Mixed-Use Property with
New
For Sale
$600,000
393 W Nepessing Street, Lapeer, MI 48446
An operating Italian dining business, liquor license and upstairs apartment are included with the commercial real estate.
Property Size2,856 SF
Price / SF$210.08
Days on Market3
Property Features for 393 W Nepessing Street
General Information
Standard status
Active
Size
2,856 SF
Zoning
CBD-1
Restaurant
Seating Capacity
90
Patio
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,671
Building Details
Buildings
1
Listing Agency:
Diplomat Realty
Listed By:
Nicholas Sinishtaj · License #414648
(586) 453-3533
Source:
Exprealty
Added: Oct 6
Changed: Oct 7
Last Checked: Oct 7 at 2:41PM
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 Diplomat Realty
Investment Insights
Based on property information with market context.
The property combines an operating Italian restaurant and pizzeria with a second-floor apartment. Restaurant features include indoor seating for approximately 90 guests and an outdoor patio. The sale includes the business and liquor license along with the real estate. The apartment measures 1,300+ square feet.
At 393 W Nepessing Street in Downtown Lapeer, the building is zoned CBD-1 Central Business District. Free public parking is available in front of and behind the property.
At 393 W Nepessing Street in Downtown Lapeer, the building is zoned CBD-1 Central Business District. Free public parking is available in front of and behind the property.
Key Highlights
- Operating Italian restaurant and pizzeria business included with the real estate
- Liquor license included in the sale
- Second‑floor apartment measures 1,300+ square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,654
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,080
$633.1K
Cap Rate 7%
$452,200
$452.2K
Cap Rate 9%
$351,711
$351.7K
Market Conditions
NOI Build-Up for 2,856 SF
Gross rent
$51.4K $18.00/SF
− Vacancy
−$9.2K −$3.22/SF
EGI
$42.2K $14.78/SF
− OpEx
−$10.6K −$3.69/SF
NOI
$31.7K $11.08/SF
Area
Lapeer County, MI
Vacancy
17.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$633,080
Cap Rate 7%
$452,200
Cap Rate 9%
$351,711
Alternative Uses
Best Use
Specialty Retail
$452.2K
$395.7K – $527.6K
NOI $31,654 @ 7.0% cap · market cap 5.28%
Second Best
Mixed Use
$403.9K
$353.4K – $471.2K
NOI $28,274 @ 7.0% cap · market cap 4.71%
Theoretical Best
Healthcare Medical
$467.7K
$409.2K – $545.7K
NOI $32,739 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
640
Businesses Nearby
162k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 61%
Shops & Services 26%
Home Improvements & Furnishings 13%
Walmart
Superstores
97,933 visits/mo
0.3 miles
Tractor Supply Co.
Home Improvements & Furnishings
19,631 visits/mo
0.5 miles
Murphy USA
Shops & Services
19,321 visits/mo
0.5 miles
Sunoco
Shops & Services
10,684 visits/mo
0.4 miles
Huntington Bank
Shops & Services
4,373 visits/mo
0.5 miles
Demographics for 48446, MI
30,788
Population
12,797
Households
2.4
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
121.9 sq mi
ZIP Area
253
Density / Sq Mi
$66,382
Median Household Income
$40,263
Median Earnings
$976
Median Rent
$206,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - An operating Italian dining business, liquor license and upstairs apartment are included with the commercial real estate.
Where is this mixed-use property located?
The property is located at 393 W Nepessing Street Lapeer, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Operating Italian restaurant and pizzeria business included with the real estate; Liquor license included in the sale; Second‑floor apartment measures 1,300+ square feet
