Strip Center on Kelly
For Sale
$999,900
19528 KELLY Road, Harper Woods, MI 48225
Strip center with long-term tenants and below-market rental rates.
Property Size9,320 SF
Price / SF$107.29
Days on Market600
Property Features for 19528 KELLY Road
General Information
Standard status
Active
Size
9,320 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$22,725
Building Details
Year Built
1954
Listing Agency:
F L Andary Realty Company Inc
Listed By:
Frederick L Andary Jr · License #6501176222
(313) 886-5670
Source:
Exitrealty
Added: Mar 8, 2025
Changed: Oct 25
Last Checked: Sep 15 at 4:05AM
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 F L Andary Realty Company Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This strip center is located on Kelly Road and features long-term tenants with rental rates currently below market value, presenting an opportunity for increased cash flow. The property includes parking available in the front and on the side, as well as a large parking lot in the rear. Separate utilities are in place.
Key Highlights
- Long‑term tenants already in place
- Rental rates below market value, offering potential for increased income
- Ample parking available in front, side, and rear of the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,309
Cap Rate
8.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,766,180
$1.8M
Cap Rate 7%
$1,261,557
$1.3M
Cap Rate 9%
$981,211
$981.2K
Market Conditions
NOI Build-Up for 9,320 SF
Gross rent
$134.2K $14.40/SF
− Vacancy
−$8.1K −$0.86/SF
EGI
$126.2K $13.54/SF
− OpEx
−$37.8K −$4.06/SF
NOI
$88.3K $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%
$1,766,180
Cap Rate 7%
$1,261,557
Cap Rate 9%
$981,211
Alternative Uses
Best Use
Retail
$1.26M
$1.10M – $1.47M
NOI $88,309 @ 7.0% cap · market cap 8.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.73M
$1.51M – $2.01M
NOI $120,787 @ 7.0% cap · market cap 12.08%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 48225, MI
15,862
Population
6,271
Households
2.5
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
2.7 sq mi
ZIP Area
5,875
Density / Sq Mi
$59,248
Median Household Income
$40,558
Median Earnings
$1,304
Median Rent
$140,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Strip mall - Strip center with long-term tenants and below-market rental rates.
Where is this strip mall located?
The property is located at 19528 KELLY Road Harper Woods, MI.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Long‑term tenants already in place; Rental rates below market value, offering potential for increased income; Ample parking available in front, side, and rear of the property
