Industrial Building with Drive-In
For Sale
$2,500,000
244 S Court St, Lapeer, MI 48446
Fire suppression, shop air conditioning, LED lighting, and heavy electrical service support the facility.
Property Size25,311 SF
Days on Market46
Property Features for 244 S Court St
General Information
Standard status
Active
Size
25,311 SF
Property subtype
Industrial
Zoning
Light Industrial
Building Details
Building Size
25,311 SF
Year Renovated
2020
Listing Agency:
Friedman Real Estate
Listed By:
Larry Schultz
(248) 867-2399
Source:
Friedmanrealestate
Added: Aug 22
Changed: Oct 1
Last Checked: Oct 5 at 5:18PM
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 Friedman Real Estate
Investment Insights
Based on property information with market context.
This 25,311-square-foot industrial building occupies a 6.3-acre site in Lapeer. Improvements include full fire suppression, shop air conditioning, LED lighting, heavy 480 V power, and 220 service, with amperage to be verified. Three 12-foot-high drive-in doors and an exterior truck well support industrial operations and vehicle access.
The lot may be split, developed, or fenced for outside storage. The property is near downtown restaurants, county offices, and shops. Marijuana cultivation is not an approved use.
The lot may be split, developed, or fenced for outside storage. The property is near downtown restaurants, county offices, and shops. Marijuana cultivation is not an approved use.
Key Highlights
- 25,311‑square‑foot industrial building on 6.3 acres
- Three 12‑foot‑high drive‑in doors
- Exterior truck well for truck access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,073
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,481,460
$3.5M
Cap Rate 7%
$2,486,757
$2.5M
Cap Rate 9%
$1,934,144
$1.9M
Market Conditions
NOI Build-Up for 25,311 SF
Gross rent
$227.8K $9.00/SF
− Vacancy
−$23.0K −$0.91/SF
EGI
$204.8K $8.09/SF
− OpEx
−$30.7K −$1.21/SF
NOI
$174.1K $6.88/SF
Area
Lapeer County, MI
Vacancy
10.10%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,481,460
Cap Rate 7%
$2,486,757
Cap Rate 9%
$1,934,144
Alternative Uses
Best Use
Warehouse
$2.49M
$2.18M – $2.90M
NOI $174,073 @ 7.0% cap · market cap 6.96%
Second Best
Industrial
$2.05M
$1.79M – $2.39M
NOI $143,354 @ 7.0% cap · market cap 5.73%
Theoretical Best
Healthcare Medical
$4.14M
$3.63M – $4.84M
NOI $290,143 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
759
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Industrial property - Fire suppression, shop air conditioning, LED lighting, and heavy electrical service support the facility.
Where is this industrial property located?
The property is located at 244 S Court St Lapeer, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 25,311‑square‑foot industrial building on 6.3 acres; Three 12‑foot‑high drive‑in doors; Exterior truck well for truck access
