Strip Retail Center with NNN
15600 West 10 Mile Road Southfield, MI 48075
For Sale
Contact for pricing
Value-add strip center with 14 tenants and a staggered lease expiration schedule.
Property Size20,239 SF
Price / SF$228.52
Days on Market59
Property Features for 15600 West 10 Mile Road
General Information
Standard status
Active
Size
20,239 SF
Property subtype
Retail
Listing Agency:
Altitude Commercial Real Estate
(248) 781-8076
Listed By:
Marcus Sheker · License #6501447435
Source:
Crexi
Added: Jun 2
Changed: Jul 10
Last Checked: Jul 28 at 4:57PM
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 Altitude Commercial Real Estate
Investment Insights
Based on property information with market context.
This strip retail center is offered for sale as a multi-tenant property with 14 tenants. The rent roll is described as diversified and made up of service-oriented businesses, and the center is positioned for an investor strategy that includes mark-to-market rent and conversion to NNN leases. The offering also notes a staggered expiration schedule designed to support smoother cash flow and continued operations.
The property is located at 15600 West 10 Mile Road in Southfield, Michigan. While the listing does not provide additional details on frontage, ingress/egress, or specific building improvements, the tenant count and lease structure are presented as key considerations for underwriting.
For buyers, this center may fit investors seeking a manageable, multi-tenant platform where the lease expiration timing is already structured. The combination of in-place cash flow and the stated approach of moving toward NNN terms and updated rents is intended to create flexibility in managing the portfolio over time. Interested parties should review the rent roll and tenant leases directly to confirm details and planned lease conversion terms.
The property is located at 15600 West 10 Mile Road in Southfield, Michigan. While the listing does not provide additional details on frontage, ingress/egress, or specific building improvements, the tenant count and lease structure are presented as key considerations for underwriting.
For buyers, this center may fit investors seeking a manageable, multi-tenant platform where the lease expiration timing is already structured. The combination of in-place cash flow and the stated approach of moving toward NNN terms and updated rents is intended to create flexibility in managing the portfolio over time. Interested parties should review the rent roll and tenant leases directly to confirm details and planned lease conversion terms.
Key Highlights
- Value‑add strip retail center in Southfield, Michigan with 14 tenants
- Diversified rent roll of service businesses listed as resistant to e‑commerce trends
- Staggered lease expiration schedule designed for smooth cash flow and operations
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 | $340.0k | $16.80 |
| − Vacancy | −$28.9k | −$1.43 |
| EGI | $311.1k | $15.37 |
| − OpEx | −$93.3k | −$4.61 |
| NOI | $217.8k | $10.76 |
20,239 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.11M
$2.72M – $3.63M
NOI $217,780 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.37M
$3.82M – $5.09M
NOI $305,577 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Strip mall - Value-add strip center with 14 tenants and a staggered lease expiration schedule.
Where is this strip mall located?
The property is located at 15600 West 10 Mile Road Southfield, MI.
What is the asking price?
The asking price for this property is $4,625,000.
What are key features of this property?
This property features: Value‑add strip retail center in Southfield, Michigan with 14 tenants; Diversified rent roll of service businesses listed as resistant to e‑commerce trends; Staggered lease expiration schedule designed for smooth cash flow and operations
