Building Details

Building Size 9,090 SF

Year Built 1984

Listing Agency: Kramer Commercial Realty

Listed By: Korissa Kramer · License #6502386241 Show Phone

Source: Cpix.resimplifi

Added: Sep 29 Changed: Sep 30 Last Checked: Oct 1 at 8:16AM

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Investment Insights

Based on property information with market context.

This mixed-use offering brings together 9,090 SF of commercial and service space with a separate 1,206 SF residence. The property is associated with Pete’s Camping Service, an RV and camping service and retail operation, and includes the business, equipment, fixtures, and inventory. The commercial space supports the existing service and retail functions described for the operation.

The two properties at 4619 and 4631 Lapeer Road cover approximately 2.765 acres in Smiths Creek, Michigan. Zoning is C-1, and the commercial building was constructed in 1984.

Key Highlights

• 9,090 SF of commercial and service space
• Separate 1,206 SF residence
• Approximately 2.765 acres across two properties at 4619 and 4631 Lapeer Road

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

$53,258

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

9.03%

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%

$1,065,160 $1.1M

Cap Rate 7%

$760,829 $760.8K

Cap Rate 9%

$591,756 $591.8K

Market Conditions

NOI Build-Up for 9,090 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

$81.8K $9.00/SF

− Vacancy

−$5.7K −$0.63/SF

EGI

$76.1K $8.37/SF

− OpEx

−$22.8K −$2.51/SF

NOI

$53.3K $5.86/SF

Area

St. Clair County, MI

Vacancy

7.00%

Lease Rate

$9.00 /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%

$1,065,160

Cap Rate 7%

$760,829

Cap Rate 9%

$591,756

Alternative Uses

Best Use

Retail

$1.68M

$1.47M – $1.96M (±1% cap)

NOI $117,506 @ 7.0% cap · market cap 19.92%

Second Best

Mixed Use

$896.0K

$784.0K – $1.05M (±1% cap)

NOI $62,721 @ 7.0% cap · market cap 10.63%

Theoretical Best

Multifamily LT 5

$6.83M

$5.98M – $7.97M (±1% cap)

NOI $478,349 @ 7.0% cap · market cap 81.08%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Auto shops

Suggested Use

Top Pick Real Estate Agency Restaurant Hair Salon Spa & Massage Center Auto Repair Shop HVAC Service

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

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

55

Businesses Nearby

11k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Dollar General Shops & Services

7,192 visits/mo 0.4 miles

Chase Bank Shops & Services

3,724 visits/mo 0.2 miles

Demographics for 48074, MI

9,608

Population

3,809

Households

2.5

Avg Household Size

43

Median Age

15%

College-Educated

90%

High-School Grad

37.2 sq mi

ZIP Area

258

Density / Sq Mi

$69,600

Median Household Income

$43,577

Median Earnings

$1,139

Median Rent

$191,800

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 - The property combines commercial service and retail space with a separate residence and an operating RV and camping business.

Where is this mixed-use property located?

The property is located at 4631 Lapeer Rd Smiths Creek, MI.

What is the asking price?

The asking price for this property is $590,000.

What are key features of this property?

This property features: 9,090 SF of commercial and service space; Separate 1,206 SF residence; Approximately 2.765 acres across two properties at 4619 and 4631 Lapeer Road