Building Details

Year Built 1988

Stories 1

Units 18

Tenancy Multi

Listing Agency: Marcus & Millichap

Listed By: Alex Perez · License #MO 2005038930 Show Phone

Source: Crexi

Added: May 18 Changed: Oct 6 Last Checked: Oct 9 at 5:00PM

Report an Issue

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 Marcus & Millichap

Investment Insights

Based on property information with market context.

Van Buren Plaza is a 43,765 square foot neighborhood retail shopping center located in Belleville, Michigan. The property is situated within Wayne County, the largest county in Michigan, with a population exceeding 1,770,000. The shopping center hosts a diverse mix of service-oriented retail tenants within a dense residential area with over 75,000 residents within a 5-mile radius. Tenants include Athletico, Anytime Fitness, Family Dentistry, Qahwa Zen Coffee House, Miami Tan, Body Radiance Medspa, Subway, Dos Pesos Restaurant, and Le Le Nails, among others. The property is located just off Interstate-94 (98,000 VPD) near the retail shopping corridor along Belleville Rd. It features frontage and visibility with a pylon sign and easy access. Nearby retailers include Walmart, Menards, and Meijer, along with ALDI, Planet Fitness, CVS, Cracker Barrel, Chick-Fil-A, Starbucks, McDonald’s, Culvers, Burger King, Holiday Inn and TownePlace Suites by Marriott. The property has seen recent leasing activity, including new leases with UPS, Retail Liquidator, Qahwa Zen Coffee House, and Kayrouze Jewelry. UPS has signed a 10-year lease on 1,500 SF at $21.00/SF. Constructed in 1988 on a 4.71-acre site, the property has been maintained and has undergone over $200,000 in capital improvements, including new HVAC systems, LED lighting, asphalt repairs, updated awnings, and a full exterior repaint. The center provides 245 surface parking spaces. The rent roll includes staggered lease expirations and contractual rent increases ranging from 2.5% annually to 10%.

Key Highlights

• Fully stabilized retail center with recent leasing velocity, including a new 10‑year lease with UPS.
• Located in a dense residential area within Wayne County (Detroit MSA), with a population of over 75,000 within a 5‑mile radius.
• Excellent location off Interstate‑94 (98,000 VPD) with unmatched frontage, visibility, and easy access.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$414,682

Cap Rate

6.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,293,640 $8.3M

Cap Rate 7%

$5,924,029 $5.9M

Cap Rate 9%

$4,607,578 $4.6M

Market Conditions

NOI Build-Up for 43,765 SF

Gross rent

$630.2K $14.40/SF

− Vacancy

−$37.8K −$0.86/SF

EGI

$592.4K $13.54/SF

− OpEx

−$177.7K −$4.06/SF

NOI

$414.7K $9.48/SF

Area

Wayne County, MI

Vacancy

6.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,293,640

Cap Rate 7%

$5,924,029

Cap Rate 9%

$4,607,578

Alternative Uses

Best Use

Retail

$5.92M

$5.18M – $6.91M (±1% cap)

NOI $414,682 @ 7.0% cap · market cap 6.34%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$8.10M

$7.09M – $9.45M (±1% cap)

NOI $567,194 @ 7.0% cap · market cap 8.67%

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

Shopping centers

Suggested Use

Top Pick Building Supply Law Firm HVAC Service Kitchen & Bath Showroom Dental Office Parking Lot & Garage

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

Location Intelligence

Trade Area within ½ mile

380

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 48111, MI

44,055

Population

19,406

Households

2.3

Avg Household Size

40

Median Age

27%

College-Educated

92%

High-School Grad

66.9 sq mi

ZIP Area

659

Density / Sq Mi

$74,125

Median Household Income

$42,194

Median Earnings

$1,162

Median Rent

$239,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Lake Plaza — 510 Main St, Belleville, MI 48111
• Belleville Square Shopping Center — 10812 Belleville Rd, Belleville, MI 48111

Frequently Asked Questions

What type of property is this?

Shopping center - 43,765 SF neighborhood retail center in Belleville, Michigan.

Where is this shopping center located?

The property is located at 11724 BELLEVILLE RD Van Buren Township, MI.

What is the asking price?

The asking price for this property is $6,545,681.

What are key features of this property?

This property features: Fully stabilized retail center with recent leasing velocity, including a new 10‑year lease with UPS.; Located in a dense residential area within Wayne County (Detroit MSA), with a population of over 75,000 within a 5‑mile radius.; Excellent location off Interstate‑94 (98,000 VPD) with unmatched frontage, visibility, and easy access.