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    Two-Story Retail Building with Exterior Doors Title is generated by Realmo AI

    16334 Harper Avenue, Detroit, MI 48224

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    Claim this Listing
    For Lease
    $2,000/Mo $5 SF/Yr (calc)

    COMMERCIAL - Detroit, MI

    Property size:
    4,488 SF
    Lot size:
    0.14 Acres
    Added:
    Jul 8, 2025
    Days on Market:
    332
    Last Refresh:
    Jun 4 at 2:06 am

    Property Features for 16334 Harper Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    W21I003835S
    Size
    4,488 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1314

    Utilities

    Water source
    Public

    Building Details

    Year built
    1958

    We can help!

    Listing Contact
    Eric Goosen
    Eric Goosen

    Listing agent Eric Goosen License #6506037428

    Listing office Berkshire Hathaway HomeServices Kee Realty SCS 19900 E 10 Mile Rd Ste 104, MI

    Listing date Jul 8, 2025

    MLS# 50181000

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two‑story commercial building built in 1958
    • Public water source
    • Located on Harper on the northeast side of Detroit, not directly on the corner
    • Back‑lot parking with many exterior doors
    • Previously used as a restaurant; potential for a similar business concept

    Overview

    This two-story retail/commercial building is configured for a storefront-style operation with many exterior doors. Parking is located in the back lot, keeping customer or staff access oriented to both the street-facing entrances and rear vehicle area. The property was a restaurant many years ago, which may be advantageous for tenants looking for a space that has supported food-service activity in the past.

    The building is located on the northeast side of Detroit on Harper Avenue. It is not situated directly on a corner, and the primary parking access is provided at the rear lot rather than along the front.

    For tenants seeking a street-accessible space with multiple exterior entry points, this layout can support a variety of retail or service uses where direct door access matters. The property’s prior restaurant history also makes it worth considering for concepts similar in nature, as there are existing design cues that a user may be able to adapt for a new operational plan. If your business benefits from flexible entry options and straightforward rear parking, this building should be on your shortlist.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.944439
    Latitude
    42.410591

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    FAQs

    What type of property is this?
    Retail space - Two-story storefront building with multiple exterior doors and back-lot parking, suited for retail or service concepts.
    Where is this retail space located?
    The property is located at 16334 Harper Avenue Detroit, MI.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: Two‑story commercial building built in 1958; Public water source; Located on Harper on the northeast side of Detroit, not directly on the corner
    (586) 899-3659
    We can help!
    Listing Contact
    Eric Goosen
    Eric Goosen
    Real Estate License ID: 6506037428
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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