Storefront Property with Two
For Sale
$375,000
15921 W Seven Mile Road, Detroit, MI 48235
Commercial Sale, Detroit, MI
Property Size3,000 SF
Lot Size0.09 Acres
Price / SF$125
Days on Market48
Property Features for 15921 W Seven Mile Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Standard status
Active
APN
22016212-3
Size
3,000 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
S SEVEN MILE RD W 358&357 COLLEGE DRIVE SUB L48 P34 PLATs;.w C R. 22/431 40 X 100
Tax Annual Amount
6943
Legal Description
S SEVEN MILE RD W 358&357 COLLEGE DRIVE SUB L48 P34 PLATs;.w C R. 22/431 40 X 100
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1958
Number of units
2
Listing Agency:
Keller Williams Professionals · Keller Williams Realty
(734) 459-4700
Listed By:
Eve Boykins
(248) 252-0670
Added: Jul 18
Changed: Aug 21
Last Checked: Sep 3 at 12:06PM
MLS# 26037039
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,000-square-foot storefront property at 15921 W Seven Mile Road includes two bathrooms and was formerly used as both a restaurant and barber shop. The building dates to 1958 and is equipped with forced-air heating and central air conditioning.
Phone service is available at the property. The address is in Detroit, Michigan 48235, within Wayne County, and the parcel measures 0.09 acres.
Phone service is available at the property. The address is in Detroit, Michigan 48235, within Wayne County, and the parcel measures 0.09 acres.
Key Highlights
- 3,000 square feet of storefront space
- Former restaurant and barber shop uses
- Two bathrooms
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
$29,566
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
7.88%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 96%
Electronics 4%
BP
Shops & Services
11,900 visits/mo
0.4 miles
Citgo
Shops & Services
2,353 visits/mo
0.1 miles
Metro by T-Mobile
Electronics
628 visits/mo
0.5 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
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Former restaurant and barber shop with central air conditioning and forced-air heating.
Where is this storefront property located?
The property is located at 15921 W Seven Mile Road 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: 3,000 square feet of storefront space; Former restaurant and barber shop uses; Two bathrooms
