Freestanding Storefront with
New
For Sale
$389,900
1213 N Main St, Royal Oak, MI 48067
Neighborhood Business zoning, flexible open-plan layout, and a heated garage with roll-up door support varied commercial uses.
Property Size1,400 SF
Days on Market1
Property Features for 1213 N Main St
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Commercial
Zoning
Neighborhood Business
Taxes and HOA fees
Annual Taxes
$2,852
Amenities
kitchen with quartz countertops
exposed ceiling with custom lighting
polished concrete floors
upscale bathroom with oversized tiled shower with euro door
heated garage area
new roll up door
Building Details
Building Size
1,400 SF
Year Built
1945
Buildings
1
Listing Agency:
RE/MAX First
Listed By:
Robert Coburn · License #6501265468
(586) 662-4444
Source:
Elliman
Added: Sep 19
Last Checked: Sep 19 at 6:56AM
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 RE/MAX First
Investment Insights
Based on property information with market context.
Built in 1945, this freestanding storefront at 1213 N Main St combines an open commercial interior with finished details suited to a distinctive retail or service setting. The space includes a kitchen with quartz countertops, exposed ceilings with custom lighting, polished concrete floors, and a bathroom featuring an oversized tiled shower with a euro-style door. A heated garage area adds functional utility and is accessed through a new roll-up door.
The property is located in Royal Oak near downtown and carries Neighborhood Business zoning. Walk Score is 66, described as Somewhat Walkable, while Bike Score is 55, described as Bikeable. The current interior configuration offers a recognizable commercial presence with adaptable space for an owner-user or operator seeking a freestanding storefront.
The property is located in Royal Oak near downtown and carries Neighborhood Business zoning. Walk Score is 66, described as Somewhat Walkable, while Bike Score is 55, described as Bikeable. The current interior configuration offers a recognizable commercial presence with adaptable space for an owner-user or operator seeking a freestanding storefront.
Key Highlights
- Freestanding building at 1213 N Main St in Royal Oak
- Neighborhood Business zoning
- Open‑concept interior with polished concrete floors
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
$15,065
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
3.86%
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%
$301,300
$301.3K
Cap Rate 7%
$215,214
$215.2K
Cap Rate 9%
$167,389
$167.4K
Market Conditions
NOI Build-Up for 1,400 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
$23.5K $16.80/SF
− Vacancy
−$2.0K −$1.43/SF
EGI
$21.5K $15.37/SF
− OpEx
−$6.5K −$4.61/SF
NOI
$15.1K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$301,300
Cap Rate 7%
$215,214
Cap Rate 9%
$167,389
Alternative Uses
Best Use
Retail
$215.2K
$188.3K – $251.1K
NOI $15,065 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$302.0K
$264.2K – $352.3K
NOI $21,138 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
71k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 32%
Groceries 23%
Beauty & Spa 2%
National Coney Island
Dining
21,012 visits/mo
0.3 miles
Hollywood Market
Groceries
16,247 visits/mo
0.3 miles
Burger King
Dining
8,438 visits/mo
0.2 miles
Speedway
Shops & Services
8,070 visits/mo
0.3 miles
Sunoco
Shops & Services
7,350 visits/mo
0.4 miles
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Neighborhood Business zoning, flexible open-plan layout, and a heated garage with roll-up door support varied commercial uses.
Where is this storefront property located?
The property is located at 1213 N Main St Royal Oak, MI.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Freestanding building at 1213 N Main St in Royal Oak; Neighborhood Business zoning; Open‑concept interior with polished concrete floors
