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    Retail Storefront with Updated Electrical Title is generated by Realmo AI

    16895 Schaefer Highway, Detroit, MI 48235

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    Claim this Listing
    For Lease
    $1,200/Mo $10 SF/Yr (calc)

    COMMERCIAL - Detroit, MI

    Type:Retail
    Property size:
    1,400 SF
    Lot size:
    0.03 Acres
    Added:
    Oct 23, 2024
    Days on Market:
    591
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 16895 Schaefer Highway

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    22030638-9
    Size
    1,400 SF
    Lot size
    0.03 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    W SCHAEFER HWY 32&31 CUMBERLAND INVESTMENT COS ADD TO COLLEGE PARK SUB L52 P71 PLATS, W C R 22/186 40 X 90

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air

    Building Details

    Year built
    1954

    We can help!

    Listing Contact
    Jabari Long
    Jabari Long

    Listing agent Jabari Long License #6502351135

    Listing office Long Realty Group, LLC 15300 W 8 Mile Rd Ste 1, Bloomfield Hills, MI

    Listing date Oct 23, 2024

    MLS# 24055901

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1400 sq ft storefront property.
    • Landlord will reimburse 50% of cost for new central air conditioning system and security cage.
    • Newer electrical panel with multiple wall outlets.
    • Original tile, ceiling, walls, and plumbing fixtures.
    • Forced air heating.
    • Utilities: Electricity Available.

    Overview

    This 1,400-square-foot retail storefront was last occupied by Kev's Aquarium. The interior retains original tile, ceiling, walls, and plumbing fixtures as constructed, along with a furnace and no central air conditioning. The space also includes a newer electrical panel and multiple wall outlet strips that were installed to support aquarium lighting.

    The property is located at 16895 Schaefer Highway in Detroit, Michigan 48235. It features two non-barrier-free men’s and women’s restrooms; they may be altered to function as two unisex restrooms in order to comply with barrier-free restroom requirements.

    For tenants looking for a ready-to-customize storefront with much of the original build intact, this space offers practical baseline infrastructure, including updated electrical and existing plumbing. The landlord will reimburse the tenant for 50% of the cost to add a new central air conditioning system and a security cage for the condensing unit, which can help reduce the upfront effort to modernize comfort cooling.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.180125
    Latitude
    42.415849

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    FAQs

    What type of property is this?
    Retail space - Existing finishes include original tile and plumbing; landlord offers 50% reimbursement for central air and security cage.
    Where is this retail space located?
    The property is located at 16895 Schaefer Highway Detroit, MI.
    What is the lease rate?
    The lease rate is $1,200 /Mo.
    What are key features of this property?
    This property features: 1400 sq ft storefront property.; Landlord will reimburse 50% of cost for new central air conditioning system and security cage.; Newer electrical panel with multiple wall outlets.
    (313) 215-9000
    We can help!
    Listing Contact
    Jabari Long
    Jabari Long
    Real Estate License ID: 6502351135
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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.

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