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    Retail Building with Church-to-Event Potential Title is generated by Realmo AI

    16901 Schaefer Highway, Detroit, MI 48235

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    Claim this Listing
    For Lease
    $2,250/Mo $9 SF/Yr (calc)

    COMMERCIAL - Detroit, MI

    Type:Retail
    Property size:
    2,800 SF
    Lot size:
    0.06 Acres
    Added:
    Oct 23, 2024
    Days on Market:
    590
    Last Refresh:
    Jun 4 at 2:06 pm

    Property Features for 16901 Schaefer Highway

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Fireplace
    1
    Standard status
    Active
    APN
    22030635-7
    Size
    2,800 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    W SCHAEFER HWY 35 THRU 33 CUMBERLAND INVESTMENT COS ADD TO COLLEGE PK SUB L52 P71 PLATS, W C R 22/186 60 X 90

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air

    Building Details

    Year built
    1948

    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# 24055900

    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

    • Large 2,800 sq ft building, twice the size of neighboring properties.
    • Zoned B‑2 Local Business and Residential District, permitting various businesses.
    • Includes forced air heating.
    • Fireplace included.
    • Electricity available.
    • Previous use as a church.

    Overview

    This 2,800-square-foot retail building has previously been used as a church. Most recently, the occupants sought to operate a social club and/or event hall; however, the property needs to be re-zoned to legally accommodate an event-space use.

    The building is located at 16901 Schaefer Highway in Detroit, Wayne County. At this time, the property is zoned in the B-2 Local Business and Residential District. Businesses listed under this zoning classification are permitted, subject to use-specific code requirements.

    For any tenant interested in an event space, no event-space applications will be considered unless the prospective tenant works with the landlord/owner to initiate and complete the rezoning process prior to executing a lease. For tenants seeking other business types permitted under the B-2 Local Business and Residential District, the property can be evaluated based on the specific use and its applicable code requirements. The building’s size supports a range of storefront-oriented concepts that align with the current zoning framework.
    Property Profile Location Intelligence

    Current Use by Public Records

    tangerine Theater & Performing Art Venue

    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
    -83.180131
    Latitude
    42.415986

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    FAQs

    What type of property is this?
    Retail space - Versatile 2,800 SF retail building currently zoned B-2, with event-space use requiring rezoning before leasing.
    Where is this retail space located?
    The property is located at 16901 Schaefer Highway Detroit, MI.
    What is the lease rate?
    The lease rate is $2,250 /Mo.
    What are key features of this property?
    This property features: Large 2,800 sq ft building, twice the size of neighboring properties.; Zoned B‑2 Local Business and Residential District, permitting various businesses.; Includes forced air heating.
    (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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