Strip Retail Center with NNN
For Sale
$4,625,000
15600 West 10 Mile Road, Southfield, MI 48075
Value-add strip center with 14 tenants and a staggered lease expiration schedule.
Property Size20,239 SF
Days on Market95
Property Features for 15600 West 10 Mile Road
General Information
Standard status
Active
Size
20,239 SF
Property subtype
Retail
Building Details
Building Size
20,239 SF
Year Built
1990
Tenancy
Multi
Listing Agency:
Altitude Commercial Real Estate
Listed By:
Marcus Sheker · License #6501447435
(248) 535-9495
Source:
Altitudecre
Added: Jun 3
Changed: Aug 26
Last Checked: Sep 4 at 2:55AM
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 Altitude Commercial Real Estate
Investment Insights
Based on property information with market context.
This strip retail center is offered for sale as a multi-tenant property with 14 tenants. The rent roll is described as diversified and made up of service-oriented businesses, and the center is positioned for an investor strategy that includes mark-to-market rent and conversion to NNN leases. The offering also notes a staggered expiration schedule designed to support smoother cash flow and continued operations.
The property is located at 15600 West 10 Mile Road in Southfield, Michigan. While the listing does not provide additional details on frontage, ingress/egress, or specific building improvements, the tenant count and lease structure are presented as key considerations for underwriting.
For buyers, this center may fit investors seeking a manageable, multi-tenant platform where the lease expiration timing is already structured. The combination of in-place cash flow and the stated approach of moving toward NNN terms and updated rents is intended to create flexibility in managing the portfolio over time. Interested parties should review the rent roll and tenant leases directly to confirm details and planned lease conversion terms.
The property is located at 15600 West 10 Mile Road in Southfield, Michigan. While the listing does not provide additional details on frontage, ingress/egress, or specific building improvements, the tenant count and lease structure are presented as key considerations for underwriting.
For buyers, this center may fit investors seeking a manageable, multi-tenant platform where the lease expiration timing is already structured. The combination of in-place cash flow and the stated approach of moving toward NNN terms and updated rents is intended to create flexibility in managing the portfolio over time. Interested parties should review the rent roll and tenant leases directly to confirm details and planned lease conversion terms.
Key Highlights
- Value‑add strip retail center in Southfield, Michigan with 14 tenants
- Diversified rent roll of service businesses listed as resistant to e‑commerce trends
- Staggered lease expiration schedule designed for smooth cash flow and operations
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
$217,780
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
4.71%
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%
$4,355,600
$4.4M
Cap Rate 7%
$3,111,143
$3.1M
Cap Rate 9%
$2,419,778
$2.4M
Market Conditions
NOI Build-Up for 20,239 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
$340.0K $16.80/SF
− Vacancy
−$28.9K −$1.43/SF
EGI
$311.1K $15.37/SF
− OpEx
−$93.3K −$4.61/SF
NOI
$217.8K $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%
$4,355,600
Cap Rate 7%
$3,111,143
Cap Rate 9%
$2,419,778
Alternative Uses
Best Use
Retail
$3.11M
$2.72M – $3.63M
NOI $217,780 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.37M
$3.82M – $5.09M
NOI $305,577 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
90k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Dining 40%
Electronics 10%
Dunkin' Donuts
Dining
12,691 visits/mo
0.1 miles
Sunoco
Shops & Services
11,645 visits/mo
0.1 miles
Starbucks
Dining
10,918 visits/mo
0.2 miles
Shell
Shops & Services
10,696 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
10,590 visits/mo
0.5 miles
Demographics for 48075, MI
22,967
Population
10,757
Households
2.1
Avg Household Size
42
Median Age
39%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
3,146
Density / Sq Mi
$67,630
Median Household Income
$43,417
Median Earnings
$1,284
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Value-add strip center with 14 tenants and a staggered lease expiration schedule.
Where is this strip mall located?
The property is located at 15600 West 10 Mile Road Southfield, MI.
What is the asking price?
The asking price for this property is $4,625,000.
What are key features of this property?
This property features: Value‑add strip retail center in Southfield, Michigan with 14 tenants; Diversified rent roll of service businesses listed as resistant to e‑commerce trends; Staggered lease expiration schedule designed for smooth cash flow and operations
