Updated Freestanding Retail
For Sale
$350,000
15010 Fort St, Southgate, MI 48195
C-2-zoned building with refreshed mechanical systems, exterior improvements, and a concrete parking lot.
Property Size2,376 SF
Price / SF$147.31
Days on Market67
Property Features for 15010 Fort St
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Retail
Zoning
C-2
Building Details
Building Size
2,376 SF
Buildings
1
Listing Agency:
Altitude Commercial Real Estate
(248) 781-8076
Listed By:
George Abro · License #6502432561
Source:
Altitudecre
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 8:36PM
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 Altitude Commercial Real Estate
Investment Insights
Based on property information with market context.
This freestanding retail storefront contains 2,376 square feet and is zoned C-2. Building improvements include a roof installed in 2011 with a 15-year Firestone Warranty, two 5-ton Rheem HVAC units added in 2018, and an interior hanging heater installed the same year. The exterior has also received substantial attention, including a facade renovation completed in 2014 and replacement of 10 exterior windows within the last 12 months.
The parking lot received new city-installed concrete in early 2025. Together, the updated building systems, recent window work, improved exterior, and maintained parking area provide a clear physical profile for retail use.
The parking lot received new city-installed concrete in early 2025. Together, the updated building systems, recent window work, improved exterior, and maintained parking area provide a clear physical profile for retail use.
Key Highlights
- 2,376 SF freestanding retail building
- C‑2 zoning
- Roof installed in 2011 with 15‑year Firestone Warranty
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
$22,513
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
6.43%
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%
$450,260
$450.3K
Cap Rate 7%
$321,614
$321.6K
Cap Rate 9%
$250,144
$250.1K
Market Conditions
NOI Build-Up for 2,376 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
$34.2K $14.40/SF
− Vacancy
−$2.1K −$0.86/SF
EGI
$32.2K $13.54/SF
− OpEx
−$9.6K −$4.06/SF
NOI
$22.5K $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%
$450,260
Cap Rate 7%
$321,614
Cap Rate 9%
$250,144
Alternative Uses
Best Use
Retail
$321.6K
$281.4K – $375.2K
NOI $22,513 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$439.9K
$384.9K – $513.2K
NOI $30,793 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
636
Businesses Nearby
76k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Groceries 32%
Dining 27%
Electronics 8%
Aldi
Groceries
23,867 visits/mo
0.3 miles
Citgo
Shops & Services
12,883 visits/mo
0.3 miles
KFC
Dining
6,562 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
5,180 visits/mo
0.3 miles
Citizens Bank
Shops & Services
4,440 visits/mo
0.2 miles
Demographics for 48195, MI
30,014
Population
13,033
Households
2.3
Avg Household Size
42
Median Age
21%
College-Educated
89%
High-School Grad
6.9 sq mi
ZIP Area
4,350
Density / Sq Mi
$64,635
Median Household Income
$43,368
Median Earnings
$1,102
Median Rent
$165,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Thrifty Florist — 2353 Eureka Rd, Wyandotte, MI 48192
- Silk Thumb Florist — 1864 Eureka Rd, Wyandotte, MI 48192
- Benedict's Flowers — 13101 Mercier St, Southgate, MI 48195
- Bakhaus Florist Gifts Candles — 14242 fort st, southgate, mi 48195
Frequently Asked Questions
What type of property is this?
Storefront property - C-2-zoned building with refreshed mechanical systems, exterior improvements, and a concrete parking lot.
Where is this storefront property located?
The property is located at 15010 Fort St Southgate, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,376 SF freestanding retail building; C‑2 zoning; Roof installed in 2011 with 15‑year Firestone Warranty
