Multi-Tenant Retail & Restaurant
For Sale
Contact for pricing
106 S Main St, Royal Oak, MI 48067
Fully occupied mixed-use building with restaurant and service-oriented tenants and extended leases along Main Street.
Property Size10,832 SF
Price / SF$361.88
Days on Market72
Property Features for 106 S Main St
General Information
Standard status
Active
Size
10,832 SF
Property subtype
RETAIL
Occupancy
100%
Additional Details
Traffic Count
20,353 vehicles/day
Building Details
Tenancy
Multi
Listing Agency:
AQRE Advisors
(248) 776-6001
Listed By:
Jon Kouza
Source:
Moodyscre
Added: Jul 1
Changed: Aug 27
Last Checked: Sep 9 at 11:35AM
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 AQRE Advisors
Investment Insights
Based on property information with market context.
This is a multi-tenant mixed-use retail and restaurant building offered for sale, with a diversified tenant mix that includes restaurant and service-oriented users. The property is 100% occupied, and multiple tenants have extended leases in place, reflecting long-term commitment to the site.
The building is located in the heart of downtown Royal Oak on Main Street, with frontage along a roadway reported at 20,353 VPD. This positioning places the property within a high-activity walkable district featuring national retailers, restaurants, nightlife, and daily-needs destinations.
With tenants already in place, the asset is presented as a stabilized, in-place income opportunity in a high-demand Oakland County submarket, with annual increases referenced in the offering remarks.
The building is located in the heart of downtown Royal Oak on Main Street, with frontage along a roadway reported at 20,353 VPD. This positioning places the property within a high-activity walkable district featuring national retailers, restaurants, nightlife, and daily-needs destinations.
With tenants already in place, the asset is presented as a stabilized, in-place income opportunity in a high-demand Oakland County submarket, with annual increases referenced in the offering remarks.
Key Highlights
- Fully occupied multi‑tenant mixed‑use building with restaurant and service‑oriented tenants
- Located on Main Street with reported traffic of 20,353 VPD
- Diversified tenant mix including restaurant and service‑oriented users
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
$116,557
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
2.97%
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%
$2,331,140
$2.3M
Cap Rate 7%
$1,665,100
$1.7M
Cap Rate 9%
$1,295,078
$1.3M
Market Conditions
NOI Build-Up for 10,832 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
$182.0K $16.80/SF
− Vacancy
−$15.5K −$1.43/SF
EGI
$166.5K $15.37/SF
− OpEx
−$50.0K −$4.61/SF
NOI
$116.6K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$2,331,140
Cap Rate 7%
$1,665,100
Cap Rate 9%
$1,295,078
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.94M
NOI $116,557 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.34M
$2.04M – $2.73M
NOI $163,546 @ 7.0% cap · market cap 4.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
20,353 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,695
Businesses Nearby
84k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 44%
Home Improvements & Furnishings 5%
Hotels & Casinos 5%
McDonald's
Dining
23,754 visits/mo
0.2 miles
Shell
Shops & Services
8,366 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
7,536 visits/mo
0.1 miles
Fifth Third Bank & ATM
Shops & Services
7,078 visits/mo
0.4 miles
Citizens Bank
Shops & Services
6,596 visits/mo
0.0 miles
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Retail space - Fully occupied mixed-use building with restaurant and service-oriented tenants and extended leases along Main Street.
Where is this retail space located?
The property is located at 106 S Main St Royal Oak, MI.
What is the asking price?
The asking price for this property is $3,919,881.
What are key features of this property?
This property features: Fully occupied multi‑tenant mixed‑use building with restaurant and service‑oriented tenants; Located on Main Street with reported traffic of 20,353 VPD; Diversified tenant mix including restaurant and service‑oriented users
