Renovated Freestanding
For Sale
Contact for pricing
16445 Hamilton Ave, Highland Park, MI 48203
The property carries N-UV Urban Village Mixed-Use zoning and includes a steel roof structure replaced in 2020.
Property Size2,400 SF
Price / SF$249.58
Days on Market463
Property Features for 16445 Hamilton Ave
General Information
Standard status
Active
Size
2,400 SF
Property subtype
RETAIL
Zoning
N-UV
Building Details
Year Built
1946
Year Renovated
2020
Buildings
1
Listing Agency:
NAI Farbman - Corporate
(248) 563-0739
Listed By:
Wendy Acho · License #6501411463
(248) 563-0739
Source:
Moodyscre
Added: May 26, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:58PM
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 NAI Farbman - Corporate
Investment Insights
Based on property information with market context.
This freestanding storefront property offers 2,400 square feet in a building originally constructed in 1946. The interior was renovated in 2020, providing an updated commercial setting within an established structure. A steel roof structure was also replaced during 2020.
The building is positioned along Hamilton Ave between 8 Mile Rd and McNicholas Rd in Highland Park, Michigan. Zoning is N-UV Urban Village Mixed-Use, supporting the property’s mixed-use land-use designation.
The building is positioned along Hamilton Ave between 8 Mile Rd and McNicholas Rd in Highland Park, Michigan. Zoning is N-UV Urban Village Mixed-Use, supporting the property’s mixed-use land-use designation.
Key Highlights
- 2,400 SF freestanding storefront building
- Constructed in 1946 and renovated in 2020
- Steel roof structure replaced in 2020
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
$22,740
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
3.80%
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%
$454,800
$454.8K
Cap Rate 7%
$324,857
$324.9K
Cap Rate 9%
$252,667
$252.7K
Market Conditions
NOI Build-Up for 2,400 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
$34.6K $14.40/SF
− Vacancy
−$2.1K −$0.86/SF
EGI
$32.5K $13.54/SF
− OpEx
−$9.7K −$4.06/SF
NOI
$22.7K $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%
$454,800
Cap Rate 7%
$324,857
Cap Rate 9%
$252,667
Alternative Uses
Best Use
Retail
$324.9K
$284.3K – $379.0K
NOI $22,740 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
12k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
5,993 visits/mo
0.3 miles
Sunoco
Shops & Services
4,752 visits/mo
0.3 miles
Marathon Petroleum
Shops & Services
1,382 visits/mo
0.5 miles
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
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 - The property carries N-UV Urban Village Mixed-Use zoning and includes a steel roof structure replaced in 2020.
Where is this storefront property located?
The property is located at 16445 Hamilton Ave Highland Park, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,400 SF freestanding storefront building; Constructed in 1946 and renovated in 2020; Steel roof structure replaced in 2020
