Historic Bed and Breakfast with Seven
For Sale
$945,000
St. Johns, Saint Johns, MI 48879
COMMERCIAL - St. Johns, MI
Property Size9,000 SF
Lot Size1.03 Acres
Price / SF$105
Days on Market408
Property Features for St. Johns
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 2, Bathroom 4, Bathroom 9, Bathroom 1, Bathroom 6, Bathroom 10, Bathroom 3, Bathroom 8, Bathroom 5, Bathroom 7
Interior features
Broadband
Elementary school district
St. Johns
Middle school district
St. Johns
High school district
St. Johns
Directions
.
Subdivision
Central Michigan - C
Standard status
Active
Size
9,000 SF
Lot size
1.03 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
T7N R2W, CITY OF ST JOHNS, ORI GINAL PLAT BLK 72, BEG AT A P OINT 90 FT N OF SE COR OF BLK 72, RUN W 165 FT N 10 FT
Tax Annual Amount
13365
Legal Description
T7N R2W, CITY OF ST JOHNS, ORI GINAL PLAT BLK 72, BEG AT A P OINT 90 FT N OF SE COR OF BLK 72, RUN W 165 FT N 10 FT
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1865
Floors in Building
3
Number of units
2
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Jason Sousa
(248) 821-4889
Added: Jun 30, 2025
Changed: Aug 7
Last Checked: Aug 11 at 6:06PM
MLS# 25031690
Copyright © 2026 Michigan Regional Information Center, LLC. 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 fully restored bed and breakfast operates from a historic 9,000 SF mansion built in 1865, set on 1.03 acres. The property offers seven uniquely themed suites, each with a private bathroom, plus an innkeeper’s suite and a carriage house.
The operation includes multiple guest-facing revenue streams, including events, retreats, and package enhancements. A full-time innkeeper is in place, supporting a semi-absentee ownership model.
Recent major upgrades include HVAC and hot water systems. Additional in-place features include forced-air heating, broadband, and cable availability.
The operation includes multiple guest-facing revenue streams, including events, retreats, and package enhancements. A full-time innkeeper is in place, supporting a semi-absentee ownership model.
Recent major upgrades include HVAC and hot water systems. Additional in-place features include forced-air heating, broadband, and cable availability.
Key Highlights
- Fully restored 9,000 SF historic mansion built in 1865
- Seven uniquely themed suites, each with a private bathroom
- Innkeeper’s suite plus carriage house on 1.03 acres
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
$54,506
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
5.77%
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%
$1,090,120
$1.1M
Cap Rate 7%
$778,657
$778.7K
Cap Rate 9%
$605,622
$605.6K
Market Conditions
NOI Build-Up for 9,000 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
$135.0K $15.00/SF
− Vacancy
−$20.3K −$2.25/SF
EGI
$114.8K $12.75/SF
− OpEx
−$60.2K −$6.69/SF
NOI
$54.5K $6.06/SF
Area
Clinton County, MI
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,090,120
Cap Rate 7%
$778,657
Cap Rate 9%
$605,622
Alternative Uses
Best Use
Hotel Hospitality
$778.7K
$681.3K – $908.4K
NOI $54,506 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,233 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48879, MI
17,980
Population
7,521
Households
2.4
Avg Household Size
42
Median Age
23%
College-Educated
95%
High-School Grad
191.3 sq mi
ZIP Area
94
Density / Sq Mi
$78,845
Median Household Income
$46,934
Median Earnings
$884
Median Rent
$215,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Fully restored 9,000 SF historic mansion operating as a bed and breakfast with seven themed suites and private baths.
Where is this bed & breakfast located?
The property is located at St. Johns Saint Johns, MI.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Fully restored 9,000 SF historic mansion built in 1865; Seven uniquely themed suites, each with a private bathroom; Innkeeper’s suite plus carriage house on 1.03 acres
