End-Unit Drug
For Sale
Contact for pricing
16311 W GRAND RIVER Avenue, Detroit, MI 48227
Central air and a neighboring parking lot support the space’s commercial configuration.
Property Size2,100 SF
Price / SF$0.95
Days on Market17
Property Features for 16311 W GRAND RIVER Avenue
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Commercial
Site & Location
Neighborhood
Greenfield-Grand River
Amenities
central air
Building Details
Year Built
1939
Listing Agency:
Signature Sotheby's International Realty Bham
Listed By:
Jessica R Toomer Shannon
(248) 644-7000
Source:
Goodhomemi
Added: Oct 14
Changed: Oct 28
Last Checked: Oct 28 at 3:05PM
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 Signature Sotheby's International Realty Bham
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Investment Insights
Based on property information with market context.
This 2,100-square-foot end-unit retail space was built in 1939 and includes central air. It previously operated as a pharmacy, and a parking lot sits adjacent to the unit. The property is in a high-traffic area on West Grand River Avenue in Detroit.
Key Highlights
- 2,100‑square‑foot end‑unit retail space
- Previously used as a pharmacy
- Central air
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,562
Suggested Prices Based on Cap Rates
Cap Rate 5%
$371,240
$371.2K
Cap Rate 7%
$265,171
$265.2K
Cap Rate 9%
$206,244
$206.2K
Market Conditions
NOI Build-Up for 2,100 SF
Gross rent
$29.0K $13.80/SF
− Vacancy
−$2.5K −$1.17/SF
EGI
$26.5K $12.63/SF
− OpEx
−$8.0K −$3.79/SF
NOI
$18.6K $8.84/SF
Area
ZIP 48227
Vacancy
8.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$371,240
Cap Rate 7%
$265,171
Cap Rate 9%
$206,244
Alternative Uses
Best Use
Specialty Retail
$299.7K
$262.2K – $349.7K
NOI $20,979 @ 7.0% cap · market cap 1,048.95%
Second Best
Retail
$265.2K
$232.0K – $309.4K
NOI $18,562 @ 7.0% cap · market cap 928.10%
Theoretical Best
Multifamily LT 5
$341.6K
$298.9K – $398.6K
NOI $23,915 @ 7.0% cap · market cap 1,195.75%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
549
Businesses Nearby
79k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 27%
Apparel 14%
Wendy's
Dining
18,403 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,311 visits/mo
0.4 miles
Family Dollar
Shops & Services
9,255 visits/mo
0.3 miles
Bank of America
Shops & Services
7,588 visits/mo
0.5 miles
Citgo
Shops & Services
4,791 visits/mo
0.4 miles
Demographics for 48227, MI
40,266
Population
19,933
Households
2
Avg Household Size
36
Median Age
12%
College-Educated
83%
High-School Grad
7.5 sq mi
ZIP Area
5,369
Density / Sq Mi
$36,221
Median Household Income
$31,797
Median Earnings
$1,034
Median Rent
$70,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Detroit, MI
Similar Off Market Nearby
- Express Pharmacy Detroit Inc — 15537 Schoolcraft St, Detroit, MI 48227
- Phar Mor Pharmacy — 15549 Schoolcraft St, Detroit, MI 48227, United States
- Medway Pharmacy — 15537 Schoolcraft Rd, Detroit, MI 48227
- Pharmacy Rx — Detroit, MI 48227
- Wrigley's Pharmacy — 14313 Greenfield Rd, Detroit, MI 48227
Frequently Asked Questions
What type of property is this?
Drug store - Central air and a neighboring parking lot support the space’s commercial configuration.
Where is this drug store located?
The property is located at 16311 W GRAND RIVER Avenue Detroit, MI.
What are key features of this property?
This property features: 2,100‑square‑foot end‑unit retail space; Previously used as a pharmacy; Central air
