Brick Retail/Office
For Sale
$239,000
21720 15 MILE RD, Clinton Twp, MI 48035
COMMERCIAL - Clinton Twp, MI
Property Size1,668 SF
Lot Size0.52 Acres
Price / SF$143.29
Days on Market114
Property Features for 21720 15 MILE RD
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B-1
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Parking
15
Interior features
Broadband
Subdivision
Gratiot Heights Sub
Elementary school district
Clintondale
Middle school district
Clintondale
High school district
Clintondale
Standard status
Active
APN
16-11-34-201-026
Size
1,668 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
50-11-34-201-026 D22-28 97C GRATIOT HEIGHTS SUB BLOCK A, LOTS 22 THRU 28 EXC N 27.0 FT FOR 15 MILE RD R/W
Tax Annual Amount
5114
Legal Description
50-11-34-201-026 D22-28 97C GRATIOT HEIGHTS SUB BLOCK A, LOTS 22 THRU 28 EXC N 27.0 FT FOR 15 MILE RD R/W
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1992
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Rubber
Listing Agency:
Detroit Metro Realty
(313) 488-5585
Listed By:
Kingsley Ifezue · License #6502412737
(586) 256-3945
Added: Apr 19
Changed: Aug 4
Last Checked: Aug 10 at 1:06AM
MLS# 26016506
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 brick retail/office building was built in 1992 and offers approximately 1,668 square feet of space on a 0.52-acre parcel. The site provides 277 feet of frontage and includes 15 parking spaces, with modern utilities noted for the property. The property is zoned B-1 and is positioned for flexible retail or professional use by an owner-user or investor.
The property is described as being located along a high-visibility corridor at Gratiot & Kentucky in Clinton Charter Township. The surrounding area is noted to include national anchors such as Lowe's, Sherwin-Williams, and a newly built Meijer.
According to the remarks, demographic support includes approximately 95,000 residents and an average household income of about $75,000 within a 3-mile radius, reinforcing the area’s established consumer base for a variety of retail or office uses.
The property is described as being located along a high-visibility corridor at Gratiot & Kentucky in Clinton Charter Township. The surrounding area is noted to include national anchors such as Lowe's, Sherwin-Williams, and a newly built Meijer.
According to the remarks, demographic support includes approximately 95,000 residents and an average household income of about $75,000 within a 3-mile radius, reinforcing the area’s established consumer base for a variety of retail or office uses.
Key Highlights
- 1,668 SF retail/office building on a 0.52‑acre parcel with 277' of frontage on Gratiot & Kentucky in Clinton Charter Township
- Brick construction built in 1992 with forced air heating and central air cooling; rubber roof
- B‑1 zoned property with 15 on‑site parking spaces for customers and staff
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
$12,330
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
5.16%
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%
$246,600
$246.6K
Cap Rate 7%
$176,143
$176.1K
Cap Rate 9%
$137,000
$137.0K
Market Conditions
NOI Build-Up for 1,668 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
$20.0K $12.00/SF
− Vacancy
−$2.4K −$1.44/SF
EGI
$17.6K $10.56/SF
− OpEx
−$5.3K −$3.17/SF
NOI
$12.3K $7.39/SF
Area
Macomb County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$246,600
Cap Rate 7%
$176,143
Cap Rate 9%
$137,000
Alternative Uses
Best Use
Retail
$176.1K
$154.1K – $205.5K
NOI $12,330 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$312.3K
$273.2K – $364.3K
NOI $21,859 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
113k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 30%
Home Improvements & Furnishings 10%
McDonald's
Dining
22,510 visits/mo
0.2 miles
Wendy's
Dining
12,116 visits/mo
0.1 miles
Harbor Freight Tools
Home Improvements & Furnishings
11,232 visits/mo
0.0 miles
Taco Bell
Dining
10,061 visits/mo
0.3 miles
Speedway
Shops & Services
9,780 visits/mo
0.4 miles
Demographics for 48035, MI
34,018
Population
15,615
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
3,866
Density / Sq Mi
$69,245
Median Household Income
$41,167
Median Earnings
$1,111
Median Rent
$181,300
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.
Frequently Asked Questions
What type of property is this?
Storefront property - Brick retail/office building on a 0.52-acre parcel with 277 feet of frontage and 15 parking spaces.
Where is this storefront property located?
The property is located at 21720 15 MILE RD Clinton Twp, MI.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,668 SF retail/office building on a 0.52‑acre parcel with 277' of frontage on Gratiot & Kentucky in Clinton Charter Township; Brick construction built in 1992 with forced air heating and central air cooling; rubber roof; B‑1 zoned property with 15 on‑site parking spaces for customers and staff
