Historic Church with Stained
For Sale
$299,900
349 N Monroe Street, Lapeer, MI 48446
Former church building near downtown with an expansive sanctuary and zoning for office and recreation uses.
Property Size5,560 SF
Days on Market8
Property Features for 349 N Monroe Street
General Information
Standard status
Active
Size
5,560 SF
Property subtype
Commercial
Zoning
Office, Recreation
Taxes and HOA fees
Annual Taxes
$1,337
Building Details
Building Size
5,560 SF
Year Built
1895
Listing Agency:
Crosby Consulting & Real Estate Services
(586) 630-6298
Listed By:
Arturo Crosby
Source:
Eliterealtymi
Added: Aug 2
Changed: Aug 8
Last Checked: Aug 8 at 12:59PM
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 Crosby Consulting & Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1895, this former church retains a distinctive interior centered on a large sanctuary with high ceilings and stained-glass windows. The building’s historic character and open central space provide a foundation for office, recreation, creative, live-work, event, residential, or redevelopment concepts, subject to applicable zoning and approvals.
The property is located at 349 N Monroe Street in Lapeer, near downtown. Its zoning is designated Office, Recreation, supporting consideration of uses within those classifications. Architectural details and the preserved sanctuary distinguish the building from conventional commercial space.
The property is located at 349 N Monroe Street in Lapeer, near downtown. Its zoning is designated Office, Recreation, supporting consideration of uses within those classifications. Architectural details and the preserved sanctuary distinguish the building from conventional commercial space.
Key Highlights
- 1895 construction date
- Former Lapeer Methodist Episcopal Church
- Expansive sanctuary with soaring ceilings
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
$19,140
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
6.38%
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%
$382,800
$382.8K
Cap Rate 7%
$273,429
$273.4K
Cap Rate 9%
$212,667
$212.7K
Market Conditions
NOI Build-Up for 5,560 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
$33.4K $6.00/SF
− Vacancy
−$7.8K −$1.41/SF
EGI
$25.5K $4.59/SF
− OpEx
−$6.4K −$1.15/SF
NOI
$19.1K $3.44/SF
Area
Lapeer 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%
$382,800
Cap Rate 7%
$273,429
Cap Rate 9%
$212,667
Alternative Uses
Best Use
Mixed Use
$786.3K
$688.1K – $917.4K
NOI $55,044 @ 7.0% cap · market cap 18.35%
Second Best
Office B
$273.4K
$239.3K – $319.0K
NOI $19,140 @ 7.0% cap · market cap 6.38%
Theoretical Best
Healthcare Medical
$910.5K
$796.7K – $1.06M
NOI $63,735 @ 7.0% cap · market cap 21.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
802
Businesses Nearby
Explore this area
Business Placement
Demographics for 48446, MI
30,788
Population
12,797
Households
2.4
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
121.9 sq mi
ZIP Area
253
Density / Sq Mi
$66,382
Median Household Income
$40,263
Median Earnings
$976
Median Rent
$206,300
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?
Church & religious facility - Former church building near downtown with an expansive sanctuary and zoning for office and recreation uses.
Where is this church & religious facility located?
The property is located at 349 N Monroe Street Lapeer, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1895 construction date; Former Lapeer Methodist Episcopal Church; Expansive sanctuary with soaring ceilings
