Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Turn-Key Banquet Hall For Sale Title is generated by Realmo AI

    7231 Chicago Road, Warren, MI 48092

    View on Map
    Claim this Listing
    For Sale
    $500,000

    Business Opportunity - Warren, MI

    Property size:
    6,207 SF
    Lot size:
    1.22 Acres
    Price / SF:
    $80/SF
    Added:
    Jun 19, 2025
    Days on Market:
    332
    Last Refresh:
    May 16 at 6:06 pm

    Property Features for 7231 Chicago Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial,Multiple
    Standard status
    Active
    APN
    1304476001
    Size
    6,207 SF
    Lot size
    1.22 Acres

    Taxes and HOA fees

    Tax Annual Amount
    16853
    Expense value
    50
    Expense
    Security Deposit
    Expense freq.
    Once

    Building Details

    Year built
    1972
    Year renovated
    2021
    Floors in Building
    1
    Building materials
    Block, Brick, Stucco
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Amanda Thuwaini

    Listing agent Amanda Thuwaini

    Listing office Community Choice Realty Inc 261 E Maple, Birmingham, MI

    Listing date Jun 19, 2025

    MLS# 20251010188 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turn‑key banquet hall ready for immediate operation.
    • Fully furnished event space suitable for various events.
    • Includes a commercial kitchen.
    • Features a stylish reception area and elegant decor.
    • Offers an outdoor patio.
    • Located in a prime area with ample parking.

    Overview

    This turn-key banquet hall is available for sale in Warren, MI. The property is a beautifully designed and fully furnished event space, suitable for weddings, parties, and corporate events. It features a stylish reception area, a commercial kitchen, elegant decor, and an outdoor patio. The property is located in a prime area and includes ample parking. The building size is 6207 square feet and the lot size is 1.22 acres. The property is move-in ready for event planners, caterers, or hospitality entrepreneurs. The zoning is classified as commercial and multiple.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Aladdin Castle Mediterranean ... Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • A Cherished Rose Florist — 31408 Harper Ave, St Clair Shores, MI 48035
    • Jim's Florist — 31702 Mound Rd, Warren, MI 48092
    • Magic Flower — 32519 mound rd, warren, mi 48092

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Macomb
    State
    Michigan
    Longitude
    -83.03254
    Latitude
    42.524494

    Nearby Similar for Sale

    • $349,500
      2,400 SF

      Chiropractic Office with Redevelopment Potential

      Turnkey opportunity for medical, wellness, or professional businesses.
      31500 Schoenherr, Warren, MI 48088
      View Details
    • $864,500
      13,300 SF

      Warren Office Building For Sale

      13,300 SF office building on 0.9 acres in Warren.
      21225 Mullin, Warren, MI 48089
      View Details
    • $350,000
      616 SF

      Turnkey Restaurant Business and Real Estate

      Fully operational diner/take-out restaurant for sale in Warren, MI.
      14693 E 8 Mile Road, Warren, MI 48089
      View Details
    • $995,000
      23,776 SF

      Retail/Industrial Buildings on Groesbeck Highway

      Two retail/industrial buildings totaling 23,776 SF on 1.92 AC.
      24155 Groesbeck Highway, Warren, MI 48089
      View Details
    • $475,000
      4,384 SF

      Established Auto Repair Business

      Successful auto repair business with real estate and residential unit.
      14447 E 9 Mile, Warren, MI 48089
      View Details
    • $120,000
      2,030 SF

      Turnkey Business on Busy 9 Mile

      Profitable beer, wine, and smoke shop business for sale.
      3116 E 9 Mile Road, Warren, MI 48091
      View Details
    • $40,000
      5,520 SF

      Established Jewelry Business Opportunity

      Turnkey jewelry business with showroom, fixtures, and loyal customer base.
      32879 SCHOENHERR Road, Warren, MI 48088
      View Details
    • $429,000
      5,000 SF

      Versatile Commercial Property on 1.86 Acres

      Commercial property ideal for various uses with expansion potential.
      22021 MEMPHIS Ave, Warren, MI 48091
      View Details
    • $225,000
      1,418 SF

      Well-Maintained Multifamily Income Property

      Two-unit multifamily property with long-term tenants and recent updates.
      21857 Le Fever Avenue, Warren, MI 48091
      View Details
    • $450,000
      5,376 SF

      Warren Industrial Building For Sale

      Free-standing industrial building with fenced lot and office space.
      13845 E 9 Mile Rd, Warren, MI 48089
      View Details
    • $429,000
      5,037 SF

      Versatile Commercial Property on 1.86 Acres

      Commercial property ideal for various uses with expansion potential.
      22021 MEMPHIS, Warren, MI 48091
      View Details
    • $155,000
      1,078 SF

      Warren Duplex: Investment Opportunity

      Well-maintained Warren duplex generating $1,750 monthly income.
      7559 Studebaker Avenue, Warren, MI 48091
      View Details

    FAQs

    What type of property is this?
    Storefront property - Banquet hall for sale, ideal for events and hospitality.
    Where is this storefront property located?
    The property is located at 7231 Chicago Road Warren, MI.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Turn‑key banquet hall ready for immediate operation.; Fully furnished event space suitable for various events.; Includes a commercial kitchen.
    (586) 222-3399
    We can help!
    Listing Contact
    Amanda Thuwaini
    Learn More
    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.
    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
    7231 Chicago Road, Warren, MI 48092
    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!