Stabilized Retail Shopping
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11724 BELLEVILLE RD, Van Buren Township, MI 48111
43,765 SF neighborhood retail center in Belleville, Michigan.
Property Size43,765 SF
Lot Size4.71 Acres
Price / SF$149.56
Days on Market101
Property Features for 11724 BELLEVILLE RD
General Information
Standard status
Active
Size
43,765 SF
Lot size
4.71 Acres
Property subtype
Retail
Zoning
1988
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$523,654
Building Details
Year Built
1988
Stories
1
Units
18
Tenancy
Multi
Listing Agency:
Marcus & Millichap
(314) 889-2500
Listed By:
Alex Perez · License #MO 2005038930
Source:
Crexi
Added: May 18
Changed: Aug 23
Last Checked: Aug 23 at 2:02PM
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 = 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
$414,682
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
6.34%
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%
$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
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
$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 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%
$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
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
NOI $567,194 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
