Redevelopment Opportunity with Water
For Sale
$1,500,000
3519 Military St, Port Huron, MI 48060
Over 19,000 sq ft facility with water view.
Property Size19,000 SF
Lot Size2.89 Acres
Price / SF$78.95
Days on Market106
Property Features for 3519 Military St
General Information
Standard status
Active
Size
19,000 SF
Lot size
2.89 Acres
Property subtype
Commercial
Building Details
Year Built
1967
Listing Agency:
Real Estate One Port Huron
(810) 650-7861
Listed By:
Mark Ellis · License #6505431194
(810) 650-7861
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 6 at 5:24AM
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 Real Estate One Port Huron
Investment Insights
Based on property information with market context.
This property offers over 19,000 square feet of space and presents redevelopment opportunities, including potential for condos, storefronts, or a grocery store. Situated on 2.89 acres, the facility provides an amazing water view. Recent updates include new concrete inside the building, a new office with tiled floors, new paint, trim, doors, and a bathroom. The property also features new plumbing, a roof, furnace, and water heater. The building has 24-foot ceilings and 14-foot overhead doors, allowing semi-trucks to pull inside. According to walkscore.com, the walk score is 33, indicating car-dependent, and the bike score is 30, indicating somewhat bikeable.
Key Highlights
- Over 19,000 sq ft of space on 2.89 acres with amazing water view.
- Recent extensive renovations** including new concrete, office, plumbing, roof, furnace, and water heater.
- 24‑foot ceilings and 14‑foot overhead doors allow semi‑truck access.
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
$135,176
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
9.01%
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%
$2,703,520
$2.7M
Cap Rate 7%
$1,931,086
$1.9M
Cap Rate 9%
$1,501,956
$1.5M
Market Conditions
NOI Build-Up for 19,000 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
$171.0K $9.00/SF
− Vacancy
−$12.0K −$0.63/SF
EGI
$159.0K $8.37/SF
− OpEx
−$23.9K −$1.26/SF
NOI
$135.2K $7.11/SF
Area
St. Clair County, MI
Vacancy
7.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$2,703,520
Cap Rate 7%
$1,931,086
Cap Rate 9%
$1,501,956
Alternative Uses
Best Use
Retail
$3.51M
$3.07M – $4.09M
NOI $245,612 @ 7.0% cap · market cap 16.37%
Second Best
Warehouse
$1.93M
$1.69M – $2.25M
NOI $135,176 @ 7.0% cap · market cap 9.01%
Theoretical Best
Multifamily LT 5
$14.28M
$12.50M – $16.66M
NOI $999,849 @ 7.0% cap · market cap 66.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48060, MI
39,775
Population
18,066
Households
2.2
Avg Household Size
39
Median Age
17%
College-Educated
89%
High-School Grad
20.7 sq mi
ZIP Area
1,921
Density / Sq Mi
$51,342
Median Household Income
$32,017
Median Earnings
$1,005
Median Rent
$152,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- 32nd Street Storage — 3541 32nd St, Port Huron, MI 48060
Frequently Asked Questions
What type of property is this?
Warehouse - Over 19,000 sq ft facility with water view.
Where is this warehouse located?
The property is located at 3519 Military St Port Huron, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Over 19,000 sq ft of space on 2.89 acres with **amazing water view**.; Recent extensive renovations** including new concrete, office, plumbing, roof, furnace, and water heater.; 24‑foot ceilings and 14‑foot overhead doors allow semi‑truck access.
