Mixed-Use Property with
For Sale
$369,900
5699 MAIN ST, Lexington, MI 48450
A three-bedroom home and large barn create a flexible residential-commercial setup in the Village of Lexington.
Property Size1,340 SF
Price / SF$276.04
Days on Market81
Property Features for 5699 MAIN ST
General Information
Standard status
Active
Size
1,340 SF
Property subtype
Industrial
Amenities
Window/Wall Unit, Ceiling Fan(s)
3
Shingle
191127
Building Details
Year Built
1900
Buildings
2
Listing Agency:
Town & Country Realty-Lexington
(810) 359-5000
Listed By:
Tracy Kritzman · License #6501378946
(810) 434-5129
Source:
Xome
Added: Jun 22
Changed: Sep 9
Last Checked: Sep 9 at 3:05PM
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 Town & Country Realty-Lexington
Investment Insights
Based on property information with market context.
This mixed-use property combines a three-bedroom, one-bath home with a large barn, offering both residential space and substantial secondary improvements. The home includes window or wall unit cooling and ceiling fans, with shingle exterior construction. Built in 1900, the property has a configuration that can support residential occupancy alongside commercial, workshop, storage, studio, or live-work uses identified for the site.
The property is located at 5699 Main St in the Village of Lexington, with access to the marina, Lake Huron beaches, shopping, restaurants, and other village attractions. Its village setting and combination of a house and barn provide a distinct format for an owner-user or purchaser seeking multiple types of usable space.
The property is located at 5699 Main St in the Village of Lexington, with access to the marina, Lake Huron beaches, shopping, restaurants, and other village attractions. Its village setting and combination of a house and barn provide a distinct format for an owner-user or purchaser seeking multiple types of usable space.
Key Highlights
- Three‑bedroom, one‑bath home
- Large barn included with the property
- Mixed‑use format with residential and commercial possibilities
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
$16,491
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
4.46%
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%
$329,820
$329.8K
Cap Rate 7%
$235,586
$235.6K
Cap Rate 9%
$183,233
$183.2K
Market Conditions
NOI Build-Up for 1,340 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
$25.6K $19.08/SF
− Vacancy
−$3.6K −$2.67/SF
EGI
$22.0K $16.41/SF
− OpEx
−$5.5K −$4.10/SF
NOI
$16.5K $12.31/SF
Area
Sanilac County, MI
Vacancy
14.00%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
25.00%
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%
$329,820
Cap Rate 7%
$235,586
Cap Rate 9%
$183,233
Alternative Uses
Best Use
Office B
$235.6K
$206.1K – $274.9K
NOI $16,491 @ 7.0% cap · market cap 4.46%
Second Best
Mixed Use
$129.2K
$113.1K – $150.8K
NOI $9,045 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$284.6K
$249.0K – $332.0K
NOI $19,921 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 48450, MI
4,199
Population
4,113
Households
1
Avg Household Size
55
Median Age
23%
College-Educated
95%
High-School Grad
21.9 sq mi
ZIP Area
192
Density / Sq Mi
$58,297
Median Household Income
$33,892
Median Earnings
$855
Median Rent
$200,900
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A three-bedroom home and large barn create a flexible residential-commercial setup in the Village of Lexington.
Where is this mixed-use property located?
The property is located at 5699 MAIN ST Lexington, MI.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Three‑bedroom, one‑bath home; Large barn included with the property; Mixed‑use format with residential and commercial possibilities
