Listing Agency: EXP Realty Main m***@exprealty.net Show Phone

Listed By: Joseph Sesi · License #6506048975 Show Phone

Source: Exprealty

Added: Aug 28 Changed: Oct 4 Last Checked: Oct 19 at 10:11AM

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Review the available facts, identify missing information and prepare questions for the agent.

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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.

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 / Yr

$35,090

Cap Rate

3.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$701,800 $701.8K

Cap Rate 7%

$501,286 $501.3K

Cap Rate 9%

$389,889 $389.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,659 SF

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 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 (±1% cap)

NOI $35,090 @ 7.0% cap · market cap 3.19%

Second Best

Retail

$467.9K

$409.4K – $545.9K (±1% cap)

NOI $32,751 @ 7.0% cap · market cap 2.98%

Theoretical Best

Office A

$586.6K

$513.3K – $684.4K (±1% cap)

NOI $41,061 @ 7.0% cap · market cap 3.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

ATM Atm M & M Liquor ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office HVAC Service Electrical Service Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7.5% 2019

9.2% 2020

8.5% 2021

7.3% 2022

7.9% 2023

7% 2024

7% 2025

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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