Turn-Key Medical and Retail
For Sale
$3,300,000
15241 MICHIGAN AVE, Dearborn, MI 48126
Turn-key commercial space with newly installed fire suppression, new front glass windows, newer HVAC, and a large parking lot.
Property Size14,025 SF
Price / SF$235.29
Days on Market153
Property Features for 15241 MICHIGAN AVE
General Information
Standard status
Active
Size
14,025 SF
Property subtype
Industrial
Zoning
BB
Additional Details
Business Included
Yes
Sprinkler System
Yes
Amenities
3
119160
Building Details
Year Built
19
Listing Agency:
RE/MAX Team 2000
(734) 564-9002
Listed By:
Tim Muflihi · License #6501360292
(734) 564-9002
Source:
Xome
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 11 at 5:39AM
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 Team 2000
Investment Insights
Based on property information with market context.
This turn-key commercial property offers an existing buildout suitable for medical center or retail use, with approximately 14,000+ square feet and a ready-to-operate configuration. Recent upgrades include a newly installed fire suppression system, new front glass windows, and a newer HVAC system, supported by a large on-site parking lot.
The property is located at 15241 Michigan Avenue in Dearborn, MI. It is described as highly visible within a growing commercial area.
The site is identified as zoned BB “General Business District,” which allows a variety of commercial uses, including medical center and retail. All information is approximate and should be verified by buyers and their agents.
The property is located at 15241 Michigan Avenue in Dearborn, MI. It is described as highly visible within a growing commercial area.
The site is identified as zoned BB “General Business District,” which allows a variety of commercial uses, including medical center and retail. All information is approximate and should be verified by buyers and their agents.
Key Highlights
- Over 14,000 SF turn‑key commercial space, ready to open your business
- Zoned BB – General Business District, allowing a variety of commercial uses
- Newly 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
$172,745
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
5.23%
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%
$3,454,900
$3.5M
Cap Rate 7%
$2,467,786
$2.5M
Cap Rate 9%
$1,919,389
$1.9M
Market Conditions
NOI Build-Up for 14,025 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
$260.9K $18.60/SF
− Vacancy
−$14.1K −$1.00/SF
EGI
$246.8K $17.60/SF
− OpEx
−$74.0K −$5.28/SF
NOI
$172.7K $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%
$3,454,900
Cap Rate 7%
$2,467,786
Cap Rate 9%
$1,919,389
Alternative Uses
Best Use
Retail
$2.47M
$2.16M – $2.88M
NOI $172,745 @ 7.0% cap · market cap 5.23%
Second Best
Healthcare Medical
$2.26M
$1.97M – $2.63M
NOI $157,933 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,578 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
129k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 54%
Dining 23%
Shops & Services 21%
Apparel 1%
Kroger
Groceries
69,327 visits/mo
0.1 miles
McDonald's
Dining
19,756 visits/mo
0.3 miles
Burger King
Dining
9,739 visits/mo
0.3 miles
Dollar General
Shops & Services
9,126 visits/mo
0.4 miles
Citizens Bank
Shops & Services
4,103 visits/mo
0.3 miles
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 Retail 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?
Medical center - Turn-key commercial space with newly installed fire suppression, new front glass windows, newer HVAC, and a large parking lot.
Where is this medical center located?
The property is located at 15241 MICHIGAN AVE Dearborn, MI.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Over 14,000 SF turn‑key commercial space, ready to open your business; Zoned BB – General Business District, allowing a variety of commercial uses; Newly installed fire suppression system
