Improved Storefront Commercial
For Sale
$199,900
19512 Schoolcraft, Detroit, MI 48223
Commercial building with updated core systems, a fully fenced lot, and an existing Certificate of Occupancy.
Property Size1,200 SF
Price / SF$166.58
Days on Market52
Property Features for 19512 Schoolcraft
General Information
Standard status
Active
Size
1,200 SF
Taxes and HOA fees
Annual Taxes
$1,500
Amenities
fully fenced lot
Listing Agency:
EXP Realty Main
(313) 971-8379
Listed By:
Dierra Jeter
(313) 971-8379
Source:
Exprealty
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 10:22PM
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 1,200-square-foot storefront commercial building at 19512 Schoolcraft in Detroit, Michigan, has received substantial infrastructure improvements, including a new roof, plumbing, and electrical service. The property includes a fully fenced lot and an existing Certificate of Occupancy.
The building is identified for potential retail, office, showroom, studio, or event-space use. Its storefront format and updated building systems provide a practical base for a new business, expansion, or investment property.
The building is identified for potential retail, office, showroom, studio, or event-space use. Its storefront format and updated building systems provide a practical base for a new business, expansion, or investment property.
Key Highlights
- 1,200‑square‑foot storefront commercial building
- New roof, plumbing, and electrical improvements
- Fully fenced lot
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
$14,780
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
7.39%
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%
$295,600
$295.6K
Cap Rate 7%
$211,143
$211.1K
Cap Rate 9%
$164,222
$164.2K
Market Conditions
NOI Build-Up for 1,200 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
$22.3K $18.60/SF
− Vacancy
−$1.2K −$1.00/SF
EGI
$21.1K $17.60/SF
− OpEx
−$6.3K −$5.28/SF
NOI
$14.8K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$295,600
Cap Rate 7%
$211,143
Cap Rate 9%
$164,222
Alternative Uses
Best Use
Retail
$211.1K
$184.8K – $246.3K
NOI $14,780 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$264.7K
$231.6K – $308.9K
NOI $18,531 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
17k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Citgo
Shops & Services
7,412 visits/mo
0.2 miles
Exxon
Shops & Services
5,536 visits/mo
0.2 miles
Sunoco
Shops & Services
3,827 visits/mo
0.1 miles
Demographics for 48223, MI
22,956
Population
11,264
Households
2
Avg Household Size
36
Median Age
19%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
3,763
Density / Sq Mi
$42,324
Median Household Income
$30,119
Median Earnings
$1,013
Median Rent
$87,700
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building with updated core systems, a fully fenced lot, and an existing Certificate of Occupancy.
Where is this storefront property located?
The property is located at 19512 Schoolcraft Detroit, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,200‑square‑foot storefront commercial building; New roof, plumbing, and electrical improvements; Fully fenced lot
