Corner Strip Retail
For Sale
Contact for pricing
19151 KELLY RD, Detroit, MI 48224
Corner strip retail property offered for sale with multiple addresses and strong access to major shopping and roadway routes.
Property Size3,120 SF
Price / SF$153.54
Days on Market1195
Property Features for 19151 KELLY RD
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Year Built
1953
Listing Agency:
Rch Brokerage Legacy, Inc.
(248) 440-2268
Listed By:
Leonard Pickett · License #350554
Source:
Crexi
Added: May 1, 2023
Changed: Jul 10
Last Checked: Aug 6 at 10:05AM
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 Rch Brokerage Legacy, Inc.
Investment Insights
Based on property information with market context.
This for-sale corner strip retail property is offered across multiple addresses: 19133, 19143, 19147, 19151 Kelly. The asset is presented as income producing, providing an ownership opportunity tied to a multi-address retail configuration.
The property is described as being located in a high traffic area, with proximity to the I-94 freeway and the Eastland shopping center. It also borders the cities of East Point and Harper Woods, which may support retailer visibility and customer access.
For investors and business owners looking for a retail-focused acquisition, the corner configuration and multi-address footprint can offer flexibility for retail operations and ownership planning. The location’s access to I-94 and nearby shopping supports ongoing retail relevance for tenants seeking a customer base within an established commercial environment.
The property is described as being located in a high traffic area, with proximity to the I-94 freeway and the Eastland shopping center. It also borders the cities of East Point and Harper Woods, which may support retailer visibility and customer access.
For investors and business owners looking for a retail-focused acquisition, the corner configuration and multi-address footprint can offer flexibility for retail operations and ownership planning. The location’s access to I-94 and nearby shopping supports ongoing retail relevance for tenants seeking a customer base within an established commercial environment.
Key Highlights
- Corner strip retail property with multiple addresses: 19133, 19143, 19147, and 19151 Kelly
- Year built: 1953
- Income‑producing retail property in a high‑traffic area
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
$38,429
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
8.02%
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%
$768,580
$768.6K
Cap Rate 7%
$548,986
$549.0K
Cap Rate 9%
$426,989
$427.0K
Market Conditions
NOI Build-Up for 3,120 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
$58.0K $18.60/SF
− Vacancy
−$3.1K −$1.00/SF
EGI
$54.9K $17.60/SF
− OpEx
−$16.5K −$5.28/SF
NOI
$38.4K $12.32/SF
Area
ZIP 48224
Vacancy
5.40%
Lease Rate
$18.60 /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%
$768,580
Cap Rate 7%
$548,986
Cap Rate 9%
$426,989
Alternative Uses
Best Use
Retail
$549.0K
$480.4K – $640.5K
NOI $38,429 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$787.0K
$688.6K – $918.1K
NOI $55,088 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Groceries 30%
Sunoco
Shops & Services
7,193 visits/mo
0.1 miles
Dollar General
Shops & Services
6,538 visits/mo
0.2 miles
Save-A-Lot
Groceries
6,005 visits/mo
0.2 miles
Demographics for 48224, MI
39,633
Population
16,786
Households
2.4
Avg Household Size
33
Median Age
14%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
6,833
Density / Sq Mi
$42,963
Median Household Income
$30,997
Median Earnings
$1,213
Median Rent
$77,900
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Corner strip retail property offered for sale with multiple addresses and strong access to major shopping and roadway routes.
Where is this strip mall located?
The property is located at 19151 KELLY RD Detroit, MI.
What is the asking price?
The asking price for this property is $479,040.
What are key features of this property?
This property features: Corner strip retail property with multiple addresses: 19133, 19143, 19147, and 19151 Kelly; Year built: 1953; Income‑producing retail property in a high‑traffic area
