Joy Rd Investment
For Sale
$200,000
15142 Joy Rd, Detroit, MI 48228
Commercial real estate package with income potential near Dearborn.
Property Size2,062 SF
Lot Size0.14 Acres
Price / SF$96.99
Days on Market211
Property Features for 15142 Joy Rd
General Information
Standard status
Active
Size
2,062 SF
Lot size
0.14 Acres
Building Details
Year Built
1931
Listing Agency:
RE/MAX Leading Edge
Listed By:
Nader Rammal · License #6501389142
(313) 777-2700
Source:
Katie-k
Added: Mar 10
Changed: Sep 28
Last Checked: Oct 5 at 10:56PM
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 RE/MAX Leading Edge
Investment Insights
Based on property information with market context.
This commercial real estate package features three parcels, including a separate upper efficiency apartment, situated on a 60 x 100 lot. The property is located in an area known for its auto industry, minutes from Dearborn. Modern updates include new electrical, plumbing, and roofing, along with two new door bays. The apartment has a separate entrance and utilities. The property currently generates $2,500 in monthly income from a detail shop and rented apartment. There is potential for expansion, with security fencing and parking for up to 18 cars. The additional vacant space is suitable for storage, warehousing, or further development.
Key Highlights
- High income potential with $2,500 monthly from detail shop and apartment rentals.
- Modern updates including new electrical, plumbing, and roofing.
- Prime location in a sought‑after area near Dearborn, known for its auto industry.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,100
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$242,000
$242.0K
Cap Rate 7%
$172,857
$172.9K
Cap Rate 9%
$134,444
$134.4K
Market Conditions
NOI Build-Up for 2,062 SF
Gross rent
$18.1K $8.76/SF
− Vacancy
−$777 −$0.38/SF
EGI
$17.3K $8.38/SF
− OpEx
−$5.2K −$2.51/SF
NOI
$12.1K $5.87/SF
Area
ZIP 48228
Vacancy
4.30%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$242,000
Cap Rate 7%
$172,857
Cap Rate 9%
$134,444
Alternative Uses
Best Use
Retail
$362.8K
$317.5K – $423.3K
NOI $25,397 @ 7.0% cap · market cap 12.70%
Second Best
Industrial
$172.9K
$151.3K – $201.7K
NOI $12,100 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$423.5K
$370.6K – $494.1K
NOI $29,647 @ 7.0% cap · market cap 14.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
31k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 36%
White Castle
Dining
11,027 visits/mo
0.2 miles
Family Dollar
Shops & Services
5,404 visits/mo
0.5 miles
Advance Auto Parts
Shops & Services
5,244 visits/mo
0.2 miles
Mobil
Shops & Services
4,667 visits/mo
0.4 miles
Sunoco
Shops & Services
4,291 visits/mo
0.4 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.
Similar Off Market Nearby
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- Super Magic Collision — 7533 Greenfield Rd, Detroit, MI 48228
- Hawks america inc Road Services — 7834 yinger ave, dearborn, mi 48126
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial real estate package with income potential near Dearborn.
Where is this auto shop located?
The property is located at 15142 Joy Rd Detroit, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: High income potential with $2,500 monthly from detail shop and apartment rentals.; Modern updates including new electrical, plumbing, and roofing.; Prime location in a sought‑after area near Dearborn, known for its auto industry.
