Turnkey Liquor Store and Hot
For Sale
$1,700,000
16810 Joy Road, Detroit, MI 48228
Newly reconstructed liquor store with a modern hot food operation, including a state-of-the-art kitchen and brand-new refrigeration.
Property Size5,000 SF
Price / SF$340
Days on Market31
Property Features for 16810 Joy Road
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$3,000
Building Details
Building Size
5,000 SF
Year Built
2025
Year Renovated
2025
Listing Agency:
COMMUNITY CHOICE REALTY INC.
(248) 525-2065
Listed By:
Bashar Jani · License #6501413504
(248) 525-2065
Source:
Elliman
Added: Jul 21
Changed: Aug 14
Last Checked: Aug 20 at 10:47AM
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 COMMUNITY CHOICE REALTY INC.
Investment Insights
Based on property information with market context.
Turnkey liquor store and hot food concept rebuilt from the ground up and reopened in October 2025. The 5,000-square-foot operation features all brand-new equipment and infrastructure, with a modern commercial kitchen and 3-phase power. Refrigeration includes 19 brand-new cooler doors, a two-door freezer for ice cream, and an open cooler for prepared foods and dairy.
The property is currently operating with store hours of Mon–Thurs and Sunday 8AM–11PM, and Friday & Saturday 8AM–12AM. Reported performance includes approximately $35,000 per week in liquor store sales, with an additional kitchen revenue stream generating about $1,800 per week from pizza and wings.
Additional on-site revenue is supported by a lottery machine averaging about $50,000 per month and an ATM providing consistent passive income, alongside prepared-food and dairy refrigeration designed for day-to-day service.
The property is currently operating with store hours of Mon–Thurs and Sunday 8AM–11PM, and Friday & Saturday 8AM–12AM. Reported performance includes approximately $35,000 per week in liquor store sales, with an additional kitchen revenue stream generating about $1,800 per week from pizza and wings.
Additional on-site revenue is supported by a lottery machine averaging about $50,000 per month and an ATM providing consistent passive income, alongside prepared-food and dairy refrigeration designed for day-to-day service.
Key Highlights
- Brand‑new construction (YearBuilt 2025) liquor store with modern hot food operation, reconstructed and reopened in October 2025
- 5,000 SF store includes state‑of‑the‑art kitchen plus 19 brand‑new cooler doors and a 2‑door freezer for ice cream
- Already producing about $35,000/week in sales; kitchen averages about $1,800/week from pizza and wings
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
$61,585
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
3.62%
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%
$1,231,700
$1.2M
Cap Rate 7%
$879,786
$879.8K
Cap Rate 9%
$684,278
$684.3K
Market Conditions
NOI Build-Up for 5,000 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
$93.0K $18.60/SF
− Vacancy
−$5.0K −$1.00/SF
EGI
$88.0K $17.60/SF
− OpEx
−$26.4K −$5.28/SF
NOI
$61.6K $12.32/SF
Area
ZIP 48228
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%
$1,231,700
Cap Rate 7%
$879,786
Cap Rate 9%
$684,278
Alternative Uses
Best Use
Retail
$879.8K
$769.8K – $1.03M
NOI $61,585 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$898.6K – $1.20M
NOI $71,889 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 77%
Dining 23%
BP
Shops & Services
11,589 visits/mo
0.4 miles
KFC
Dining
6,653 visits/mo
0.5 miles
Dollar General
Shops & Services
6,496 visits/mo
0.5 miles
Sunoco
Shops & Services
4,291 visits/mo
0.5 miles
Demographics for 48228, MI
53,893
Population
22,620
Households
2.4
Avg Household Size
31
Median Age
11%
College-Educated
78%
High-School Grad
8.9 sq mi
ZIP Area
6,055
Density / Sq Mi
$31,485
Median Household Income
$27,533
Median Earnings
$1,086
Median Rent
$55,100
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?
Storefront property - Newly reconstructed liquor store with a modern hot food operation, including a state-of-the-art kitchen and brand-new refrigeration.
Where is this storefront property located?
The property is located at 16810 Joy Road Detroit, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Brand‑new construction (YearBuilt 2025) liquor store with modern hot food operation, reconstructed and reopened in October 2025; 5,000 SF store includes state‑of‑the‑art kitchen plus 19 brand‑new cooler doors and a 2‑door freezer for ice cream; Already producing about $35,000/week in sales; kitchen averages about $1,800/week from pizza and wings
