Highland Park Commercial Plaza
For Sale
$800,000
16600 Hamilton Ave, Highland Park, MI 48203
Four-unit commercial plaza in high-traffic location, ideal for investors.
Property Size6,655 SF
Price / SF$120.21
Days on Market503
Property Features for 16600 Hamilton Ave
General Information
Standard status
Active
Size
6,655 SF
Taxes and HOA fees
Annual Taxes
$13,774
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Joseph Sesi · License #6506048975
(248) 617-7777
Source:
Exprealty
Added: May 1, 2025
Changed: Sep 14
Last Checked: Sep 15 at 12:19PM
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 EXP Realty Main
Investment Insights
Based on property information with market context.
This well-maintained, four-unit commercial plaza, constructed in 2001, is located on Hamilton Road in Highland Park. Situated along a high-traffic corridor, the property is minutes from I-75 and the Davison Freeway, offering visibility and accessibility. The plaza includes one 3,655-square-foot unit and three additional units of approximately 1,000 square feet each. All units feature private restrooms and 13-foot ceiling heights. Zoned for commercial use, the building is fully vacant and suitable for retail, office, or service-based businesses. On-site parking is available for tenants and customers. The property is located in a growing commercial corridor with strong local traffic and nearby development activity.
Key Highlights
- High‑traffic location with excellent visibility and easy access to I‑75 and Davison Freeway
- Fully vacant, offering immediate occupancy and flexibility
- Four‑unit commercial plaza with a large 3,655 sq ft unit and three approximately 1,000 sq ft units
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
$63,057
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
7.88%
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%
$1,261,140
$1.3M
Cap Rate 7%
$900,814
$900.8K
Cap Rate 9%
$700,633
$700.6K
Market Conditions
NOI Build-Up for 6,655 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
$95.8K $14.40/SF
− Vacancy
−$5.7K −$0.86/SF
EGI
$90.1K $13.54/SF
− OpEx
−$27.0K −$4.06/SF
NOI
$63.1K $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%
$1,261,140
Cap Rate 7%
$900,814
Cap Rate 9%
$700,633
Alternative Uses
Best Use
Retail
$900.8K
$788.2K – $1.05M
NOI $63,057 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,249 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
11k
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- DivDat Kiosk Network — 16400 Woodward Ave, Highland Park, MI 48203
Frequently Asked Questions
What type of property is this?
Shopping center - Four-unit commercial plaza in high-traffic location, ideal for investors.
Where is this shopping center located?
The property is located at 16600 Hamilton Ave Highland Park, MI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: High‑traffic location with excellent visibility and easy access to I‑75 and Davison Freeway; Fully vacant, offering immediate occupancy and flexibility; Four‑unit commercial plaza with a large 3,655 sq ft unit and three approximately 1,000 sq ft units
