Prime Dearborn Commercial
For Sale
Contact for pricing
Pending
15241 Michigan Ave, Dearborn, MI 48126
Centrally located commercial property in high-traffic Dearborn business district.
Property Size14,000 SF
Days on Market319
Property Features for 15241 Michigan Ave
General Information
Standard status
Pending
Size
14,000 SF
Property subtype
Mixed Use, Retail
Zoning
BB
Investment Type
Owner/User
Building Details
Year Renovated
2023
Buildings
1
Stories
1
Listing Agency:
Empire Realty Group
(313) 846-0960
Listed By:
Abraham Elsheick · License #MI
Source:
Crexi
Added: Oct 7, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:32AM
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 Empire Realty Group
Investment Insights
Based on property information with market context.
This turn-key commercial property is centrally located in a sought-after, high-traffic business district in Dearborn, positioned just east of the southeast corner of Michigan Avenue and Greenfield Road. The property benefits from high visibility and access in a densely populated area with successful retail, office, and service businesses. It is situated near the Southfield Freeway (M-39) and I-94, providing convenient access for commuters and customers. The surrounding area is a thriving multicultural community experiencing residential and commercial growth. The property is zoned BB – General Business District in the City of Dearborn, allowing for various commercial uses. It is in excellent condition and features a recently installed fire suppression system and ample on-site parking. Located in a high-demand retail and office corridor, the property is surrounded by established businesses. It benefits from exceptional foot and vehicle traffic and has access to additional parking due to an easement. This versatile property offers the visibility, accessibility, and community synergy needed to thrive. The property size is 14000 square feet.
Key Highlights
- Prime location in a high‑traffic business district near Michigan Avenue and Greenfield Road.
- Zoned BB – General Business District, allowing for diverse commercial uses.
- Excellent condition with a recently installed fire suppression system.
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
$172,437
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
4.67%
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%
$3,448,740
$3.4M
Cap Rate 7%
$2,463,386
$2.5M
Cap Rate 9%
$1,915,967
$1.9M
Market Conditions
NOI Build-Up for 14,000 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
$260.4K $18.60/SF
− Vacancy
−$14.1K −$1.00/SF
EGI
$246.3K $17.60/SF
− OpEx
−$73.9K −$5.28/SF
NOI
$172.4K $12.32/SF
Area
Dearborn, MI
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%
$3,448,740
Cap Rate 7%
$2,463,386
Cap Rate 9%
$1,915,967
Alternative Uses
Best Use
Retail
$2.46M
$2.16M – $2.87M
NOI $172,437 @ 7.0% cap · market cap 4.67%
Second Best
Office B
$2.20M
$1.93M – $2.57M
NOI $154,287 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,192 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
Explore this area
Business Placement
Demographics for 48126, MI
55,863
Population
16,919
Households
3.3
Avg Household Size
28
Median Age
24%
College-Educated
74%
High-School Grad
8.4 sq mi
ZIP Area
6,650
Density / Sq Mi
$42,353
Median Household Income
$27,724
Median Earnings
$1,222
Median Rent
$200,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Centrally located commercial property in high-traffic Dearborn business district.
Where is this mixed-use property located?
The property is located at 15241 Michigan Ave Dearborn, MI.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Prime location in a high‑traffic business district near Michigan Avenue and Greenfield Road.; Zoned BB – General Business District, allowing for diverse commercial uses.; Excellent condition with a recently installed fire suppression system.
