Remodeled Conventional
For Sale
$450,000
15621 W Warren Ave, Detroit, MI 48228
Tenant-occupied restaurant property with a new commercial kitchen and extensive building upgrades.
Property Size2,000 SF
Days on Market9
Property Features for 15621 W Warren Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,638
Amenities
commercial kitchen
Building Details
Building Size
2,000 SF
Year Built
1990
Listing Agency:
Elite Realty Advisors LLC
Listed By:
Mohamad Fares
(313) 888-0883
Source:
Elliman
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 22 at 6:06PM
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 Elite Realty Advisors LLC
Investment Insights
Based on property information with market context.
This tenant-occupied restaurant property was built in 1990 and has received extensive recent improvements. Upgrades include a new roof, HVAC system, electrical work, flooring, lighting, interior paint, and an updated bathroom. The building also contains a new commercial kitchen, supporting continued restaurant use.
Located at 15621 W Warren Ave in Detroit, the property has a walk score of 82, a bike score of 50, and a transit score of 47. The surrounding area is rated Very Walkable and Bikeable, with Some Transit access.
Located at 15621 W Warren Ave in Detroit, the property has a walk score of 82, a bike score of 50, and a transit score of 47. The surrounding area is rated Very Walkable and Bikeable, with Some Transit access.
Key Highlights
- Tenant‑occupied restaurant property at 15621 W Warren Ave, Detroit, MI 48228
- New commercial kitchen installed
- Recent roof, HVAC, electrical, flooring, lighting, paint, and bathroom improvements
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
$27,360
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
6.08%
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%
$547,200
$547.2K
Cap Rate 7%
$390,857
$390.9K
Cap Rate 9%
$304,000
$304.0K
Market Conditions
NOI Build-Up for 2,000 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
$38.4K $19.20/SF
− Vacancy
−$1.9K −$0.96/SF
EGI
$36.5K $18.24/SF
− OpEx
−$9.1K −$4.56/SF
NOI
$27.4K $13.68/SF
Area
ZIP 48228
Vacancy
5.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$547,200
Cap Rate 7%
$390,857
Cap Rate 9%
$304,000
Alternative Uses
Best Use
Specialty Retail
$390.9K
$342.0K – $456.0K
NOI $27,360 @ 7.0% cap · market cap 6.08%
Second Best
Retail
$351.9K
$307.9K – $410.6K
NOI $24,634 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$410.8K
$359.4K – $479.3K
NOI $28,755 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 95%
Electronics 5%
Citgo
Shops & Services
7,640 visits/mo
0.5 miles
Family Dollar
Shops & Services
7,485 visits/mo
0.2 miles
Metro by T-Mobile
Electronics
860 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Conventional restaurant - Tenant-occupied restaurant property with a new commercial kitchen and extensive building upgrades.
Where is this conventional restaurant located?
The property is located at 15621 W Warren Ave Detroit, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Tenant‑occupied restaurant property at 15621 W Warren Ave, Detroit, MI 48228; New commercial kitchen installed; Recent roof, HVAC, electrical, flooring, lighting, paint, and bathroom improvements
