Listing Agency: Landmark Commercial Real Estate Services

Listed By: Anthony J. Vitale · License #6501381001 Show Phone

Source: Crexi

Added: Dec 7, 2023 Changed: Oct 10 Last Checked: Oct 19 at 4:11AM

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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 Landmark Commercial Real Estate Services

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Investment Insights

Based on property information with market context.

This commercial real estate offering features a 5,753-square-foot retail space available for sale. The property is located in Riverview, Michigan.

Key Highlights

• No property information was provided to extract selling points.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,511

Cap Rate

8.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,090,220 $1.1M

Cap Rate 7%

$778,729 $778.7K

Cap Rate 9%

$605,678 $605.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,753 SF

Gross rent

$82.8K $14.40/SF

− Vacancy

−$5.0K −$0.86/SF

EGI

$77.9K $13.54/SF

− OpEx

−$23.4K −$4.06/SF

NOI

$54.5K $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 Rate 5%

$1,090,220

Cap Rate 7%

$778,729

Cap Rate 9%

$605,678

Alternative Uses

Best Use

Retail

$778.7K

$681.4K – $908.5K (±1% cap)

NOI $54,511 @ 7.0% cap · market cap 8.39%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$1.07M

$932.0K – $1.24M (±1% cap)

NOI $74,559 @ 7.0% cap · market cap 11.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Building Supply HVAC Service Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

294

Businesses Nearby

54k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 54% Shops & Services 46%

Taco Bell Dining

16,303 visits/mo 0.3 miles

Speedway Shops & Services

14,265 visits/mo 0.2 miles

Burger King Dining

9,328 visits/mo 0.2 miles

Mobil Shops & Services

6,786 visits/mo 0.2 miles

Family Dollar Shops & Services

4,021 visits/mo 0.1 miles

Demographics for 48193, MI

16,110

Population

6,775

Households

2.4

Avg Household Size

44

Median Age

25%

College-Educated

92%

High-School Grad

7.2 sq mi

ZIP Area

2,238

Density / Sq Mi

$72,894

Median Household Income

$43,451

Median Earnings

$1,088

Median Rent

$205,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

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Specialty Commercial Property

13850 Sibley Road, Riverview, MI 48193

$579,000

View details

Freestanding Office Building

18555 Fort St, Riverview, MI 48193

$199,000

1,731 SF

View details

Turn Key Restaurant For Sale

Riverview, MI 48193

Contact for pricing

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Frequently Asked Questions

What type of property is this?

Retail space - Retail space available for purchase in Riverview, Michigan.

Where is this retail space located?

The property is located at 19230 Fort St Riverview, MI.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: No property information was provided to extract selling points.