Remodeled Strip Center with Five
For Sale
$1,250,000
15308 E 8 Mile Rd, Detroit, MI
Remodeled five-unit retail strip center with new roof, HVAC, and upgraded storefronts for dependable leasing mix.
Property Size9,000 SF
Price / SF$138.89
Days on Market321
Property Features for 15308 E 8 Mile Rd
General Information
Standard status
Active
Size
9,000 SF
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$6,503
Building Details
Tenancy
Multi
Listing Agency:
F L Andary Realty Company Inc
Listed By:
Frederick L Andary Jr · License #6501176222
(313) 886-5670
Source:
Exprealty
Added: Oct 24, 2025
Changed: Sep 8
Last Checked: Sep 8 at 11:16AM
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 F L Andary Realty Company Inc
Investment Insights
Based on property information with market context.
This remodeled strip center is configured as five retail units, including one double unit. Improvements include a new roof, new HVAC, and updated front windows and doors across the property. The unit mix totals approximately 9,000 square feet, with one unit at about 3,200 square feet, two units at about 1,600 square feet each, and one unit at about 2,000 square feet with an overhead door for flexible receiving or service access.
The property provides both on-site parking and street parking, supporting customer access for day-to-day retail activity. The offering is located at 15308 E 8 Mile Road in Detroit, MI 48235. According to the current information, the units are renting quickly.
For tenants and owners, the layout offers multiple entry points for compatible retail users, with a varied suite size range to support different footprints. As reflected in the provided rent information, current rents are listed at $7,800 per month, with a project rent of $10,800 per month (or $129,600 annually), described as achievable with minimal expense. The presence of an overhead door unit can also broaden fit for businesses that prefer straightforward back-of-house access within a retail center environment.
The property provides both on-site parking and street parking, supporting customer access for day-to-day retail activity. The offering is located at 15308 E 8 Mile Road in Detroit, MI 48235. According to the current information, the units are renting quickly.
For tenants and owners, the layout offers multiple entry points for compatible retail users, with a varied suite size range to support different footprints. As reflected in the provided rent information, current rents are listed at $7,800 per month, with a project rent of $10,800 per month (or $129,600 annually), described as achievable with minimal expense. The presence of an overhead door unit can also broaden fit for businesses that prefer straightforward back-of-house access within a retail center environment.
Key Highlights
- Remodeled 5‑unit retail strip center built in 1959
- New roof, HVAC, front windows and doors
- Unit mix: 1 unit (double) at 3,200 SF; 2 units at 1,600 SF; 1 unit at 2,000 SF with OH door
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
$110,852
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
8.87%
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%
$2,217,040
$2.2M
Cap Rate 7%
$1,583,600
$1.6M
Cap Rate 9%
$1,231,689
$1.2M
Market Conditions
NOI Build-Up for 9,000 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
$167.4K $18.60/SF
− Vacancy
−$9.0K −$1.00/SF
EGI
$158.4K $17.60/SF
− OpEx
−$47.5K −$5.28/SF
NOI
$110.9K $12.32/SF
Area
Detroit, 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%
$2,217,040
Cap Rate 7%
$1,583,600
Cap Rate 9%
$1,231,689
Alternative Uses
Best Use
Retail
$1.58M
$1.39M – $1.85M
NOI $110,852 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $138,980 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,556
Businesses Nearby
133k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Dining 29%
Shops & Services 27%
Apparel 9%
Whole Foods Market
Groceries
42,654 visits/mo
0.2 miles
McDonald's
Dining
31,104 visits/mo
0.3 miles
Shell
Shops & Services
13,363 visits/mo
0.4 miles
Shinola
Apparel
9,011 visits/mo
0.3 miles
Condado Tacos
Dining
7,597 visits/mo
0.3 miles
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
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Frequently Asked Questions
What type of property is this?
Strip mall - Remodeled five-unit retail strip center with new roof, HVAC, and upgraded storefronts for dependable leasing mix.
Where is this strip mall located?
The property is located at 15308 E 8 Mile Rd Detroit, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Remodeled 5‑unit retail strip center built in 1959; New roof, HVAC, front windows and doors; Unit mix: 1 unit (double) at 3,200 SF; 2 units at 1,600 SF; 1 unit at 2,000 SF with OH door
