Warehouse With Vending
For Sale
$699,900
227 HORTON ST, Lapeer, MI 48446
Warehouse-based vending operation with equipment, delivery vehicles, storage assets, and established machine placements across Lapeer County.
Property Size3,600 SF
Price / SF$194.42
Days on Market9
Property Features for 227 HORTON ST
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Industrial
Amenities
3
Rubber
50905090
Building Details
Year Built
19
Listing Agency:
Realty Executives Main St LLC
(810) 845-7756
Listed By:
Paul Coulter · License #6502352995
(810) 845-7756
Source:
Xome
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 5:09AM
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.
The offering combines a warehouse facility with an operating vending business and supporting equipment. The property includes fire suppression, city water and sewer, office equipment, a forklift, two 45-foot freezers, and three coolers for inventory storage. Sale assets also include two delivery trucks and a 26-foot box truck equipped with a lift gate.
The vending operation includes 133 machines, with 90 placed at job sites and 43 additional machines ready for deployment. Most machines are located within Lapeer County. The sellers are willing to remain for a limited period to provide operational education and transfer years of business knowledge to the purchasers.
The vending operation includes 133 machines, with 90 placed at job sites and 43 additional machines ready for deployment. Most machines are located within Lapeer County. The sellers are willing to remain for a limited period to provide operational education and transfer years of business knowledge to the purchasers.
Key Highlights
- Warehouse included with vending business and operating equipment
- 133 vending machines total, including 90 at job sites and 43 ready for deployment
- Two delivery trucks plus a 26‑foot box truck with lift gate
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
$24,758
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
3.54%
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%
$495,160
$495.2K
Cap Rate 7%
$353,686
$353.7K
Cap Rate 9%
$275,089
$275.1K
Market Conditions
NOI Build-Up for 3,600 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
$32.4K $9.00/SF
− Vacancy
−$3.3K −$0.91/SF
EGI
$29.1K $8.09/SF
− OpEx
−$4.4K −$1.21/SF
NOI
$24.8K $6.88/SF
Area
Lapeer County, MI
Vacancy
10.10%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$495,160
Cap Rate 7%
$353,686
Cap Rate 9%
$275,089
Alternative Uses
Best Use
Warehouse
$353.7K
$309.5K – $412.6K
NOI $24,758 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$589.5K
$515.8K – $687.8K
NOI $41,267 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
Under-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
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Similar Off Market Nearby
- Self Storage Secure — 960 Summit St, Lapeer, MI 48446
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse-based vending operation with equipment, delivery vehicles, storage assets, and established machine placements across Lapeer County.
Where is this warehouse located?
The property is located at 227 HORTON ST Lapeer, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Warehouse included with vending business and operating equipment; 133 vending machines total, including 90 at job sites and 43 ready for deployment; Two delivery trucks plus a 26‑foot box truck with lift gate
