Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    315 Nepessing St Lapeer, MI 48446-2105
    Back to Search
    Property profile & analytics

    315 Nepessing St, Lapeer, MI 48446-2105

    View on Map
    • Turn key restaurants
    • 3,280 SF
    • 0.11 lot acres
    Off-Market
    Property ID
    US43-4335239
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 315 Nepessing St

    Year built
    1900
    Lot size
    0.11 lot acres
    Zone code
    CBD1 CEN BUS
    Property type
    Turn key restaurants
    APN
    L20-01-700-040-00
    APU
    L200170004000

    Description

    This exceptional investment opportunity presents a six-unit apartment building located at 315 E Nepessing St, Lapeer, MI 48446. The property, a Class C multifamily building, boasts 4,850 square feet of net rentable space situated on a 0.28-acre lot. Built in 1985 and extensively renovated in 2024, this two-story building offers a mix of three one-bedroom and three two-bedroom units, currently enjoying 100% occupancy with annual leases. The asking price is $700,000, representing a compelling 8.50% cap rate. The land value is $144.33 per square foot. The property is zoned for multiple family use and benefits from its convenient location, within walking distance of downtown Lapeer. Recent renovations, completed in July 2024, encompass both interior and exterior improvements. The property's assessed value is currently uncapped, following a 2023 purchase, suggesting potential for minimized future tax increases. The property's strong occupancy and recent renovations make it an attractive investment with potential for further rental increases. The APN is L21-40-109-040-00.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lapeer
    County
    Lapeer
    State
    Michigan
    Longitude
    -83.3117
    Latitude
    43.0539
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,138
    $0.00
    $0.00
    $133,800
    -
    $0.00
    $0.00
    $267,600

    Comparable in this City

    • Value Estimation by Request
      5,900 SF

      4 Nepessing St

      RESTAURANT
      4 Nepessing St, Lapeer, MI 48446-2312
      View Details
    • Value Estimation by Request
      5,135 SF

      825 Main St

      RESTAURANT
      825 Main St, Lapeer, MI 48446-3069
      View Details
    • Value Estimation by Request
      2,856 SF

      393 Nepessing St

      RESTAURANT
      393 Nepessing St, Lapeer, MI 48446-2105
      View Details
    • Value Estimation by Request
      4,183 SF

      195 Genesee St

      RESTAURANT
      195 Genesee St, Lapeer, MI 48446-2226
      View Details
    • Value Estimation by Request
      6,120 SF

      1723 Demille Rd

      RESTAURANT
      1723 Demille Rd, Lapeer, MI 48446-4199
      View Details
    • Value Estimation by Request
      2,869 SF

      1990 Lapeer Rd

      RESTAURANT
      1990 Lapeer Rd, Lapeer, MI 48446-7710
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,273 SF

      Established Wendy's Restaurant For Sale

      Long-term NNN lease with corporate guarantee in Lapeer, Michigan.
      436 S Main St, Lapeer, MI 48446
      View Details
    • $699,900

      Renovated Commercial Building in Downtown

      Move-in ready, renovated 4,700 SF commercial building in downtown Lapeer.
      111 W Genesee St, Lapeer, MI 48446
      View Details
    • Contact for pricing

      Redevelopment Portfolio in Lapeer, Michigan

      10+ unit redevelopment portfolio with high potential in Lapeer.
      939 W Genesee St, Lapeer, MI 48446
      View Details
    • $3,579,986
      33.64 Acres

      Residential Land in Lapeer, MI

      Land for single-family and luxury apartment homes development.
      Millville Rd, Lapeer, MI 48446
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      14,000 SF

      Prime Retail Space Available

      15,050 SF retail space with main road frontage.
      401 W Genesee St, Lapeer, MI 48446
      View Details
    • Contact for pricing

      Lapeer Commercial Property For Rent

      Commercial property available for rent in Lapeer, Michigan.
      3273 Davison Rd, Lapeer, MI 48446
      View Details
    • $2,438 /Mo
      19,344 SF

      Lapeer Retail Space For Rent

      4,500 SF retail space available in Lapeer, Michigan.
      2025 N Lapeer Rd, Lapeer, MI 48446
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    315 Nepessing St
    Lapeer, MI 48446-2105
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    315 Nepessing St, Lapeer, MI, 48446
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!