Corner Storefront
For Sale
$275,000
21243 GRAND RIVER Avenue Unit SourceFi, Detroit, MI 48219
B-4-zoned storefront requiring interior and exterior repairs before occupancy.
Property Size1,188 SF
Price / SF$231.48
Days on Market680
Property Features for 21243 GRAND RIVER Avenue Unit SourceFi
General Information
Standard status
Active
Size
1,188 SF
Property subtype
Industrial
Zoning
B-4
Property Condition
Severity
Repairs Needed
Evidence
BUYER TO ASSUME ALL INTERIOR AND EXTERIOR REPAIRS ,UPGRADES AND RENOVATION.
Additional Details
Corner Location
Yes
Amenities
3
Building Details
Year Built
19
Listing Agency:
Community Choice Realty Inc
(248) 729-0011
Listed By:
Cyrus Minui
(248) 470-6133
Source:
Xome
Added: Oct 30, 2024
Changed: Sep 8
Last Checked: Jul 22 at 3:32AM
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.
This storefront property is located at 21243 Grand River Avenue in Detroit, with B-4 zoning for general business use. The building requires interior and exterior repairs, upgrades, and renovation, with the buyer assuming responsibility for that work.
The property is positioned next to Meijer near Grand River and McNichols. A certificate of occupancy and business license are required before operations can begin.
The property is positioned next to Meijer near Grand River and McNichols. A certificate of occupancy and business license are required before operations can begin.
Key Highlights
- B‑4 zoning for general business use
- Located next to Meijer near Grand River and McNichols
- Interior and exterior repairs, upgrades, and renovation required
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
$14,633
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
5.32%
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%
$292,660
$292.7K
Cap Rate 7%
$209,043
$209.0K
Cap Rate 9%
$162,589
$162.6K
Market Conditions
NOI Build-Up for 1,188 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
$22.1K $18.60/SF
− Vacancy
−$1.2K −$1.00/SF
EGI
$20.9K $17.60/SF
− OpEx
−$6.3K −$5.28/SF
NOI
$14.6K $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%
$292,660
Cap Rate 7%
$209,043
Cap Rate 9%
$162,589
Alternative Uses
Best Use
Retail
$209.0K
$182.9K – $243.9K
NOI $14,633 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$244.0K
$213.5K – $284.7K
NOI $17,081 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
120k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 61%
Shops & Services 32%
Apparel 3%
Dining 3%
Meijer
Groceries
73,288 visits/mo
0.1 miles
Dollar Tree
Shops & Services
14,060 visits/mo
0.1 miles
Meijer Gas Station
Shops & Services
9,012 visits/mo
0.0 miles
Family Dollar
Shops & Services
6,719 visits/mo
0.5 miles
Sunoco
Shops & Services
4,384 visits/mo
0.3 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?
Storefront property - B-4-zoned storefront requiring interior and exterior repairs before occupancy.
Where is this storefront property located?
The property is located at 21243 GRAND RIVER Avenue Unit SourceFi Detroit, MI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: B‑4 zoning for general business use; Located next to Meijer near Grand River and McNichols; Interior and exterior repairs, upgrades, and renovation required
