Listing Agency: Town & Country Realty-Lexington t***@greatlakes.net Show Phone

Listed By: Angela Wagester Show Phone

Added: Jun 26 Changed: Oct 8 Last Checked: Oct 29 at 10:06AM

Report an Issue

MLS# 50213020

Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 4,700-square-foot mixed-use property includes approximately 3,500 square feet of commercial space arranged for restaurant operations. The building features a fully equipped commercial kitchen, two bar areas, and a dining area. A second-floor apartment with three to four bedrooms adds a residential component to the property.

The property occupies 0.3 acres at 29 W Lapeer Street in Peck, Michigan, within Sanilac County. Public water serves the site. Its combination of restaurant-oriented improvements and an upper-level apartment creates a distinctive mixed-use configuration.

Key Highlights

• 4,700‑square‑foot mixed‑use property
• Approximately 3,500 square feet of commercial space
• Fully equipped commercial kitchen with two bar areas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,129

Cap Rate

8.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$502,580 $502.6K

Cap Rate 7%

$358,986 $359.0K

Cap Rate 9%

$279,211 $279.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,700 SF

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 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 (±1% cap)

NOI $47,714 @ 7.0% cap · market cap 17.05%

Second Best

Mixed Use

$453.2K

$396.6K – $528.8K (±1% cap)

NOI $31,725 @ 7.0% cap · market cap 11.33%

Theoretical Best

Office A

$998.2K

$873.4K – $1.16M (±1% cap)

NOI $69,873 @ 7.0% cap · market cap 24.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Big Box & Wholesale Store Garden Center Building Supply (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

63

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 0.2 miles

Dollar General Shops & Services

3,834 visits/mo 0.2 miles

Tri-County Bank Shops & Services

1,071 visits/mo 0.1 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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - Commercial space includes a kitchen, two bar areas, and a second-floor apartment.

Where is this mixed-use property located?

The property is located at 29 W 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‑square‑foot mixed‑use property; Approximately 3,500 square feet of commercial space; Fully equipped commercial kitchen with two bar areas