Live-Work Property with
For Sale
$369,900
5699 Main Street, Lexington, MI 48450
COMMERCIAL - Lexington, MI
Property Size1,340 SF
Lot Size0.56 Acres
Price / SF$276.04
Days on Market47
Property Features for 5699 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial, Mixed Use
Rooms
Basement
Patio and Porch features
Patio
Exterior features
Deck/Patio
Lot features
Corner Lot, Main Street, Residential Area, Cleared
Subdivision
Lexington (76035)
Standard status
Active
APN
152-031-200-010-00
Size
1,340 SF
Lot size
0.56 Acres
Utilities
Heating system
Forced Air
Cooling system
Wall/Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
Town & Country Realty-Lexington
(810) 359-5000
Listed By:
Tracy Kritzman · License #6501378946
(810) 434-5129
Added: Jun 24
Changed: Aug 6
Last Checked: Aug 9 at 7:06PM
MLS# 50212530
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This live-work property combines a 3-bedroom, 1-bath home with a large barn, offering flexible residential and commercial possibilities in one setting. The home provides comfortable indoor living space, while the barn adds substantial outbuilding utility for a range of uses that fit a mixed-use setup.
Located in the Village of Lexington on Main Street, the property is described as providing easy access to the marina and Lake Huron beaches, along with shopping and restaurants. With 0.56 acres of land, it offers room for a combined day-to-day live and work environment.
The configuration supports owners or tenants looking to keep residential space and an additional large outbuilding on the same parcel, with the property’s overall size listed at 1,340 square feet.
Located in the Village of Lexington on Main Street, the property is described as providing easy access to the marina and Lake Huron beaches, along with shopping and restaurants. With 0.56 acres of land, it offers room for a combined day-to-day live and work environment.
The configuration supports owners or tenants looking to keep residential space and an additional large outbuilding on the same parcel, with the property’s overall size listed at 1,340 square feet.
Key Highlights
- 3‑bedroom, 1‑bath home with a large barn on the property
- Deck/patio and a patio area for outdoor space
- Forced‑air heating
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
110
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a 3-bedroom, 1-bath home and a large barn on a 0.56-acre village lot.
Where is this mixed-use property located?
The property is located at 5699 Main Street 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: 3‑bedroom, 1‑bath home with a large barn on the property; Deck/patio and a patio area for outdoor space; Forced‑air heating
