Fully Leased Retail Shopping
For Sale
$3,500,000
15801-15861 Southfield Rd, Allen Park, MI 48101
Well-maintained retail shopping center built in 1962 with diverse national and regional tenants.
Property Size26,335 SF
Days on Market49
Property Features for 15801-15861 Southfield Rd
General Information
Standard status
Active
Size
26,335 SF
Property subtype
Retail
Occupancy
100%
Building Details
Building Size
26,335 SF
Year Built
1962
Listing Agency:
NAI Farbman Southfield
Listed By:
Alis (Manoogian) Babi, CCIM · License #6506049622
(248) 351-4370
Source:
Naiglobal
Added: Jul 23
Changed: Sep 4
Last Checked: Sep 9 at 6:15AM
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 NAI Farbman Southfield
Investment Insights
Based on property information with market context.
Allen Park Plaza is a retail shopping center built in 1962 offering 26,335 SF of gross leasable area. The property is fully occupied and includes a mix of tenants such as Great Lakes ACE, SVS Vision Inc., and Subway.
Located at 15801–15861 Southfield Road in Allen Park, Michigan, the center presents a stable, community-serving retail tenant base. Public remarks also note recent capital improvements and high visibility, supporting ongoing operations.
Suite sizes are described as flexible, giving prospective buyers a diversified leased retail lineup within a maintained center.
Located at 15801–15861 Southfield Road in Allen Park, Michigan, the center presents a stable, community-serving retail tenant base. Public remarks also note recent capital improvements and high visibility, supporting ongoing operations.
Suite sizes are described as flexible, giving prospective buyers a diversified leased retail lineup within a maintained center.
Key Highlights
- Allen Park Plaza retail center at 15801–15861 Southfield Rd, Allen Park, MI
- Built in 1962 and offers 26,335 SF of gross leasable area
- Fully occupied with 100% occupancy by national and regional tenants
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
$249,529
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
7.13%
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%
$4,990,580
$5.0M
Cap Rate 7%
$3,564,700
$3.6M
Cap Rate 9%
$2,772,544
$2.8M
Market Conditions
NOI Build-Up for 26,335 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
$379.2K $14.40/SF
− Vacancy
−$22.8K −$0.86/SF
EGI
$356.5K $13.54/SF
− OpEx
−$106.9K −$4.06/SF
NOI
$249.5K $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%
$4,990,580
Cap Rate 7%
$3,564,700
Cap Rate 9%
$2,772,544
Alternative Uses
Best Use
Retail
$3.56M
$3.12M – $4.16M
NOI $249,529 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.88M
$4.27M – $5.69M
NOI $341,302 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48101, MI
28,664
Population
12,413
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
7.0 sq mi
ZIP Area
4,095
Density / Sq Mi
$80,045
Median Household Income
$51,658
Median Earnings
$1,181
Median Rent
$174,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Secretary of State Self-Service Station — 15800 White Ave, Allen Park, MI 48101
Frequently Asked Questions
What type of property is this?
Shopping center - Well-maintained retail shopping center built in 1962 with diverse national and regional tenants.
Where is this shopping center located?
The property is located at 15801-15861 Southfield Rd Allen Park, MI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Allen Park Plaza retail center at 15801–15861 Southfield Rd, Allen Park, MI; Built in 1962 and offers 26,335 SF of gross leasable area; Fully occupied with 100% occupancy by national and regional tenants
