Renovated Mixed-Use
For Sale
$1,100,000
802-812 Lapeer Ave, Port Huron, MI 48060
Historic commercial and residential building with flexible occupancy across multiple units and a rear storage garage.
Property Size10,900 SF
Price / SF$100.92
Days on Market10
Property Features for 802-812 Lapeer Ave
General Information
Standard status
Active
Size
10,900 SF
Property subtype
Commercial
Building Details
Year Built
1889
Tenancy
Multi
Listing Agency:
Pilot Property Group - Residential LLC
Listed By:
Anthony U Rubino · License #6502425251
(586) 873-5419
Source:
Vmrealestatemichigan
Added: Sep 15
Changed: Sep 20
Last Checked: Sep 22 at 5:47PM
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 Pilot Property Group - Residential LLC
Investment Insights
Based on property information with market context.
Built in 1889 and renovated for continued use, this mixed-use property contains 10,900 SF with five commercial units and four residential units on the upper levels. Three commercial spaces are vacant, offering unit sizes from approximately 750 to 2,640 SF. A substantial rear storage garage adds functional support space to the property.
The building is located at 802-812 Lapeer Ave in Port Huron, near St. Clair County Community College. Its combination of commercial suites, upper-level residences, and existing storage infrastructure supports a range of owner-occupant and multi-unit operating arrangements.
The building is located at 802-812 Lapeer Ave in Port Huron, near St. Clair County Community College. Its combination of commercial suites, upper-level residences, and existing storage infrastructure supports a range of owner-occupant and multi-unit operating arrangements.
Key Highlights
- 10,900 SF mixed‑use property built in 1889
- Five commercial units and four upper‑level residential units
- Three vacant commercial spaces ranging from approximately 750 to 2,640 SF
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
$75,210
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
6.84%
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%
$1,504,200
$1.5M
Cap Rate 7%
$1,074,429
$1.1M
Cap Rate 9%
$835,667
$835.7K
Market Conditions
NOI Build-Up for 10,900 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
$130.8K $12.00/SF
− Vacancy
−$10.5K −$0.96/SF
EGI
$120.3K $11.04/SF
− OpEx
−$45.1K −$4.14/SF
NOI
$75.2K $6.90/SF
Area
St. Clair County, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,504,200
Cap Rate 7%
$1,074,429
Cap Rate 9%
$835,667
Alternative Uses
Best Use
Mixed Use
$1.07M
$940.1K – $1.25M
NOI $75,210 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$8.19M
$7.17M – $9.56M
NOI $573,598 @ 7.0% cap · market cap 52.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,364
Businesses Nearby
Explore this area
Business Placement
Demographics for 48060, MI
39,775
Population
18,066
Households
2.2
Avg Household Size
39
Median Age
17%
College-Educated
89%
High-School Grad
20.7 sq mi
ZIP Area
1,921
Density / Sq Mi
$51,342
Median Household Income
$32,017
Median Earnings
$1,005
Median Rent
$152,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic commercial and residential building with flexible occupancy across multiple units and a rear storage garage.
Where is this mixed-use property located?
The property is located at 802-812 Lapeer Ave Port Huron, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 10,900 SF mixed‑use property built in 1889; Five commercial units and four upper‑level residential units; Three vacant commercial spaces ranging from approximately 750 to 2,640 SF
