Occupied Retail
For Sale
$1,600,000
21370 W McNichols Rd, Detroit, MI 48219
B4-zoned retail property with full occupancy and a 2020 retrofit.
Property Size5,800 SF
Price / SF$275.86
Days on Market626
Property Features for 21370 W McNichols Rd
General Information
Standard status
Active
Size
5,800 SF
Total Parking Spaces
44
Property subtype
Retail
Zoning
B4
Occupancy
100%
Building Details
Building Size
5,800 SF
Year Built
2020
Year Renovated
2020
Buildings
1
Stories
1
Listing Agency:
Signature Associates - Southfield
(248) 359-0647
Listed By:
Marvin Petrous · License #6501386692
(248) 359-0647
Source:
Cpix.resimplifi
Added: Dec 12, 2024
Changed: Aug 30
Last Checked: Aug 30 at 2:01AM
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 Signature Associates - Southfield
Investment Insights
Based on property information with market context.
This 5,800-square-foot retail property is zoned B4 and reports 100% occupancy. The building dates to 2020, with a retrofit completed in the same year, providing a recently updated retail asset for sale.
The property is located at 21370 W McNichols Rd in Detroit, along the Grand River Avenue and McNichols Road retail corridor. Meijer is situated across from the property, placing the site within an established commercial setting.
The property is located at 21370 W McNichols Rd in Detroit, along the Grand River Avenue and McNichols Road retail corridor. Meijer is situated across from the property, placing the site within an established commercial setting.
Key Highlights
- 5,800 SF retail property
- B4 zoning
- 100% occupancy
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
$71,438
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
4.46%
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%
$1,428,760
$1.4M
Cap Rate 7%
$1,020,543
$1.0M
Cap Rate 9%
$793,756
$793.8K
Market Conditions
NOI Build-Up for 5,800 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
$107.9K $18.60/SF
− Vacancy
−$5.8K −$1.00/SF
EGI
$102.1K $17.60/SF
− OpEx
−$30.6K −$5.28/SF
NOI
$71.4K $12.32/SF
Area
ZIP 48219
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%
$1,428,760
Cap Rate 7%
$1,020,543
Cap Rate 9%
$793,756
Alternative Uses
Best Use
Retail
$1.02M
$893.0K – $1.19M
NOI $71,438 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,391 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
133k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 55%
Shops & Services 29%
Dining 12%
Apparel 3%
Meijer
Groceries
73,288 visits/mo
0.3 miles
Dollar Tree
Shops & Services
14,060 visits/mo
0.1 miles
Wendy's
Dining
12,475 visits/mo
0.5 miles
Meijer Gas Station
Shops & Services
9,012 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,719 visits/mo
0.4 miles
Demographics for 48219, MI
46,811
Population
20,815
Households
2.2
Avg Household Size
37
Median Age
13%
College-Educated
87%
High-School Grad
8.4 sq mi
ZIP Area
5,573
Density / Sq Mi
$43,882
Median Household Income
$31,187
Median Earnings
$1,037
Median Rent
$84,500
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - B4-zoned retail property with full occupancy and a 2020 retrofit.
Where is this retail space located?
The property is located at 21370 W McNichols Rd Detroit, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 5,800 SF retail property; B4 zoning; 100% occupancy
