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    Prime Corner Commercial Opportunity Title is generated by Realmo AI

    20032 Kelly, Harper Woods, MI 48225

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    Claim this Listing
    For Sale
    $159,900

    Commercial/Industrial - Harper Woods, MI

    Property size:
    1,290 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $123/SF
    Added:
    Dec 26, 2025
    Days on Market:
    141
    Last Refresh:
    May 16 at 10:06 pm

    Property Features for 20032 Kelly

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Interior features
    2 Phase Power, Private Restrooms
    Standard status
    Active
    APN
    42 005 03 0057 000
    Size
    1,290 SF
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4321

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1949
    Building materials
    Block
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Krista Jelsky
    Krista Jelsky

    Listing agent Krista Jelsky License #6501366779

    Listing office Epique Inc. 411 S Main Street, Houston, MI

    Listing date Dec 26, 2025

    MLS# 50196557 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Land contract terms available: 50% down, 8% interest.
    • Prime corner commercial location with excellent visibility on Kelly Road.
    • High exposure location with strong daily traffic.
    • Existing features include service counter with protective glass, coolers, three compartment sink, bathroom, water heater, and new electrical panel.
    • Potential to purchase adjacent four‑bedroom home on a double lot as a package deal.
    • Proven history of successful businesses at this location.

    Overview

    This commercial property is located on a prime corner lot with excellent visibility on Kelly Road, situated steps from Chandler Park Academy. The property benefits from strong daily traffic and a history of successful businesses. The building features a long service counter with protective glass, an extended wall of coolers, a three-compartment sink, a bathroom, a water heater, and a new electrical panel. The corner lot provides outstanding signage potential and easy accessibility. The property offers a strong value-add opportunity, and improvements required are minimal, allowing for customization to suit a wide range of business uses. The property size is 1290 square feet, situated on a 0.18-acre lot. Land contract terms are available with 50% down and 8% interest. The owner also owns the residential property directly behind the building, a four-bedroom home situated on a double lot, which may be available as a package opportunity. Properties at this location have a strong track record of success.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $135.8K
    NOI $12,223 @ 9.00% cap · cautious / downside scenario
    Moderate
    $174.6K
    NOI $12,223 @ 7.00% cap · market / base-case scenario
    Aggressive
    $244.5K
    NOI $12,223 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $18.6k $14.40
    − Vacancy −$1.1k −$0.86
    EGI $17.5k $13.54
    − OpEx −$5.2k −$4.06
    NOI $12.2k $9.48
    1,290 SF · lease $14.40/SF/yr · vacancy 6.00% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $174.6K
    $152.8K – $203.7K (±1% cap)
    NOI $12,223 @ 7.0% cap · market cap 7.64%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $238.8K
    $209.0K – $278.6K (±1% cap)
    NOI $16,718 @ 7.0% cap · market cap 10.46%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Harper Woods
    County
    Wayne
    State
    Michigan
    Longitude
    -82.9295
    Latitude
    42.4389

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    FAQs

    What type of property is this?
    Storefront property - High-visibility commercial building with land contract terms available.
    Where is this storefront property located?
    The property is located at 20032 Kelly Harper Woods, MI.
    What is the asking price?
    The asking price for this property is $159,900.
    What are key features of this property?
    This property features: Land contract terms available: 50% down, 8% interest.; **Prime corner commercial location with excellent visibility on Kelly Road.**; High exposure location with strong daily traffic.
    (586) 918-0900
    We can help!
    Listing Contact
    Krista Jelsky
    Krista Jelsky
    Real Estate License ID: 6501366779
    Learn More
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    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
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