Freestanding Building in
For Sale
$449,900
10531 WREN Street, Dearborn, MI 48120
Prime Dearborn property with ample parking and freeway access.
Property Size1,400 SF
Lot Size0.31 Acres
Price / SF$321.36
Days on Market535
Property Features for 10531 WREN Street
General Information
Standard status
Active
Size
1,400 SF
Lot size
0.31 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$2,988
Building Details
Year Built
1948
Listing Agency:
Century 21 Curran & Oberski
(313) 274-1700
Listed By:
Fadie T Ghallozi · License #6506044528
(313) 274-1700
Source:
Exitrealty
Added: Feb 21, 2025
Changed: Aug 8
Last Checked: Aug 9 at 5:56AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This freestanding building, located in Dearborn City, Michigan, offers 1400 square feet of space. The property features ample parking and excellent access to freeways. Situated in close proximity to Ford plants and other businesses, the location provides a dynamic environment. The building was previously used as a bar, but is now available for a new business. The property is located near downtown Detroit and Dearborn's dining and shopping scene. Updates to the property include a rubber roof and electrical work. The building also features a clean, dry basement. A pawn license may be available with the building.
Key Highlights
- Ample parking and excellent freeway access.
- Proximity to Ford plants and other thriving businesses.
- Major updates completed: rubber roof and electrical.
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
$17,244
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
3.83%
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%
$344,880
$344.9K
Cap Rate 7%
$246,343
$246.3K
Cap Rate 9%
$191,600
$191.6K
Market Conditions
NOI Build-Up for 1,400 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
$26.0K $18.60/SF
− Vacancy
−$1.4K −$1.00/SF
EGI
$24.6K $17.60/SF
− OpEx
−$7.4K −$5.28/SF
NOI
$17.2K $12.32/SF
Area
Dearborn, 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%
$344,880
Cap Rate 7%
$246,343
Cap Rate 9%
$191,600
Alternative Uses
Best Use
Retail
$246.3K
$215.6K – $287.4K
NOI $17,244 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$308.8K
$270.2K – $360.3K
NOI $21,619 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
3k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Wolverine Truck Group
Shops & Services
2,093 visits/mo
0.3 miles
Michigan Kenworth
Shops & Services
1,405 visits/mo
0.2 miles
Demographics for 48120, MI
8,338
Population
2,910
Households
2.9
Avg Household Size
29
Median Age
37%
College-Educated
76%
High-School Grad
4.7 sq mi
ZIP Area
1,774
Density / Sq Mi
$66,667
Median Household Income
$48,170
Median Earnings
$1,407
Median Rent
$236,800
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 - Prime Dearborn property with ample parking and freeway access.
Where is this storefront property located?
The property is located at 10531 WREN Street Dearborn, MI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Ample parking and excellent freeway access.; Proximity to Ford plants and other thriving businesses.; Major updates completed: rubber roof and electrical.
