Industrial Building with Drive-In
For Sale
$2,500,000
244 S Court St, Lapeer, MI 48446
Fire suppression, shop air conditioning, LED lighting, and heavy electrical service support the facility.
Property Size25,311 SF
Days on Market8
Property Features for 244 S Court St
General Information
Standard status
Active
Size
25,311 SF
Property subtype
Industrial
Zoning
Light Industrial
Building Details
Building Size
25,311 SF
Year Renovated
2020
Listing Agency:
Friedman Real Estate
(248) 324-2000
Listed By:
Larry Schultz
Source:
Friedmanrealestate
Added: Aug 22
Changed: Aug 29
Last Checked: Jun 2 at 7:11PM
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 Friedman Real Estate
Investment Insights
Based on property information with market context.
This 25,311-square-foot industrial building occupies a 6.3-acre site in Lapeer. Improvements include full fire suppression, shop air conditioning, LED lighting, heavy 480 V power, and 220 service, with amperage to be verified. Three 12-foot-high drive-in doors and an exterior truck well support industrial operations and vehicle access.
The lot may be split, developed, or fenced for outside storage. The property is near downtown restaurants, county offices, and shops. Marijuana cultivation is not an approved use.
The lot may be split, developed, or fenced for outside storage. The property is near downtown restaurants, county offices, and shops. Marijuana cultivation is not an approved use.
Key Highlights
- 25,311‑square‑foot industrial building on 6.3 acres
- Three 12‑foot‑high drive‑in doors
- Exterior truck well for truck access
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
$174,073
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
6.96%
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%
$3,481,460
$3.5M
Cap Rate 7%
$2,486,757
$2.5M
Cap Rate 9%
$1,934,144
$1.9M
Market Conditions
NOI Build-Up for 25,311 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
$227.8K $9.00/SF
− Vacancy
−$23.0K −$0.91/SF
EGI
$204.8K $8.09/SF
− OpEx
−$30.7K −$1.21/SF
NOI
$174.1K $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%
$3,481,460
Cap Rate 7%
$2,486,757
Cap Rate 9%
$1,934,144
Alternative Uses
Best Use
Warehouse
$2.49M
$2.18M – $2.90M
NOI $174,073 @ 7.0% cap · market cap 6.96%
Second Best
Industrial
$2.05M
$1.79M – $2.39M
NOI $143,354 @ 7.0% cap · market cap 5.73%
Theoretical Best
Healthcare Medical
$4.14M
$3.63M – $4.84M
NOI $290,143 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Industrial property - Fire suppression, shop air conditioning, LED lighting, and heavy electrical service support the facility.
Where is this industrial property located?
The property is located at 244 S Court St Lapeer, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 25,311‑square‑foot industrial building on 6.3 acres; Three 12‑foot‑high drive‑in doors; Exterior truck well for truck access
