Corner Former Liquor Store
For Sale
$319,000
3497 E Sanilac Road, Caro, MI 48723
Former liquor store on a highly visible corner lot, zoned for liquor store use with a full basement.
Property Size1,856 SF
Lot Size2.27 Acres
Price / SF$265.83
Days on Market85
Property Features for 3497 E Sanilac Road
General Information
Standard status
Active
Size
1,856 SF
Lot size
2.27 Acres
Property subtype
Commercial
Zoning
Commercial
Additional Details
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$2,815
Building Details
Building Size
1,856 SF
Year Built
1950
Listing Agency:
Keller Williams Home
(248) 275-7291
Listed By:
Dairek Yaldoo · License #375066
Source:
Eliterealtymi
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 23 at 9:02AM
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 Keller Williams Home
Investment Insights
Based on property information with market context.
This property is a former liquor store building on a highly visible corner lot. The building includes approximately 1,200 square feet of retail space plus a full basement. The site is described as consisting of approximately 2.27 acres, and the property is available for purchase as a building only or together with the liquor license, depending on the buyer’s needs.
The asset is positioned for storefront visibility on a corner lot, and the property is noted as zoned for liquor store use. With the purchase options that include the liquor license, the configuration may be especially relevant for buyers seeking continuity of use.
For an owner-user, the existing liquor store zoning and dedicated storefront building can support continued retail operations. For investors or developers, the combination of a freestanding retail building, basement area, and corner-lot presence provides a practical platform for adaptive reuse or redevelopment planning, subject to applicable approvals.
The asset is positioned for storefront visibility on a corner lot, and the property is noted as zoned for liquor store use. With the purchase options that include the liquor license, the configuration may be especially relevant for buyers seeking continuity of use.
For an owner-user, the existing liquor store zoning and dedicated storefront building can support continued retail operations. For investors or developers, the combination of a freestanding retail building, basement area, and corner-lot presence provides a practical platform for adaptive reuse or redevelopment planning, subject to applicable approvals.
Key Highlights
- Former liquor store on a highly visible corner lot totaling approximately 2.27 acres in Caro
- Zoned for liquor store use
- Building includes approximately 1,200 SF plus a full basement
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
$12,457
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
3.91%
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%
$249,140
$249.1K
Cap Rate 7%
$177,957
$178.0K
Cap Rate 9%
$138,411
$138.4K
Market Conditions
NOI Build-Up for 1,200 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
$18.6K $15.48/SF
− Vacancy
−$780 −$0.65/SF
EGI
$17.8K $14.83/SF
− OpEx
−$5.3K −$4.45/SF
NOI
$12.5K $10.38/SF
Area
Tuscola County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$249,140
Cap Rate 7%
$177,957
Cap Rate 9%
$138,411
Alternative Uses
Best Use
Retail
$178.0K
$155.7K – $207.6K
NOI $12,457 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$870.2K
$761.5K – $1.02M
NOI $60,916 @ 7.0% cap · market cap 19.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48723, MI
11,953
Population
5,175
Households
2.3
Avg Household Size
45
Median Age
18%
College-Educated
91%
High-School Grad
131.8 sq mi
ZIP Area
91
Density / Sq Mi
$56,618
Median Household Income
$40,543
Median Earnings
$737
Median Rent
$131,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Former liquor store on a highly visible corner lot, zoned for liquor store use with a full basement.
Where is this storefront property located?
The property is located at 3497 E Sanilac Road Caro, MI.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Former liquor store on a highly visible corner lot totaling approximately 2.27 acres in Caro; Zoned for liquor store use; Building includes approximately 1,200 SF plus a full basement
