Remodeled Strip Center with Five
15308 E 8 MILE Road, Detroit, MI 48235
Remodeled five-unit retail strip center with new roof, HVAC, and upgraded storefronts for dependable leasing mix.
Type:Land
Property size:
9,000 SFPrice / SF:
$138/SF- Added:
- Oct 24, 2025
- Days on Market:
- 246
- Last Refresh:
- Jun 20 at 9:18 am
Property Features for 15308 E 8 MILE Road
General Information
- Standard status
- Active
- Size
- 9,000 SF
- Property subtype
- Land
Building Details
- Year Built
- 1959
Listing office F L Andary Realty Company Inc
Listing date Oct 24, 2025
Source Crexi
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
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
- Current rents $7,800/month; project rent $10,800/month ($129,600/year) listed with minimal expense
- Parking lot plus street parking
- Current rents and leasing activity described as renting quickly
Overview
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $124.2k | $13.80 |
| − Vacancy | −$10.6k | −$1.17 |
| EGI | $113.6k | $12.63 |
| − OpEx | −$34.1k | −$3.79 |
| NOI | $79.6k | $8.84 |
9,000 SF · lease $13.80/SF/yr · vacancy 8.50% · expense 30.00%
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 local authorities.
Location Intelligence
Current Use by Public Records
Strip malls
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1948
- Latitude
- 42.4267
Nearby Similar for Sale
FAQs
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 Road 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
