Convenience Store with Liquor
For Sale
$1,100,000
11585 Harper Ave, Detroit, MI 48213
Operating retail property with lottery income, parking, and a business in place.
Property Size2,659 SF
Price / SF$413.69
Days on Market8
Property Features for 11585 Harper Ave
General Information
Standard status
Active
Size
2,659 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Amenities
107100
Building Details
Year Built
19
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Joseph Sesi · License #6506048975
(248) 617-7777
Source:
Xome
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 1 at 9:50PM
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 EXP Realty Main
Investment Insights
Based on property information with market context.
This offering includes a liquor store operating within a commercial property at 11585 Harper Ave in Detroit. The property is classified as a grocery and convenience store asset and includes an established retail operation with lottery income and parking.
The business is being offered with the real estate, while inventory is handled separately. Land contract terms are available. The existing operation provides a defined retail use for an owner-operator or investor seeking a commercial property with an operating business already in place.
The business is being offered with the real estate, while inventory is handled separately. Land contract terms are available. The existing operation provides a defined retail use for an owner-operator or investor seeking a commercial property with an operating business already in place.
Key Highlights
- Operating liquor store and commercial property at 11585 Harper Ave, Detroit, MI 48213
- Lottery income associated with the operating business
- Parking included with the property
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
$35,090
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
3.19%
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%
$701,800
$701.8K
Cap Rate 7%
$501,286
$501.3K
Cap Rate 9%
$389,889
$389.9K
Market Conditions
NOI Build-Up for 2,659 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
$49.5K $18.60/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$46.8K $17.60/SF
− OpEx
−$11.7K −$4.40/SF
NOI
$35.1K $13.20/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$701,800
Cap Rate 7%
$501,286
Cap Rate 9%
$389,889
Alternative Uses
Best Use
Specialty Retail
$501.3K
$438.6K – $584.8K
NOI $35,090 @ 7.0% cap · market cap 3.19%
Second Best
Retail
$467.9K
$409.4K – $545.9K
NOI $32,751 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$586.6K
$513.3K – $684.4K
NOI $41,061 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
5k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
4,659 visits/mo
0.1 miles
Demographics for 48213, MI
19,088
Population
11,365
Households
1.7
Avg Household Size
39
Median Age
7%
College-Educated
82%
High-School Grad
6.5 sq mi
ZIP Area
2,937
Density / Sq Mi
$33,755
Median Household Income
$24,765
Median Earnings
$837
Median Rent
$52,100
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.
Similar Off Market Nearby
- Wonder Super Food Market — 10450 Shoemaker St, Detroit, MI 48213
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Operating retail property with lottery income, parking, and a business in place.
Where is this grocery and convenience store located?
The property is located at 11585 Harper Ave Detroit, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Operating liquor store and commercial property at 11585 Harper Ave, Detroit, MI 48213; Lottery income associated with the operating business; Parking included with the property
