median Age
20%
College-Educated
77%
High-School Grad
0.7 sq mi
ZIP Area
509
Density / Sq Mi
$89,063
Median Household Income
$218,800
Median Home Value
Market
Vacancy Rate% for Retail 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?
Mixed-use property - Main-floor business space is paired with an upstairs apartment and included kitchen equipment.
Where is this mixed-use property located?
The property is located at 124 Brooklyn Rd Napoleon, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,052 SF of main‑floor commercial space with a fully equipped kitchen; 912‑square‑foot upper‑level apartment with a long‑term tenant; Commercial kitchen equipment included with the property
