Building Details

Building Size 26,335 SF

Year Built 1962

Listing Agency: NAI Farbman

Listed By: Alis (Manoogian) Babi, CCIM · License #6506049622 Show Phone

Source: Naiglobal

Added: Jul 23 Changed: Oct 25 Last Checked: Oct 28 at 6:24AM

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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 NAI Farbman

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Investment Insights

Based on property information with market context.

Allen Park Plaza is a retail shopping center built in 1962 offering 26,335 SF of gross leasable area. The property is fully occupied and includes a mix of tenants such as Great Lakes ACE, SVS Vision Inc., and Subway.

Located at 15801–15861 Southfield Road in Allen Park, Michigan, the center presents a stable, community-serving retail tenant base. Public remarks also note recent capital improvements and high visibility, supporting ongoing operations.

Suite sizes are described as flexible, giving prospective buyers a diversified leased retail lineup within a maintained center.

Key Highlights

• Allen Park Plaza retail center at 15801–15861 Southfield Rd, Allen Park, MI
• Built in 1962 and offers 26,335 SF of gross leasable area
• Fully occupied with 100% occupancy by national and regional tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$249,529

Cap Rate

7.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,990,580 $5.0M

Cap Rate 7%

$3,564,700 $3.6M

Cap Rate 9%

$2,772,544 $2.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 26,335 SF

Gross rent

$379.2K $14.40/SF

− Vacancy

−$22.8K −$0.86/SF

EGI

$356.5K $13.54/SF

− OpEx

−$106.9K −$4.06/SF

NOI

$249.5K $9.48/SF

Area

Wayne County, MI

Vacancy

6.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,990,580

Cap Rate 7%

$3,564,700

Cap Rate 9%

$2,772,544

Alternative Uses

Best Use

Retail

$3.56M

$3.12M – $4.16M (±1% cap)

NOI $249,529 @ 7.0% cap · market cap 7.13%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.88M

$4.27M – $5.69M (±1% cap)

NOI $341,302 @ 7.0% cap · market cap 9.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Big Box & Wholesale Store Law Firm Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

862

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 48101, MI

28,664

Population

12,413

Households

2.3

Avg Household Size

41

Median Age

30%

College-Educated

94%

High-School Grad

7.0 sq mi

ZIP Area

4,095

Density / Sq Mi

$80,045

Median Household Income

$51,658

Median Earnings

$1,181

Median Rent

$174,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Similar Off Market Nearby

• Secretary of State Self-Service Station — 15800 White Ave, Allen Park, MI 48101

Frequently Asked Questions

What type of property is this?

Shopping center - Well-maintained retail shopping center built in 1962 with diverse national and regional tenants.

Where is this shopping center located?

The property is located at 15801-15861 Southfield Rd Allen Park, MI.

What is the asking price?

The asking price for this property is $3,500,000.

What are key features of this property?

This property features: Allen Park Plaza retail center at 15801–15861 Southfield Rd, Allen Park, MI; Built in 1962 and offers 26,335 SF of gross leasable area; Fully occupied with 100% occupancy by national and regional tenants