Shopping Center With Excess
For Sale
$1,895,000
Pending
41560 - 41660 Garfield Road, Clinton Township, MI 48038
COM/IND/BUS OPP, Clinton Township, MI
Property Size14,800 SF
Lot Size3.05 Acres
Days on Market144
Property Features for 41560 - 41660 Garfield Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Subdivision
Clinton Twp (50011)
Standard status
Pending
APN
11-08-302-024
Size
14,800 SF
Lot size
3.05 Acres
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1979
Roof type
Flat
Listing Agency:
Pilot Property Group - Residential LLC
(586) 254-0900
Listed By:
Alexander Termini · License #6501392648
(586) 291-0499
Added: Apr 13
Changed: Aug 19
Last Checked: Sep 2 at 11:06PM
MLS# 50204136
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.
Investment Insights
Based on property information with market context.
Garfield Landing is a 14,800-square-foot shopping center built in 1979, with approximately 7,600 square feet currently available in two areas measuring 5,200 SF and 2,400 SF. The property includes a flat roof, forced-air heating, public water service, and a surface parking lot. The available space supports retail, restaurant, and office uses as described in the offering materials.
An additional 3.05 acres of land is located behind the shopping center, providing separate land area alongside the existing improvements. The property is situated at 41560–41660 Garfield Road in Clinton Township, within Macomb County, Michigan.
An additional 3.05 acres of land is located behind the shopping center, providing separate land area alongside the existing improvements. The property is situated at 41560–41660 Garfield Road in Clinton Township, within Macomb County, Michigan.
Key Highlights
- 14,800‑square‑foot shopping center built in 1979
- Approximately 7,600 SF available in 5,200 SF and 2,400 SF areas
- Additional 3.05 acres located behind the shopping center
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
$109,402
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%
$2,188,040
$2.2M
Cap Rate 7%
$1,562,886
$1.6M
Cap Rate 9%
$1,215,578
$1.2M
Market Conditions
NOI Build-Up for 14,800 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
$177.6K $12.00/SF
− Vacancy
−$21.3K −$1.44/SF
EGI
$156.3K $10.56/SF
− OpEx
−$46.9K −$3.17/SF
NOI
$109.4K $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%
$2,188,040
Cap Rate 7%
$1,562,886
Cap Rate 9%
$1,215,578
Alternative Uses
Best Use
Retail
$1.56M
$1.37M – $1.82M
NOI $109,402 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,956 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
207k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 33%
Groceries 25%
Beauty & Spa 1%
Kroger
Groceries
52,393 visits/mo
0.2 miles
McDonald's
Dining
28,264 visits/mo
0.1 miles
Taco Bell
Dining
14,815 visits/mo
0.1 miles
Dollar Tree
Shops & Services
14,502 visits/mo
0.3 miles
Pet Supplies Plus
Shops & Services
13,938 visits/mo
0.4 miles
Demographics for 48038, MI
44,038
Population
21,395
Households
2.1
Avg Household Size
43
Median Age
29%
College-Educated
94%
High-School Grad
10.9 sq mi
ZIP Area
4,040
Density / Sq Mi
$78,684
Median Household Income
$44,811
Median Earnings
$1,255
Median Rent
$246,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Two available areas can accommodate retail, restaurant, or office users within an established shopping center.
Where is this shopping center located?
The property is located at 41560 - 41660 Garfield Road Clinton Township, MI.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: 14,800‑square‑foot shopping center built in 1979; Approximately 7,600 SF available in 5,200 SF and 2,400 SF areas; Additional 3.05 acres located behind the shopping center
