Flex Space with
New
For Sale
$385,000
1983 N Lapeer Road, Lapeer, MI 48446
Commercial flex facility combining customer-facing showroom space with rear operational areas and overhead loading access.
Property Size3,360 SF
Lot Size0.70 Acres
Price / SF$114.58
Days on Market6
Property Features for 1983 N Lapeer Road
General Information
Standard status
Active
Size
3,360 SF
Lot size
0.70 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
dual overhead roll-up doors
Asphalt
100305
Building Details
Year Built
19
Buildings
1
Building Size
3,360 SF
Listing Agency:
Realty Executives Main St LLC
(810) 667-1700
Listed By:
George Brennan
Source:
Xome
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 1:15PM
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 Realty Executives Main St LLC
Investment Insights
Based on property information with market context.
This 3,360 gross square foot flex property combines a front retail and showroom component with adaptable rear space for loading, storage, staging, equipment access, or business operations. Two overhead roll-up doors support movement between the building and the paved asphalt parking area. The property previously housed Sam & Jake’s Tools.
The 0.70-acre parcel is positioned along N. Lapeer Road, also designated M-24, with direct highway frontage. Customer parking is located toward the front of the site, while the deep lot provides additional area for service vehicles, inventory, or other operational needs. The address is 1983 N Lapeer Road, Lapeer, MI 48446.
The 0.70-acre parcel is positioned along N. Lapeer Road, also designated M-24, with direct highway frontage. Customer parking is located toward the front of the site, while the deep lot provides additional area for service vehicles, inventory, or other operational needs. The address is 1983 N Lapeer Road, Lapeer, MI 48446.
Key Highlights
- 3,360 gross sq. ft. flex facility on a 0.70‑acre lot
- Front retail/showroom area with adaptable rear operational space
- Two overhead roll‑up doors for loading, equipment access, or storage
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
$29,451
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
7.65%
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%
$589,020
$589.0K
Cap Rate 7%
$420,729
$420.7K
Cap Rate 9%
$327,233
$327.2K
Market Conditions
NOI Build-Up for 3,360 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
$50.4K $15.00/SF
− Vacancy
−$5.1K −$1.52/SF
EGI
$45.3K $13.49/SF
− OpEx
−$15.9K −$4.72/SF
NOI
$29.5K $8.77/SF
Area
Lapeer County, MI
Vacancy
10.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$589,020
Cap Rate 7%
$420,729
Cap Rate 9%
$327,233
Alternative Uses
Best Use
Flex RnD
$420.7K
$368.1K – $490.9K
NOI $29,451 @ 7.0% cap · market cap 7.65%
Second Best
Retail
$331.0K
$289.7K – $386.2K
NOI $23,172 @ 7.0% cap · market cap 6.02%
Theoretical Best
Healthcare Medical
$550.2K
$481.5K – $641.9K
NOI $38,516 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial flex facility combining customer-facing showroom space with rear operational areas and overhead loading access.
Where is this flex space located?
The property is located at 1983 N Lapeer Road Lapeer, MI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 3,360 gross sq. ft. flex facility on a 0.70‑acre lot; Front retail/showroom area with adaptable rear operational space; Two overhead roll‑up doors for loading, equipment access, or storage
