Occupied Strip Center For
For Sale
Contact for pricing
15479 S Telegraph Rd, Monroe, MI 48161
Three-tenant strip center in Monroe, Michigan, 100% occupied.
Property Size4,604 SF
Lot Size1.20 Acres
Price / SF$115.91
Days on Market169
Property Features for 15479 S Telegraph Rd
General Information
Standard status
Active
Size
4,604 SF
Class
B
Total Parking Spaces
40
Lot size
1.20 Acres
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Net Operating Income
$44,027
Building Details
Year Built
1998
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Passov Real Estate Group
(419) 283-8951
Listed By:
Alex Van Krevel · License #OH SAL.2018001867
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 8 at 12:28PM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
Telegraph Shops is a fully occupied, three-tenant neighborhood strip center located on South Telegraph Road in Monroe, Michigan. The property contains 4,604 square feet and sits on approximately 1.2 acres. Constructed in 1998, the center features a brick exterior, individually metered utilities, rear-positioned ground-mounted HVAC systems, and ample surface parking with 40 spaces. There is one point of two-way ingress and egress. The rent roll is anchored by Northwestern Mutual, a nationally recognized financial services firm occupying approximately 52% of the center, alongside First American Title, a subsidiary of a publicly traded national title insurance provider, and Delaney’s Counseling Services, a locally rooted mental health counseling practice. All tenants operate professional, service-based businesses with appointment-driven models. The current weighted average lease term is approximately 2.9 years, with contractual rent increases in place for two of the three tenants. Located in an established Monroe trade area, Telegraph Shops benefits from consistent demand for convenience-oriented professional services. The property offers investors defensive in-place cash flow, embedded rent growth, and long-term NOI expansion potential.
Key Highlights
- Attractive 8.25% cap rate and $116 PSF purchase price.
- 100% occupied with a rent roll anchored by Northwestern Mutual.
- Significant mark‑to‑market rental upside potential.
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
$44,233
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
8.29%
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%
$884,660
$884.7K
Cap Rate 7%
$631,900
$631.9K
Cap Rate 9%
$491,478
$491.5K
Market Conditions
NOI Build-Up for 4,604 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
$69.1K $15.00/SF
− Vacancy
−$5.9K −$1.28/SF
EGI
$63.2K $13.73/SF
− OpEx
−$19.0K −$4.12/SF
NOI
$44.2K $9.61/SF
Area
Monroe County, MI
Vacancy
8.50%
Lease Rate
$15.00 /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%
$884,660
Cap Rate 7%
$631,900
Cap Rate 9%
$491,478
Alternative Uses
Best Use
Retail
$631.9K
$552.9K – $737.2K
NOI $44,233 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.75M
$4.15M – $5.54M
NOI $332,391 @ 7.0% cap · market cap 62.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
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?
Strip mall - Three-tenant strip center in Monroe, Michigan, 100% occupied.
Where is this strip mall located?
The property is located at 15479 S Telegraph Rd Monroe, MI.
What is the asking price?
The asking price for this property is $533,663.
What are key features of this property?
This property features: Attractive 8.25% cap rate and $116 PSF purchase price.; 100% occupied with a rent roll anchored by Northwestern Mutual.; Significant mark‑to‑market rental upside potential.
