Mixed-Use Property with New
For Sale
$4,500,000
210 W Carleton Rd, Hillsdale, MI 49242
Large commercial property with restaurant kitchens, bakery space, liquor licenses, loading docks, and extensive parking.
Property Size46,000 SF
Price / SF$97.83
Days on Market48
Property Features for 210 W Carleton Rd
General Information
Standard status
Active
Size
46,000 SF
Building Details
Year Built
1973
Listing Agency:
ERA Reardon Realty, L.L.C.
Listed By:
Brittany Ostrowski · License #6501397335
(517) 414-4461
Source:
Katie-k
Added: Sep 14
Changed: Oct 25
Last Checked: Oct 30 at 6:25PM
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.
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Investment Insights
Based on property information with market context.
This 46,000-square-foot mixed-use commercial property includes approximately 6,000 square feet leased to franchise tenants and nearly 40,000 square feet of contiguous space available for occupancy or redevelopment. The available area includes a brand-new bar, dedicated bakery, commercial catering kitchen, and full-service restaurant kitchen. Existing equipment is negotiable and is not included in the purchase price.
The property occupies 7.04 acres at 210 W Carleton Rd in Hillsdale, Michigan, with visibility from a corridor carrying over 13,000 vehicles daily. Improvements include 250 parking spaces, two loading docks, and a roof replaced in 2019. The sale includes Class C, SDD, and SDM Package liquor licenses, supporting restaurant, hospitality, retail, and entertainment uses.
The property occupies 7.04 acres at 210 W Carleton Rd in Hillsdale, Michigan, with visibility from a corridor carrying over 13,000 vehicles daily. Improvements include 250 parking spaces, two loading docks, and a roof replaced in 2019. The sale includes Class C, SDD, and SDM Package liquor licenses, supporting restaurant, hospitality, retail, and entertainment uses.
Key Highlights
- 46,000‑square‑foot mixed‑use commercial property on 7.04 acres
- Nearly 40,000 square feet of contiguous space available
- Approximately 6,000 square feet leased to franchise tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$303,600
Cap Rate
6.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,072,000
$6.1M
Cap Rate 7%
$4,337,143
$4.3M
Cap Rate 9%
$3,373,333
$3.4M
Market Conditions
NOI Build-Up for 46,000 SF
Gross rent
$552.0K $12.00/SF
− Vacancy
−$66.2K −$1.44/SF
EGI
$485.8K $10.56/SF
− OpEx
−$182.2K −$3.96/SF
NOI
$303.6K $6.60/SF
Area
Hillsdale County, MI
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,072,000
Cap Rate 7%
$4,337,143
Cap Rate 9%
$3,373,333
Alternative Uses
Best Use
Specialty Retail
$7.31M
$6.40M – $8.53M
NOI $511,629 @ 7.0% cap · market cap 11.37%
Second Best
Mixed Use
$4.34M
$3.80M – $5.06M
NOI $303,600 @ 7.0% cap · market cap 6.75%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
98k
Monthly Visits Nearby
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
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Large commercial property with restaurant kitchens, bakery space, liquor licenses, loading docks, and extensive parking.
Where is this mixed-use property located?
The property is located at 210 W Carleton Rd 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 mixed‑use commercial property on 7.04 acres; Nearly 40,000 square feet of contiguous space available; Approximately 6,000 square feet leased to franchise tenants
