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

Listed By: Angela Wagester · License #6501364122 Show Phone

Added: Jun 26 Changed: Aug 19 Last Checked: Sep 9 at 3:06AM

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.

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 = 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 (±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.

Property Analytics

Property Profile

Current Use

Conventional restaurants

Suggested Use

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

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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