Mixed-Use Building with Loft
For Sale
Contact for pricing
922 Military St 924 Military, Port Huron, MI 48060
CBD-zoned property combines street-level commercial space with upper-floor loft apartments.
Property Size5,808 SF
Price / SF$85.92
Days on Market168
Property Features for 922 Military St 924 Military
General Information
Standard status
Active
Size
5,808 SF
Property subtype
Mixed Use, Retail
Zoning
CBD, Central Business District
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1875
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Kramer Commercial Realty
(810) 531-4090
Listed By:
Korissa Kramer, CCIM · License #MI 6502386241
Source:
Crexi
Added: Mar 17
Changed: Aug 30
Last Checked: Mar 26 at 12:30AM
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 Kramer Commercial Realty
Investment Insights
Based on property information with market context.
This 5,808-square-foot mixed-use building, constructed in 1875, includes two commercial spaces at street level and two loft apartments above. The commercial units are approximately 1,200 square feet each. Residential layouts include one three-bedroom, one-and-a-half-bath apartment and one two-bedroom, one-bath apartment, with open loft-style interiors and high ceilings.
Positioned on Military Street in downtown Port Huron, the property is near local shops, dining, and waterfront attractions. CBD zoning supports its established combination of commercial and residential components. The configuration places business space and residential units within the same building, with access to downtown amenities nearby.
Positioned on Military Street in downtown Port Huron, the property is near local shops, dining, and waterfront attractions. CBD zoning supports its established combination of commercial and residential components. The configuration places business space and residential units within the same building, with access to downtown amenities nearby.
Key Highlights
- 5,808 SF mixed‑use building constructed in 1875
- Two street‑level commercial units, approximately 1,200 sf each
- Two upper‑level loft apartments with open layouts and high ceilings
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
$40,075
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
8.03%
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%
$801,500
$801.5K
Cap Rate 7%
$572,500
$572.5K
Cap Rate 9%
$445,278
$445.3K
Market Conditions
NOI Build-Up for 5,808 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
$69.7K $12.00/SF
− Vacancy
−$5.6K −$0.96/SF
EGI
$64.1K $11.04/SF
− OpEx
−$24.0K −$4.14/SF
NOI
$40.1K $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%
$801,500
Cap Rate 7%
$572,500
Cap Rate 9%
$445,278
Alternative Uses
Best Use
Multifamily LT 5
$4.37M
$3.82M – $5.09M
NOI $305,638 @ 7.0% cap · market cap 61.25%
Second Best
Apartment 5plus
$4.02M
$3.52M – $4.69M
NOI $281,424 @ 7.0% cap · market cap 56.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,289
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CBD-zoned property combines street-level commercial space with upper-floor loft apartments.
Where is this mixed-use property located?
The property is located at 922 Military St 924 Military Port Huron, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 5,808 SF mixed‑use building constructed in 1875; Two street‑level commercial units, approximately 1,200 sf each; Two upper‑level loft apartments with open layouts and high ceilings
