Remodeled Strip Center For
For Sale
$1,250,000
15308 E 8 MILE Rd, Detroit, MI 48235
Remodeled strip center with five units and new features.
Property Size9,000 SF
Lot Size0.28 Acres
Days on Market266
Property Features for 15308 E 8 MILE Rd
General Information
Standard status
Active
Size
9,000 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,503
Building Details
Building Size
9,000 SF
Year Built
1959
Listing Agency:
F L Andary Realty Company Inc
(313) 886-5670
Listed By:
Frederick L Andary Jr · License #6501176222
(313) 886-5670
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 14
Last Checked: Aug 20 at 10:25AM
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 features five units, including one double unit. The property has a new roof, HVAC system, front windows, and doors. Parking is available in the parking lot, with additional street parking. The units are renting quickly. The unit breakdown includes one unit at 3200 square feet, two units at 1600 square feet each, and one unit at 2000 square feet with an overhead door. This property is suitable for retail purposes.
Key Highlights
- Remodeled strip center with recent upgrades: new roof, HVAC, front windows and doors.
- Multiple units with varied sizes: 1 @ 3200 sq. ft., 2 @ 1600 sq. ft., 1 @ 2000 sq. ft. with OH Door, and 1 double unit.
- Units are renting quickly, indicating strong demand.
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
$79,550
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
6.36%
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%
$1,591,000
$1.6M
Cap Rate 7%
$1,136,429
$1.1M
Cap Rate 9%
$883,889
$883.9K
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
$124.2K $13.80/SF
− Vacancy
−$10.6K −$1.17/SF
EGI
$113.6K $12.63/SF
− OpEx
−$34.1K −$3.79/SF
NOI
$79.6K $8.84/SF
Area
ZIP 48235
Vacancy
8.50%
Lease Rate
$13.80 /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%
$1,591,000
Cap Rate 7%
$1,136,429
Cap Rate 9%
$883,889
Alternative Uses
Best Use
Retail
$1.14M
$994.4K – $1.33M
NOI $79,550 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,303 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
37k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 47%
Electronics 4%
Wendy's
Dining
18,328 visits/mo
0.5 miles
BP
Shops & Services
11,900 visits/mo
0.4 miles
AutoZone
Shops & Services
5,282 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
669 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
628 visits/mo
0.4 miles
Demographics for 48235, MI
45,188
Population
20,946
Households
2.2
Avg Household Size
39
Median Age
15%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
7,288
Density / Sq Mi
$41,011
Median Household Income
$31,545
Median Earnings
$1,151
Median Rent
$79,400
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Remodeled strip center with five units and new features.
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 strip center with recent upgrades: new roof, HVAC, front windows and doors.; Multiple units with varied sizes: 1 @ 3200 sq. ft., 2 @ 1600 sq. ft., 1 @ 2000 sq. ft. with OH Door, and 1 double unit.; Units are renting quickly, indicating strong demand.
