Lapeer County Building For
For Sale
$150,000
Pending
279 N Court St, Lapeer, MI 48446
Two-level building with potential for two units in downtown Lapeer.
Property Size2,600 SF
Lot Size0.11 Acres
Days on Market164
Property Features for 279 N Court St
General Information
Standard status
Pending
Size
2,600 SF
Lot size
0.11 Acres
Property subtype
Commercial
Building Details
Building Size
2,600 SF
Year Built
1968
Listing Agency:
Realty Executives Main St LLC
(810) 728-6417
Listed By:
Brandon K Rowley · License #6501397411
(810) 728-6417
Source:
Elliman
Added: Mar 11
Changed: Aug 11
Last Checked: Aug 20 at 11:57AM
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 former Lapeer County Register of Deeds building, constructed in 1968, is available for sale. The property presents business opportunities with a lower and upper level, offering the potential for conversion into a two-unit building. Both levels provide over 2,600 square feet of space. The lower level includes two bathrooms, private offices, and a second entry area on the south side, which is handicap accessible. The upper level features a large, open conference area and an additional private office, with views of the river and park across the street. Three city-owned parking spots are located in front of the building, with a large city-owned parking lot across the street for additional parking. The property is located a short walk from Nepessing Street in downtown.
Key Highlights
- Significant business opportunity in a historically relevant building.
- Potential for conversion into a two‑unit building.
- Over 2,600 sq ft of total space across two levels.
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
$8,951
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
5.97%
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%
$179,020
$179.0K
Cap Rate 7%
$127,871
$127.9K
Cap Rate 9%
$99,456
$99.5K
Market Conditions
NOI Build-Up for 2,600 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
$15.6K $6.00/SF
− Vacancy
−$3.7K −$1.41/SF
EGI
$11.9K $4.59/SF
− OpEx
−$3.0K −$1.15/SF
NOI
$9.0K $3.44/SF
Area
Lapeer County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$179,020
Cap Rate 7%
$127,871
Cap Rate 9%
$99,456
Alternative Uses
Best Use
Office B
$127.9K
$111.9K – $149.2K
NOI $8,951 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$425.8K
$372.6K – $496.7K
NOI $29,804 @ 7.0% cap · market cap 19.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
691
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level building with potential for two units in downtown Lapeer.
Where is this office building located?
The property is located at 279 N Court St Lapeer, MI.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Significant business opportunity in a historically relevant building.; Potential for conversion into a two‑unit building.; Over 2,600 sq ft of total space across two levels.
