Updated Two-Unit Retail
For Sale
$1,300,000
16749 16755 & 16771 Middlebelt Road, Livonia, MI 48154
Two updated retail units with a monument sign and an adjacent developable lot, zoned C-1.
Property Size5,100 SF
Days on Market70
Property Features for 16749 16755 & 16771 Middlebelt Road
General Information
Standard status
Active
Size
5,100 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$20,581
Building Details
Building Size
5,100 SF
Year Built
1967
Listing Agency:
Van Esley Real Estate Inc
(734) 459-7570
Listed By:
David D Misko · License #6501351778
Source:
Eliterealtymi
Added: Jun 18
Changed: Aug 23
Last Checked: Aug 25 at 8:37AM
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 Van Esley Real Estate Inc
Investment Insights
Based on property information with market context.
This offering includes a two-unit commercial building with retail spaces sized at 2,700 sq ft and 2,400 sq ft, presented as an open canvas for a wide range of retail concepts. The property was completely updated in 2023, including new HVAC, new tankless water heaters, LED lighting throughout, new windows, an updated roof, and refreshed exterior elements such as the fascia. Interior improvements include new concrete floors and renovated restroom facilities, with two new bathrooms in one unit and one bathroom in the other. The building also features a high open metal ceiling, listed at 14' 6" in unit 16755 Middlebelt.
The site includes multiple parcels: 46053010033004, 46053010039004, and 46053010039003, with an additional vacant lot next door referenced as 16749 Middlebelt when you are ready to expand. The property is zoned C-1, and it has a monument sign on Middlebelt Road.
For tenants or buyers seeking retail flexibility, the layout and recent improvements support occupancy and potential customization. For developers, the included parcels and adjacent developable lot provide a path to expansion while keeping the retail storefront presence on a commercially oriented corridor. Land contract terms are possible, and all information is approximate and should be verified.
The site includes multiple parcels: 46053010033004, 46053010039004, and 46053010039003, with an additional vacant lot next door referenced as 16749 Middlebelt when you are ready to expand. The property is zoned C-1, and it has a monument sign on Middlebelt Road.
For tenants or buyers seeking retail flexibility, the layout and recent improvements support occupancy and potential customization. For developers, the included parcels and adjacent developable lot provide a path to expansion while keeping the retail storefront presence on a commercially oriented corridor. Land contract terms are possible, and all information is approximate and should be verified.
Key Highlights
- Completely updated 2‑unit commercial building (2,700 SF and 2,400 SF) with a monument sign on busy Middlebelt Rd
- 2023 updates include new HVAC, tankless HWH, LED lighting, windows, and an updated roof and building facia
- Parking lot updates and new concrete floors throughout, plus new bathrooms (2 in 16755 Middlebelt and 1 in 16749 Middlebelt)
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
$48,324
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
3.72%
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%
$966,480
$966.5K
Cap Rate 7%
$690,343
$690.3K
Cap Rate 9%
$536,933
$536.9K
Market Conditions
NOI Build-Up for 5,100 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
$73.4K $14.40/SF
− Vacancy
−$4.4K −$0.86/SF
EGI
$69.0K $13.54/SF
− OpEx
−$20.7K −$4.06/SF
NOI
$48.3K $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%
$966,480
Cap Rate 7%
$690,343
Cap Rate 9%
$536,933
Alternative Uses
Best Use
Retail
$690.3K
$604.1K – $805.4K
NOI $48,324 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$944.2K
$826.2K – $1.10M
NOI $66,096 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
35k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 59%
Dining 22%
Electronics 11%
Shops & Services 7%
Gordon Food Service
Groceries
20,193 visits/mo
0.2 miles
Tim Hortons
Dining
6,255 visits/mo
0.1 miles
T-Mobile
Electronics
3,716 visits/mo
0.1 miles
BP
Shops & Services
2,527 visits/mo
0.2 miles
Domino's Pizza
Dining
1,255 visits/mo
0.4 miles
Demographics for 48154, MI
37,864
Population
15,330
Households
2.5
Avg Household Size
47
Median Age
44%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
3,264
Density / Sq Mi
$103,763
Median Household Income
$59,017
Median Earnings
$1,197
Median Rent
$285,800
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?
Retail space - Two updated retail units with a monument sign and an adjacent developable lot, zoned C-1.
Where is this retail space located?
The property is located at 16749 16755 & 16771 Middlebelt Road Livonia, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Completely updated 2‑unit commercial building (2,700 SF and 2,400 SF) with a monument sign on busy Middlebelt Rd; 2023 updates include new HVAC, tankless HWH, LED lighting, windows, and an updated roof and building facia; Parking lot updates and new concrete floors throughout, plus new bathrooms (2 in 16755 Middlebelt and 1 in 16749 Middlebelt)
