Two Freestanding Retail
1114 Catalpa Drive Unit SourceFi Royal Oak, MI 48067
1114 Catalpa Drive Unit SourceFi, Royal Oak, MI, 48067
$385,000
For Sale
$385,000
Two freestanding retail buildings in Neighborhood Business II zoning with parking behind and tenants on month-to-month leases.
Property Size2,000 SF
Price / SF$192.50
Days on Market36
Property Features for 1114 Catalpa Drive Unit SourceFi
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 19
Listing Agency
RE/MAX First
(586) 662-4444
Listed by
Robert Coburn · License #6501265468
(586) 662-4444
Source
Xome
Added: Jun 14 Checked: Jul 19 at 1:47 am
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 RE/MAX First
Investment Insights
Based on property information with market context.
This offering features two freestanding commercial/retail buildings located in Royal Oak. The property is zoned “Neighborhood Business II,” which allows for a wide variety of uses. Current tenants are on month-to-month leases.
On-site parking is available behind the buildings. The owner also owns adjacent buildings and would entertain selling all three parcels that contain four separate buildings as a package.
The opportunity presents two distinct storefront buildings for buyers seeking a small, multi-building retail configuration with existing occupancy on flexible lease terms.
On-site parking is available behind the buildings. The owner also owns adjacent buildings and would entertain selling all three parcels that contain four separate buildings as a package.
The opportunity presents two distinct storefront buildings for buyers seeking a small, multi-building retail configuration with existing occupancy on flexible lease terms.
Key Highlights
- Two freestanding commercial/retail buildings in Royal Oak, zoned “Neighborhood Business II” for a wide variety of uses
- Current tenants are on month‑to‑month leases
- Parking is available behind the buildings
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $33.6k | $16.80 |
| − Vacancy | −$2.9k | −$1.43 |
| EGI | $30.7k | $15.37 |
| − OpEx | −$9.2k | −$4.61 |
| NOI | $21.5k | $10.76 |
2,000 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$307.4K
$269.0K – $358.7K
NOI $21,521 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$431.4K
$377.5K – $503.3K
NOI $30,197 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Clock Specialists LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
Similar Off Market Nearby
- Thrifty Florist — 26989 Woodward Ave, Huntington Woods, MI 48070
- Thrifty flowers — royal oak, mi 48067
- J Costello Designs — 1116 Catalpa Dr, Royal Oak, MI 48067
- Perennial Accents — 1322 catalpa dr, royal oak, mi 48067
FAQs
What type of property is this?
Storefront property - Two freestanding retail buildings in Neighborhood Business II zoning with parking behind and tenants on month-to-month leases.
Where is this storefront property located?
The property is located at 1114 Catalpa Drive Unit SourceFi Royal Oak, MI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two freestanding commercial/retail buildings in Royal Oak, zoned “Neighborhood Business II” for a wide variety of uses; Current tenants are on month‑to‑month leases; Parking is available behind the buildings
