Restaurant with Banquet
New
For Sale
$1,497,700
1024 E 9 Mile Rd, Hazel Park, MI 48030
A commercial kitchen with a walk-in cooler supports food service, while a finished lower level adds a separate bar area.
Property Size5,451 SF
Days on Market2
Property Features for 1024 E 9 Mile Rd
General Information
Standard status
Active
Size
5,451 SF
Property subtype
Commercial
Zoning
General Business
Additional Details
Liquor License
No
Currently Operating
Yes
Taxes and HOA fees
Annual Taxes
$17,111
Building Details
Building Size
5,451 SF
Year Built
1951
Stories
2
Listing Agency:
Keller Williams Legacy
Listed By:
Hiba Saad · License #415190
(313) 920-8798
Source:
Elliman
Added: Oct 30
Last Checked: Oct 30 at 3:17PM
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
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Investment Insights
Based on property information with market context.
Configured across two levels, the property is currently used as a banquet hall. The main floor includes an event space and a commercial kitchen equipped with a walk-in cooler; the finished lower level contains a bar. The sale includes three parcels, and the property was built in 1951.
Located at 1024 E 9 Mile Rd in Hazel Park, the property is zoned General Business. Liquor licenses may be purchased separately, subject to applicable licensing and approvals. Buyers should contact the Hazel Park Building Department about permitted uses and zoning requirements.
Located at 1024 E 9 Mile Rd in Hazel Park, the property is zoned General Business. Liquor licenses may be purchased separately, subject to applicable licensing and approvals. Buyers should contact the Hazel Park Building Department about permitted uses and zoning requirements.
Key Highlights
- Three parcels included in the sale
- Two‑level building with a banquet hall and finished lower level
- Commercial kitchen includes a walk‑in cooler
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,301
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,646,020
$1.6M
Cap Rate 7%
$1,175,729
$1.2M
Cap Rate 9%
$914,456
$914.5K
Market Conditions
NOI Build-Up for 5,451 SF
Gross rent
$117.7K $21.60/SF
− Vacancy
−$8.0K −$1.47/SF
EGI
$109.7K $20.13/SF
− OpEx
−$27.4K −$5.03/SF
NOI
$82.3K $15.10/SF
Area
Oakland County, MI
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,646,020
Cap Rate 7%
$1,175,729
Cap Rate 9%
$914,456
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.03M – $1.37M
NOI $82,301 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
150k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Groceries 36%
Shops & Services 18%
Beauty & Spa 1%
Kroger
Groceries
54,587 visits/mo
0.5 miles
McDonald's
Dining
22,311 visits/mo
0.5 miles
Tim Hortons
Dining
15,379 visits/mo
0.5 miles
Taco Bell
Dining
13,560 visits/mo
0.2 miles
Dollar Tree
Shops & Services
13,531 visits/mo
0.5 miles
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
Median Home Value
Check the figures for this property
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View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - A commercial kitchen with a walk-in cooler supports food service, while a finished lower level adds a separate bar area.
Where is this conventional restaurant located?
The property is located at 1024 E 9 Mile Rd Hazel Park, MI.
What is the asking price?
The asking price for this property is $1,497,700.
What are key features of this property?
This property features: Three parcels included in the sale; Two‑level building with a banquet hall and finished lower level; Commercial kitchen includes a walk‑in cooler
