Mixed-Use Property With Commercial
For Sale
$279,900
29 Lapeer Street, Peck, MI 48466
Includes two bar areas, a dining layout, and an additional apartment level.
Property Size4,700 SF
Price / SF$59.55
Days on Market60
Property Features for 29 Lapeer Street
General Information
Standard status
Active
Size
4,700 SF
Property subtype
General Commercial
Amenities
3
65xirregular
Listing Agency:
Town & Country Realty-Lexington
(810) 359-5000
Listed By:
Angela Wagester · License #6501364122
Source:
Xome
Added: Jun 23
Changed: Aug 21
Last Checked: Aug 21 at 4:29AM
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 Town & Country Realty-Lexington
Investment Insights
Based on property information with market context.
This 4,700 SF mixed-use property combines restaurant improvements with an upstairs residential component. The commercial portion includes an equipped kitchen, two bar areas, and a dining layout suited to restaurant operations.
A second-floor apartment adds flexibility within the building and may support owner occupancy or separate residential use. The property is located at 29 Lapeer Street in Peck, Michigan.
A second-floor apartment adds flexibility within the building and may support owner occupancy or separate residential use. The property is located at 29 Lapeer Street in Peck, Michigan.
Key Highlights
- 4,700 SF mixed‑use property
- Equipped commercial kitchen
- Two bar areas and a dining layout
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
$25,129
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
8.98%
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%
$502,580
$502.6K
Cap Rate 7%
$358,986
$359.0K
Cap Rate 9%
$279,211
$279.2K
Market Conditions
NOI Build-Up for 4,700 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
$37.8K $8.04/SF
− Vacancy
−$1.9K −$0.40/SF
EGI
$35.9K $7.64/SF
− OpEx
−$10.8K −$2.29/SF
NOI
$25.1K $5.35/SF
Area
Sanilac County, MI
Vacancy
5.00%
Lease Rate
$8.04 /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%
$502,580
Cap Rate 7%
$358,986
Cap Rate 9%
$279,211
Alternative Uses
Best Use
Specialty Retail
$681.6K
$596.4K – $795.2K
NOI $47,714 @ 7.0% cap · market cap 17.05%
Second Best
Mixed Use
$453.2K
$396.6K – $528.8K
NOI $31,725 @ 7.0% cap · market cap 11.33%
Theoretical Best
Office A
$998.2K
$873.4K – $1.16M
NOI $69,873 @ 7.0% cap · market cap 24.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
4,203 visits/mo
0.4 miles
Dollar General
Shops & Services
3,834 visits/mo
0.4 miles
Tri-County Bank
Shops & Services
1,071 visits/mo
0.2 miles
Demographics for 48466, MI
1,514
Population
679
Households
2.2
Avg Household Size
43
Median Age
13%
College-Educated
88%
High-School Grad
36.9 sq mi
ZIP Area
41
Density / Sq Mi
$55,430
Median Household Income
$43,182
Median Earnings
$747
Median Rent
$135,800
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?
Mixed-use property - Includes two bar areas, a dining layout, and an additional apartment level.
Where is this mixed-use property located?
The property is located at 29 Lapeer Street Peck, MI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 4,700 SF mixed‑use property; Equipped commercial kitchen; Two bar areas and a dining layout
