Four-Unit Remodeled Strip
New
For Sale
$1,950,000
16134-16146 Eureka Rd, Southgate, MI 48195
Four occupied suites comprise a remodeled retail center positioned at a signalized intersection.
Property Size14,072 SF
Lot Size0.33 Acres
Price / SF$124.78
Days on Market2
Property Features for 16134-16146 Eureka Rd
General Information
Standard status
Active
Size
14,072 SF
Lot size
0.33 Acres
Property subtype
Retail
Occupancy
100%
Site & Location
Corner Location
Yes
Traffic Count
32,000 vehicles/day
Building Details
Building Size
14,072 SF
Year Renovated
2017
Tenancy
Multi
Listing Agency:
Legacy Real Estate Advisors
(248) 892-9691
Listed By:
Rami Gulli · License #MI ##6501453450
(248) 892-9691
Source:
Legacycrea
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 11:53AM
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 Legacy Real Estate Advisors
Investment Insights
Based on property information with market context.
This multi-tenant strip mall contains four fully occupied units and totals 15,627 SF on a 0.33-acre lot. The center was remodeled in 2017, and leases were recently extended. Its placement at a signalized hard corner supports direct visibility from Eureka Rd.
The property receives exposure to more than 32,000 vehicles per day and is surrounded by nationally recognized retailers and restaurants, including Walmart Supercenter, Aldi, T.J. Maxx, Dollar Tree, Chuck E. Cheese, and Olive Garden. Detroit Metropolitan Wayne County Airport is a 16-minute drive, while downtown Detroit is 25 minutes away.
The property receives exposure to more than 32,000 vehicles per day and is surrounded by nationally recognized retailers and restaurants, including Walmart Supercenter, Aldi, T.J. Maxx, Dollar Tree, Chuck E. Cheese, and Olive Garden. Detroit Metropolitan Wayne County Airport is a 16-minute drive, while downtown Detroit is 25 minutes away.
Key Highlights
- 15,627 SF multi‑tenant strip mall on a 0.33‑acre lot
- Four fully occupied retail units
- Remodeled in 2017
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
$148,069
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
7.59%
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%
$2,961,380
$3.0M
Cap Rate 7%
$2,115,271
$2.1M
Cap Rate 9%
$1,645,211
$1.6M
Market Conditions
NOI Build-Up for 15,627 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
$225.0K $14.40/SF
− Vacancy
−$13.5K −$0.86/SF
EGI
$211.5K $13.54/SF
− OpEx
−$63.5K −$4.06/SF
NOI
$148.1K $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 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%
$2,961,380
Cap Rate 7%
$2,115,271
Cap Rate 9%
$1,645,211
Alternative Uses
Best Use
Retail
$2.12M
$1.85M – $2.47M
NOI $148,069 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.89M
$2.53M – $3.38M
NOI $202,526 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
181k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 40%
Shops & Services 28%
Dining 23%
Groceries 6%
T.J. Maxx
Apparel
43,921 visits/mo
0.3 miles
Dollar Tree
Shops & Services
29,139 visits/mo
0.3 miles
Ross Dress for Less
Apparel
24,233 visits/mo
0.3 miles
Red Robin Gourmet Burgers
Dining
18,797 visits/mo
0.2 miles
Speedway
Shops & Services
15,733 visits/mo
0.5 miles
Demographics for 48195, MI
30,014
Population
13,033
Households
2.3
Avg Household Size
42
Median Age
21%
College-Educated
89%
High-School Grad
6.9 sq mi
ZIP Area
4,350
Density / Sq Mi
$64,635
Median Household Income
$43,368
Median Earnings
$1,102
Median Rent
$165,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Four occupied suites comprise a remodeled retail center positioned at a signalized intersection.
Where is this strip mall located?
The property is located at 16134-16146 Eureka Rd Southgate, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 15,627 SF multi‑tenant strip mall on a 0.33‑acre lot; Four fully occupied retail units; Remodeled in 2017
