Licensed Auto Shop on
For Sale
$649,999
16504 Woodward Avenue Highland, Highland Park, MI 48203
High-visibility auto shop and used car lot for sale.
Property Size2,400 SF
Days on Market123
Property Features for 16504 Woodward Avenue Highland
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Free Standing Building
Building Details
Building Size
2,400 SF
Listing Agency:
C3 CRE, LLC
(248) 220-1110
Listed By:
Corbin Yaldoo · License #6502431997
(248) 220-1110
Source:
Thebrokerlist
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 24 at 3:08AM
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 C3 CRE, LLC
Investment Insights
Based on property information with market context.
This fully licensed and operational used car lot and repair shop is available for purchase. The property includes a Class B Used Vehicle Dealer License, a Class C Salvage License, and a Vehicle Repair License. Located on Woodward Avenue, just south of McNichols (Six Mile), the site offers high visibility and accessibility, along with signage opportunities. The property is situated in a dense residential area, near automotive and retail businesses such as Bill Snethkamp Chrysler Dodge Jeep and Ram Dealership. The large lot can accommodate up to sixty vehicles. The property features a two-bay mechanic shop with one active garage door and an additional 12' x 12' garage door that is currently blocked but can be reopened with door reinstallation. The shop provides ample storage for parts and inventory, along with a customer-facing office for sales, administration, and service operations. Constructed in 2008, the cinder block structure is well-maintained and functional. The location has a walk score of 71, indicating it is very walkable, a bike score of 51, indicating it is bikeable, and a transit score of 46, indicating some transit options are available. The property is suitable for maximizing inventory and sales exposure.
Key Highlights
- Fully licensed and operational used car lot and repair shop with multiple licenses.
- High‑visibility location on Woodward Avenue with excellent signage opportunities.
- Large lot capable of displaying up to sixty vehicles.
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
3.50%
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 3.50%
Second Best
Industrial
$177.5K
$155.3K – $207.1K
NOI $12,425 @ 7.0% cap · market cap 1.91%
Theoretical Best
Specialty Retail
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
7k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Electronics 18%
Comerica Bank
Shops & Services
2,195 visits/mo
0.4 miles
Citgo
Shops & Services
2,052 visits/mo
0.4 miles
Marathon Petroleum
Shops & Services
1,382 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
1,238 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Automotive property - High-visibility auto shop and used car lot for sale.
Where is this automotive property located?
The property is located at 16504 Woodward Avenue Highland Highland Park, MI.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: Fully licensed and operational used car lot and repair shop with multiple licenses.; High‑visibility location on Woodward Avenue with excellent signage opportunities.; Large lot capable of displaying up to sixty vehicles.
