6-Unit Renovated Apartment
For Sale
$700,000
315 E Nepessing St, Lapeer, MI 48446
Six apartments provide a balanced mix of one- and two-bedroom floor plans in a fully leased property.
Property Size4,850 SF
Price / SF$144.33
Days on Market804
Property Features for 315 E Nepessing St
General Information
Standard status
Active
Size
4,850 SF
Property subtype
Multifamily
Zoning
Multiple Family
Occupancy
100%
Units
Unit Mix
3 x 1BR, 3 x 2BR
Multifamily Units
6
Additional Details
Highway Access
Yes
Building Details
Building Size
4,850 SF
Year Renovated
2022
Buildings
1
Stories
2
Listing Agency:
Thomas A. Duke Company
(248) 479-0128
Listed By:
Joseph Evangelista
(248) 479-0128
Source:
Cpix.resimplifi
Added: Jun 18, 2024
Changed: Aug 29
Last Checked: Aug 29 at 6:08PM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This 6-unit apartment building contains three 1-bedroom apartments and three 2-bedroom apartments, creating a straightforward mix of residential layouts. Interior and exterior renovations were completed in 2022. The property is 100% occupied under annual leases and is zoned Multiple Family.
The complex is walkable to downtown Lapeer and positioned near freeway access. Its location places residents close to the downtown area while maintaining convenient regional connectivity.
The complex is walkable to downtown Lapeer and positioned near freeway access. Its location places residents close to the downtown area while maintaining convenient regional connectivity.
Key Highlights
- 6‑unit apartment building with three 1‑bedroom and three 2‑bedroom apartments
- 100% occupied with annual leases
- Interior and exterior renovations completed in 2022
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
$44,075
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
6.30%
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%
$881,500
$881.5K
Cap Rate 7%
$629,643
$629.6K
Cap Rate 9%
$489,722
$489.7K
Market Conditions
NOI Build-Up for 4,850 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
$81.8K $16.86/SF
− Vacancy
−$1.6K −$0.34/SF
EGI
$80.1K $16.52/SF
− OpEx
−$36.1K −$7.44/SF
NOI
$44.1K $9.09/SF
Area
Lapeer County, MI
Vacancy
2.00%
Lease Rate
$16.86 /SF/Yr
Expense Ratio
45.00%
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%
$881,500
Cap Rate 7%
$629,643
Cap Rate 9%
$489,722
Alternative Uses
Best Use
Apartment 5plus
$629.6K
$550.9K – $734.6K
NOI $44,075 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$794.2K
$695.0K – $926.6K
NOI $55,596 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
640
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six apartments provide a balanced mix of one- and two-bedroom floor plans in a fully leased property.
Where is this apartment building located?
The property is located at 315 E Nepessing St Lapeer, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 6‑unit apartment building with three 1‑bedroom and three 2‑bedroom apartments; 100% occupied with annual leases; Interior and exterior renovations completed in 2022
