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    11724 BELLEVILLE RD, Van Buren Township, MI 48111

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

    Type:Retail
    Property size:
    43,765 SF
    Lot size:
    4.71 Acres
    Price / SF:
    $159/SF
    Added:
    May 18, 2026
    Days on Market:
    10
    Last Refresh:
    May 20 at 4:55 am

    Property Features for 11724 BELLEVILLE RD

    General Information

    Standard status
    Active
    Size
    43,765 SF
    Lot size
    4.71 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1988

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    Listing Contact
    Alex Perez
    Alex Perez

    Listing agent Alex Perez License #MO 2005038930

    Listing office Marcus & Millichap

    Listing date May 18, 2026

    Source Crexi

    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

    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.
    • Diverse, e‑commerce resistant tenant mix, including Athletico, Anytime Fitness, and Subway.
    • Recent capital improvements of over $200,000, including new HVAC systems, LED lighting, and a full exterior repaint.
    • Strong contractual rent bumps ranging from 2.5% annually to 10%, providing a natural hedge against inflation.

    Overview

    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%.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $6.30M
    NOI $567,194 @ 9.00% cap · cautious / downside scenario
    Moderate
    $8.10M
    NOI $567,194 @ 7.00% cap · market / base-case scenario
    Aggressive
    $11.34M
    NOI $567,194 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $787.8k $18.00
    − Vacancy −$31.5k −$0.72
    EGI $756.3k $17.28
    − OpEx −$189.1k −$4.32
    NOI $567.2k $12.96
    43,765 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $8.10M
    $7.09M – $9.45M (±1% cap)
    NOI $567,194 @ 7.0% cap · market cap 8.12%
    Second Best
    Retail
    $5.92M
    $5.18M – $6.91M (±1% cap)
    NOI $414,682 @ 7.0% cap · market cap 5.94%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Belleville Square Shopping Center — 10812 Belleville Rd, Belleville, MI 48111

    Location Insight

    • Map
    • Local Demand
    City
    Van Buren Township
    County
    Wayne
    State
    Michigan
    Longitude
    -83.4865408
    Latitude
    42.2151137

    FAQs

    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 $6,982,530.
    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.
    (314) 889-2500 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Alex Perez
    Alex Perez
    Real Estate License ID: MO 2005038930
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    11724 BELLEVILLE RD, VAN BUREN TOWNSHIP, MI 48111
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