Shopping Center with
For Sale
$4,500,000
210 W Carleton Road, Hillsdale, MI 49242
Large-format commercial property with restaurant infrastructure, liquor licenses, parking, and leased franchise space.
Property Size46,000 SF
Lot Size7.04 Acres
Price / SF$97.83
Days on Market44
Property Features for 210 W Carleton Road
General Information
Standard status
Active
Size
46,000 SF
Total Parking Spaces
250
Lot size
7.04 Acres
Property subtype
Commercial
Restaurant
Equipment Included
No
Liquor License
Yes
Additional Details
Traffic Count
13,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$48,102
Amenities
two loading docks
brand-new bar
dedicated bakery
commercial catering kitchen
full-service restaurant kitchen
Building Details
Building Size
46,000 SF
Year Built
1973
Buildings
1
Stories
44670
Units
6
Listing Agency:
ERA Reardon Realty, L.L.C.
(517) 414-4461
Listed By:
Brittany Ostrowski · License #6501397335
Source:
Erareardonrealty
Added: Jul 17
Changed: Aug 28
Last Checked: Aug 28 at 9:53AM
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 ERA Reardon Realty, L.L.C.
Investment Insights
Based on property information with market context.
This 46,000-square-foot shopping center occupies 7.04 acres at 210 W Carleton Road in Hillsdale, Michigan. The property includes a brand-new bar, dedicated bakery, commercial catering kitchen, and full-service restaurant kitchen, creating substantial built-in infrastructure for food, beverage, hospitality, and entertainment uses. The roof was replaced in 2019, and the site includes two loading docks and 250 parking spaces.
Approximately 6,000 square feet is leased to established franchise tenants, while nearly 40,000 square feet of contiguous space is available. The property receives traffic from more than 13,000 vehicles daily and offers access within Hillsdale’s retail and commercial corridor. The sale includes Class C, SDD, and SDM Package liquor licenses. Existing equipment is negotiable and is not included in the purchase price.
Approximately 6,000 square feet is leased to established franchise tenants, while nearly 40,000 square feet of contiguous space is available. The property receives traffic from more than 13,000 vehicles daily and offers access within Hillsdale’s retail and commercial corridor. The sale includes Class C, SDD, and SDM Package liquor licenses. Existing equipment is negotiable and is not included in the purchase price.
Key Highlights
- 46,000‑square‑foot shopping center on 7.04 acres
- Nearly 40,000 square feet of contiguous space available
- Approximately 6,000 square feet leased to established franchise tenants
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
$266,616
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
5.92%
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%
$5,332,320
$5.3M
Cap Rate 7%
$3,808,800
$3.8M
Cap Rate 9%
$2,962,400
$3.0M
Market Conditions
NOI Build-Up for 46,000 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
$414.0K $9.00/SF
− Vacancy
−$33.1K −$0.72/SF
EGI
$380.9K $8.28/SF
− OpEx
−$114.3K −$2.48/SF
NOI
$266.6K $5.80/SF
Area
Hillsdale County, MI
Vacancy
8.00%
Lease Rate
$9.00 /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%
$5,332,320
Cap Rate 7%
$3,808,800
Cap Rate 9%
$2,962,400
Alternative Uses
Best Use
Specialty Retail
$7.31M
$6.40M – $8.53M
NOI $511,629 @ 7.0% cap · market cap 11.37%
Second Best
Retail
$3.81M
$3.33M – $4.44M
NOI $266,616 @ 7.0% cap · market cap 5.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13,000 VPD
Traffic count
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
98k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Groceries 23%
Shops & Services 19%
Beauty & Spa 2%
Kroger
Groceries
23,014 visits/mo
0.3 miles
McDonald's
Dining
21,479 visits/mo
0.2 miles
Citgo
Shops & Services
10,567 visits/mo
0.4 miles
Burger King
Dining
8,685 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
8,287 visits/mo
0.2 miles
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
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?
Shopping center - Large-format commercial property with restaurant infrastructure, liquor licenses, parking, and leased franchise space.
Where is this shopping center located?
The property is located at 210 W Carleton Road Hillsdale, MI.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 46,000‑square‑foot shopping center on 7.04 acres; Nearly 40,000 square feet of contiguous space available; Approximately 6,000 square feet leased to established franchise tenants
