Freestanding Restaurant
For Sale
$375,000
15921 W Seven Mile Rd, Detroit, MI 48235
Former restaurant and barber shop offering a flexible commercial layout for continued or reconfigured use.
Property Size3,000 SF
Price / SF$125
Days on Market98
Property Features for 15921 W Seven Mile Rd
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Commercial
Building Details
Year Built
1958
Listing Agency:
Keller Williams Professionals
Listed By:
Eve Boykins
(734) 459-4700
Source:
Vmrealestatemichigan
Added: Jul 9
Changed: Oct 1
Last Checked: Oct 12 at 7:55PM
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 Keller Williams Professionals
Investment Insights
Based on property information with market context.
This freestanding commercial property in Detroit was previously used for restaurant and barber shop operations. The existing history supports a flexible configuration for an operator seeking to continue a food-service concept, incorporate personal-service use, or adapt the space to another commercial purpose, subject to applicable approvals.
Constructed in 1958, the property is located at 15921 W Seven Mile Rd, Detroit, MI 48235. Its prior combination of restaurant and barber shop functions provides a practical starting point for evaluating layout, reuse, and future occupancy needs.
Constructed in 1958, the property is located at 15921 W Seven Mile Rd, Detroit, MI 48235. Its prior combination of restaurant and barber shop functions provides a practical starting point for evaluating layout, reuse, and future occupancy needs.
Key Highlights
- Former restaurant and barber shop property
- Located at 15921 W Seven Mile Rd, Detroit, MI 48235
- Constructed in 1958
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,566
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$591,320
$591.3K
Cap Rate 7%
$422,371
$422.4K
Cap Rate 9%
$328,511
$328.5K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$42.5K $14.16/SF
− Vacancy
−$3.1K −$1.02/SF
EGI
$39.4K $13.14/SF
− OpEx
−$9.9K −$3.29/SF
NOI
$29.6K $9.86/SF
Area
ZIP 48235
Vacancy
7.20%
Lease Rate
$14.16 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$591,320
Cap Rate 7%
$422,371
Cap Rate 9%
$328,511
Alternative Uses
Best Use
Specialty Retail
$422.4K
$369.6K – $492.8K
NOI $29,566 @ 7.0% cap · market cap 7.88%
Second Best
Retail
$378.8K
$331.5K – $442.0K
NOI $26,517 @ 7.0% cap · market cap 7.07%
Theoretical Best
Multifamily LT 5
$425.2K
$372.1K – $496.1K
NOI $29,767 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
713
Businesses Nearby
37k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Former restaurant and barber shop offering a flexible commercial layout for continued or reconfigured use.
Where is this conventional restaurant located?
The property is located at 15921 W Seven Mile Rd Detroit, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Former restaurant and barber shop property; Located at 15921 W Seven Mile Rd, Detroit, MI 48235; Constructed in 1958
