Mixed-Use Building with 2
For Sale
$154,900
4007 Pine Grove Ave, Fort Gratiot, MI 48059
A ground-floor commercial space sits beneath two residential units, with separate utilities serving the multiple units.
Property Size3,248 SF
Price / SF$47.69
Days on Market90
Property Features for 4007 Pine Grove Ave
General Information
Standard status
Active
Size
3,248 SF
Property subtype
Multi-Unit (2-4)
Units
Multifamily Units
2
Individually Metered Utilities
unspecified utilities
Additional Details
Utilities to Site
Yes
Listing Agency:
Davis Realty and Auction
(256) 442-9995
Listed By:
Christopher Davis · License #112829
(256) 390-7773
Source:
Davisrealtyandauction
Added: Aug 4
Changed: Oct 31
Last Checked: Oct 31 at 3:25AM
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 Davis Realty and Auction
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,248-square-foot mixed-use property at 4007 Pine Grove Ave in Fort Gratiot has commercial space on the ground floor and two residential units above. The interior is suited to renovation and customization. Exterior improvements include new siding, windows, and a metal roof, and the property also includes a shed.
Utilities are split for multiple units. The property is near local schools and amenities.
Utilities are split for multiple units. The property is near local schools and amenities.
Key Highlights
- 3,248‑square‑foot mixed‑use property
- Ground‑floor commercial space with two residential units above
- New siding, windows, and metal roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,181
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$223,620
$223.6K
Cap Rate 7%
$159,729
$159.7K
Cap Rate 9%
$124,233
$124.2K
Market Conditions
NOI Build-Up for 3,248 SF
Gross rent
$19.5K $6.00/SF
− Vacancy
−$4.6K −$1.41/SF
EGI
$14.9K $4.59/SF
− OpEx
−$3.7K −$1.15/SF
NOI
$11.2K $3.44/SF
Area
St. Clair County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$223,620
Cap Rate 7%
$159,729
Cap Rate 9%
$124,233
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.62M
NOI $157,380 @ 7.0% cap · market cap 101.60%
Second Best
Mixed Use
$320.2K
$280.1K – $373.5K
NOI $22,411 @ 7.0% cap · market cap 14.47%
Theoretical Best
Multifamily LT 5
$2.44M
$2.14M – $2.85M
NOI $170,922 @ 7.0% cap · market cap 110.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
Explore this area
Business Placement
Demographics for 48059, MI
15,319
Population
7,324
Households
2.1
Avg Household Size
47
Median Age
30%
College-Educated
94%
High-School Grad
31.7 sq mi
ZIP Area
483
Density / Sq Mi
$78,841
Median Household Income
$44,716
Median Earnings
$956
Median Rent
$199,200
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A ground-floor commercial space sits beneath two residential units, with separate utilities serving the multiple units.
Where is this mixed-use property located?
The property is located at 4007 Pine Grove Ave Fort Gratiot, MI.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: 3,248‑square‑foot mixed‑use property; Ground‑floor commercial space with two residential units above; New siding, windows, and metal roof
