Detroit Commercial Building on 7
For Sale
$155,000
17306 7 Mile Rd, Detroit, MI
Versatile commercial building on high-traffic corridor, suitable for various uses.
Property Size1,000 SF
Price / SF$155
Days on Market140
Property Features for 17306 7 Mile Rd
General Information
Standard status
Active
Size
1,000 SF
Taxes and HOA fees
Annual Taxes
$4,073
Listing Agency:
EXP Realty Main
(313) 694-5834
Listed By:
TaShanna Norrell
(313) 694-5834
Source:
Exprealty
Added: Apr 6
Changed: Aug 20
Last Checked: Aug 22 at 9:25AM
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 commercial building is located on the high-traffic W 7 Mile corridor in Northwest Detroit. The property, formerly a dental office and most recently a barber shop, is currently vacant and ready for immediate occupancy. The building offers a functional layout suitable for various uses, including barber/beauty services, medical or professional office, or retail. Positioned along a busy commercial strip, the location provides strong visibility and consistent traffic. It is suitable for an owner-occupant looking to establish or expand a business, or an investor seeking a versatile commercial asset. The property is located just off the Southfield Freeway, providing easy access to surrounding neighborhoods and major thoroughfares. The building has a size of 1000 square feet.
Key Highlights
- High‑traffic location on W 7 Mile corridor.
- Versatile layout suitable for various uses (barber/beauty, medical, office, retail).
- Ready for immediate occupancy.
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
$10,368
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
6.69%
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%
$207,360
$207.4K
Cap Rate 7%
$148,114
$148.1K
Cap Rate 9%
$115,200
$115.2K
Market Conditions
NOI Build-Up for 1,000 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
$19.2K $19.20/SF
− Vacancy
−$1.9K −$1.92/SF
EGI
$17.3K $17.28/SF
− OpEx
−$6.9K −$6.91/SF
NOI
$10.4K $10.37/SF
Area
Detroit, MI
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
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%
$207,360
Cap Rate 7%
$148,114
Cap Rate 9%
$115,200
Alternative Uses
Best Use
Healthcare Medical
$148.1K
$129.6K – $172.8K
NOI $10,368 @ 7.0% cap · market cap 6.69%
Second Best
Office B
$144.7K
$126.6K – $168.9K
NOI $10,131 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$220.6K
$193.0K – $257.4K
NOI $15,442 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,556
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Versatile commercial building on high-traffic corridor, suitable for various uses.
Where is this medical office space located?
The property is located at 17306 7 Mile Rd Detroit, MI.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: High‑traffic location on W 7 Mile corridor.; Versatile layout suitable for various uses (barber/beauty, medical, office, retail).; Ready for immediate occupancy.
