Auto Shop with Paved
For Sale
$249,000
95 W Carleton Road, Hillsdale, MI 49242
Utilities are in place, with extensive paved areas supporting continued automotive use or future adaptation.
Property Size1,804 SF
Days on Market258
Property Features for 95 W Carleton Road
General Information
Standard status
Active
Size
1,804 SF
Property subtype
Business Opportunity
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,473
Building Details
Building Size
1,804 SF
Year Built
1950
Buildings
1
Listing Agency:
Spieth & Satow Auctions & Real Estate
(517) 398-6060
Listed By:
Darin W Spieth · License #6501348697
(517) 398-6060
Source:
Phgrealty
Added: Dec 15, 2025
Changed: Aug 29
Last Checked: Aug 23 at 4:49AM
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 Spieth & Satow Auctions & Real Estate
Investment Insights
Based on property information with market context.
This Hillsdale property includes an auto-shop building measuring 1,800+ square feet, constructed in 1950. Utilities are already in place, and the existing structure can support continued use in its current configuration or conversion for an alternative commercial purpose. Substantial paved area accompanies the building, providing functional outdoor space for automotive operations or other approved uses.
The property fronts W Carleton Road, also designated M99, with over 140 feet of road frontage. Its address is 95 W Carleton Road, Hillsdale, MI 49242. The combination of an established building, installed utilities, road exposure, and existing pavement provides a straightforward foundation for reuse or repositioning.
The property fronts W Carleton Road, also designated M99, with over 140 feet of road frontage. Its address is 95 W Carleton Road, Hillsdale, MI 49242. The combination of an established building, installed utilities, road exposure, and existing pavement provides a straightforward foundation for reuse or repositioning.
Key Highlights
- 1,800+ square foot auto‑shop building constructed in 1950
- Over 140 feet of frontage along W Carleton Road (M99)
- Utilities already in place
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
$10,456
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
4.20%
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%
$209,120
$209.1K
Cap Rate 7%
$149,371
$149.4K
Cap Rate 9%
$116,178
$116.2K
Market Conditions
NOI Build-Up for 1,804 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
$16.2K $9.00/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$14.9K $8.28/SF
− OpEx
−$4.5K −$2.48/SF
NOI
$10.5K $5.80/SF
Area
Hillsdale County, MI
Vacancy
8.00%
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%
$209,120
Cap Rate 7%
$149,371
Cap Rate 9%
$116,178
Alternative Uses
Best Use
Retail
$149.4K
$130.7K – $174.3K
NOI $10,456 @ 7.0% cap · market cap 4.20%
Second Best
Industrial
$146.0K
$127.7K – $170.3K
NOI $10,217 @ 7.0% cap · market cap 4.10%
Theoretical Best
Specialty Retail
$286.6K
$250.8K – $334.4K
NOI $20,065 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
98k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Groceries 23%
Shops & Services 19%
Beauty & Spa 2%
Kroger
Groceries
23,014 visits/mo
0.4 miles
McDonald's
Dining
21,479 visits/mo
0.3 miles
Citgo
Shops & Services
10,567 visits/mo
0.3 miles
Burger King
Dining
8,685 visits/mo
0.2 miles
BIGGBY COFFEE
Dining
8,287 visits/mo
0.2 miles
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Phat Jaxx Automotive LLC — 42 Waldron St, Hillsdale, MI 49242
- Bumper To Bumper Automotive Service Center — 42 Waldron St, Hillsdale, MI 49242
- Tiny Town Auto Service — 117 E Bacon St, Hillsdale, MI 49242
- Parker Performance — 18 Rippon Ave, Hillsdale, MI 49242
- Stillwell Ford Service — carleton rd e, hillsdale, mi 49242
Frequently Asked Questions
What type of property is this?
Auto shop - Utilities are in place, with extensive paved areas supporting continued automotive use or future adaptation.
Where is this auto shop located?
The property is located at 95 W Carleton Road Hillsdale, MI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,800+ square foot auto‑shop building constructed in 1950; Over 140 feet of frontage along W Carleton Road (M99); Utilities already in place
