Commercial Storefront
For Sale
$199,900
10020 Joy Road, Detroit, MI 48204
Commercially zoned storefront currently configured for barber shop use with visibility from Joy Road and Wyoming.
Property Size1,200 SF
Price / SF$166.58
Days on Market65
Property Features for 10020 Joy Road
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash
Taxes and HOA fees
Annual Taxes
$1,399
Building Details
Building Size
1,200 SF
Year Built
1954
Stories
1
Listing Agency:
Keller Williams Legacy
(734) 646-0303
Listed By:
Eddie Haidar · License #6501406411
(734) 646-0303
Source:
Sabudarealty
Added: Jun 3
Changed: Aug 4
Last Checked: Aug 6 at 12:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Legacy
Investment Insights
Based on property information with market context.
This 1,200-square-foot commercial storefront was built in 1954 and is currently operating as a barber shop. The existing configuration provides a foundation for continued personal-service use or a new business concept, subject to applicable approvals.
The property is positioned at 10020 Joy Road in Detroit, with visibility from Joy Road and Wyoming. Commercial zoning supports its current retail-oriented setting, while the storefront format offers a direct presence along the surrounding road network.
The property is positioned at 10020 Joy Road in Detroit, with visibility from Joy Road and Wyoming. Commercial zoning supports its current retail-oriented setting, while the storefront format offers a direct presence along the surrounding road network.
Key Highlights
- 1,200‑square‑foot storefront property
- Commercial zoning
- Currently configured as a barber shop
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
$14,780
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
7.39%
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%
$295,600
$295.6K
Cap Rate 7%
$211,143
$211.1K
Cap Rate 9%
$164,222
$164.2K
Market Conditions
NOI Build-Up for 1,200 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
$22.3K $18.60/SF
− Vacancy
−$1.2K −$1.00/SF
EGI
$21.1K $17.60/SF
− OpEx
−$6.3K −$5.28/SF
NOI
$14.8K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$295,600
Cap Rate 7%
$211,143
Cap Rate 9%
$164,222
Alternative Uses
Best Use
Retail
$211.1K
$184.8K – $246.3K
NOI $14,780 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.7K
$231.6K – $308.9K
NOI $18,531 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
5k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 79%
Dining 21%
BP
Shops & Services
3,909 visits/mo
0.5 miles
Church's Chicken
Dining
1,033 visits/mo
0.1 miles
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
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 - Commercially zoned storefront currently configured for barber shop use with visibility from Joy Road and Wyoming.
Where is this storefront property located?
The property is located at 10020 Joy Road Detroit, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,200‑square‑foot storefront property; Commercial zoning; Currently configured as a barber shop
