Storefront Property with
For Sale
$775,000
1313 N Eaton Street, Albion, MI 49224
Existing improvements include drive-through infrastructure and parking for retail or restaurant use.
Property Size2,914 SF
Days on Market14
Property Features for 1313 N Eaton Street
General Information
Standard status
Active
Size
2,914 SF
Property subtype
Commercial
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Building Details
Building Size
2,914 SF
Year Built
1998
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Josh Jacobs
Source:
Homesforsaleinmich
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 23 at 10:42AM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This storefront property includes an existing building, drive-through infrastructure, and parking. The configuration supports consideration of restaurant, quick-service, and other retail uses that benefit from customer vehicle access. The property was built in 1998.
Located at 1313 N. Eaton St. in Albion, Michigan, the site is immediately south of the I-94 interchange and within the city’s established primary retail corridor. Nearby businesses include Tractor Supply Company, Dollar General, O’Reilly Auto Parts, and Ace Hardware. The surrounding mix of retail, dining, and service businesses contributes to an established commercial setting with activity from local and regional customers.
Located at 1313 N. Eaton St. in Albion, Michigan, the site is immediately south of the I-94 interchange and within the city’s established primary retail corridor. Nearby businesses include Tractor Supply Company, Dollar General, O’Reilly Auto Parts, and Ace Hardware. The surrounding mix of retail, dining, and service businesses contributes to an established commercial setting with activity from local and regional customers.
Key Highlights
- Drive‑through infrastructure and on‑site parking
- Built in 1998
- 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
198
Businesses Nearby
105k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 35%
Groceries 15%
Home Improvements & Furnishings 7%
McDonald's
Dining
20,851 visits/mo
0.2 miles
Family Fare
Groceries
15,601 visits/mo
0.1 miles
Speedway
Shops & Services
10,710 visits/mo
0.2 miles
Taco Bell
Dining
10,043 visits/mo
0.1 miles
Dollar Tree
Shops & Services
7,824 visits/mo
0.2 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?
Storefront property - Existing improvements include drive-through infrastructure and parking for retail or restaurant use.
Where is this storefront property 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: Drive‑through infrastructure and on‑site parking; Built in 1998; Immediately south of the I‑94 interchange
