AutoZone Automotive
For Sale
Contact for pricing
1582 Hilltop Rd, St Joseph, MI 49085
Established automotive retail location with a long-term occupant and substantial commercial land area.
Property Size12,500 SF
Lot Size2.00 Acres
Price / SF$109.45
Days on Market9
Property Features for 1582 Hilltop Rd
General Information
Standard status
Active
Size
12,500 SF
Lot size
2.00 Acres
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$82,090
Building Details
Year Built
1989
Tenancy
Single
Listing Agency:
Trinity Real Estate Investment Services
(770) 313-5190
Listed By:
Drew Duncan · License #TX 9007104
Source:
Crexi
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 9:51AM
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 Trinity Real Estate Investment Services
Investment Insights
Based on property information with market context.
This automotive property includes a 12,500-square-foot retail building on an oversized 2-acre parcel. Constructed in 1989, the facility is occupied by AutoZone and serves as a dedicated automotive retail location in St. Joseph, Michigan.
The tenant recently completed its seventh early lease extension, providing a documented history of repeated lease renewals. The property is located at 1582 Hilltop Rd and combines a sizeable retail building with a substantial land component.
The tenant recently completed its seventh early lease extension, providing a documented history of repeated lease renewals. The property is located at 1582 Hilltop Rd and combines a sizeable retail building with a substantial land component.
Key Highlights
- AutoZone‑occupied automotive retail property
- 12,500 square feet of retail space
- Oversized 2‑acre property
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
$55,845
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
4.08%
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%
$1,116,900
$1.1M
Cap Rate 7%
$797,786
$797.8K
Cap Rate 9%
$620,500
$620.5K
Market Conditions
NOI Build-Up for 12,500 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
$87.0K $6.96/SF
− Vacancy
−$7.2K −$0.58/SF
EGI
$79.8K $6.38/SF
− OpEx
−$23.9K −$1.91/SF
NOI
$55.8K $4.47/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,116,900
Cap Rate 7%
$797,786
Cap Rate 9%
$620,500
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.16M
NOI $129,761 @ 7.0% cap · market cap 9.48%
Second Best
Industrial
$797.8K
$698.1K – $930.8K
NOI $55,845 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $184,123 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
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?
Automotive property - Established automotive retail location with a long-term occupant and substantial commercial land area.
Where is this automotive property located?
The property is located at 1582 Hilltop Rd St Joseph, MI.
What is the asking price?
The asking price for this property is $1,368,165.
What are key features of this property?
This property features: AutoZone‑occupied automotive retail property; 12,500 square feet of retail space; Oversized 2‑acre property
