Retail Space with
New
For Sale
$775,000
1313 N Eaton Street, Albion, MI 49224
COMMERCIAL - Albion, MI
Property Size2,914 SF
Lot Size0.99 Acres
Price / SF$265.96
Days on Market2
Property Features for 1313 N Eaton Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C - Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Standard status
Active
APN
55-005-910-20
Size
2,914 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
On file.
Tax Annual Amount
7253
Legal Description
On file.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1998
Floors in Building
1
Number of units
1
Building materials
Block
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Josh Jacobs
(269) 353-0311
Added: Aug 11
Last Checked: Aug 12 at 6:06PM
MLS# 26041839
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,914-square-foot retail property in Albion, Michigan, occupies a 0.99-acre site and includes an existing drive-through configuration with ample parking. The building was constructed in 1998 with block construction, forced-air heating, two bathrooms, and cable availability. Its layout and infrastructure support restaurant, quick-service, and other high-traffic retail uses.
The property is situated within Albion’s established primary retail corridor, immediately south of the I-94 interchange. Nearby retailers include Tractor Supply Company, Dollar General, O’Reilly Auto Parts, and Ace Hardware. The surrounding mix of retail, restaurant, and service businesses contributes to an active commercial setting with access to local and regional consumers.
The property is situated within Albion’s established primary retail corridor, immediately south of the I-94 interchange. Nearby retailers include Tractor Supply Company, Dollar General, O’Reilly Auto Parts, and Ace Hardware. The surrounding mix of retail, restaurant, and service businesses contributes to an active commercial setting with access to local and regional consumers.
Key Highlights
- 2,914‑square‑foot retail building on a 0.99‑acre site
- Existing drive‑through infrastructure with ample parking
- Located immediately south of the I‑94 interchange
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
$32,411
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
4.18%
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%
$648,220
$648.2K
Cap Rate 7%
$463,014
$463.0K
Cap Rate 9%
$360,122
$360.1K
Market Conditions
NOI Build-Up for 2,914 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
$45.1K $15.48/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$43.2K $14.83/SF
− OpEx
−$10.8K −$3.71/SF
NOI
$32.4K $11.12/SF
Area
Calhoun County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$648,220
Cap Rate 7%
$463,014
Cap Rate 9%
$360,122
Alternative Uses
Best Use
Specialty Retail
$463.0K
$405.1K – $540.2K
NOI $32,411 @ 7.0% cap · market cap 4.18%
Second Best
Retail
$432.1K
$378.1K – $504.2K
NOI $30,250 @ 7.0% cap · market cap 3.90%
Theoretical Best
Healthcare Medical
$34.57M
$30.25M – $40.33M
NOI $2,419,684 @ 7.0% cap · market cap 312.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 28%
Hotels & Casinos 8%
Electronics 6%
Shell
Shops & Services
8,835 visits/mo
0.3 miles
BIGGBY COFFEE
Dining
5,997 visits/mo
0.4 miles
Citgo
Shops & Services
4,955 visits/mo
0.3 miles
Dollar General
Shops & Services
2,955 visits/mo
0.3 miles
Courtyard Albion
Hotels & Casinos
2,303 visits/mo
0.4 miles
Demographics for 49224, MI
13,199
Population
5,277
Households
2.5
Avg Household Size
36
Median Age
19%
College-Educated
88%
High-School Grad
99.9 sq mi
ZIP Area
132
Density / Sq Mi
$52,552
Median Household Income
$28,136
Median Earnings
$846
Median Rent
$119,800
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?
Retail space - Existing drive-through infrastructure and ample parking support restaurant, quick-service, or other high-traffic retail uses.
Where is this retail space located?
The property is located at 1313 N Eaton Street Albion, MI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 2,914‑square‑foot retail building on a 0.99‑acre site; Existing drive‑through infrastructure with ample parking; Located immediately south of the I‑94 interchange
