Building Details

Building Size 5,800 SF

Year Built 2020

Year Renovated 2020

Buildings 1

Stories 1

Listing Agency: Signature Associates - Southfield

Listed By: Marvin Petrous · License #6501386692 Show Phone

Source: Cpix.resimplifi

Added: Dec 12, 2024 Changed: Oct 6 Last Checked: Oct 12 at 4:55PM

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Investment Insights

Based on property information with market context.

This 5,800-square-foot retail property is zoned B4 and reports 100% occupancy. The building dates to 2020, with a retrofit completed in the same year, providing a recently updated retail asset for sale.

The property is located at 21370 W McNichols Rd in Detroit, along the Grand River Avenue and McNichols Road retail corridor. Meijer is situated across from the property, placing the site within an established commercial setting.

Key Highlights

• 5,800 SF retail property
• B4 zoning
• 100% occupancy

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$71,438

Cap Rate

3.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,428,760 $1.4M

Cap Rate 7%

$1,020,543 $1.0M

Cap Rate 9%

$793,756 $793.8K

Market Conditions

NOI Build-Up for 5,800 SF

Gross rent

$107.9K $18.60/SF

− Vacancy

−$5.8K −$1.00/SF

EGI

$102.1K $17.60/SF

− OpEx

−$30.6K −$5.28/SF

NOI

$71.4K $12.32/SF

Area

ZIP 48219

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 Rate 5%

$1,428,760

Cap Rate 7%

$1,020,543

Cap Rate 9%

$793,756

Alternative Uses

Best Use

Retail

$1.02M

$893.0K – $1.19M (±1% cap)

NOI $71,438 @ 7.0% cap · market cap 3.97%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.19M

$1.04M – $1.39M (±1% cap)

NOI $83,391 @ 7.0% cap · market cap 4.63%

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

Property Analytics

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Current Use

Nails & Bar 2 Nail Salon Wingstop Restaurant Vik's Coney Island Restaurant

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Skin Care Clinic HVAC Service Dental Office

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

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

456

Businesses Nearby

133k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 55% Shops & Services 29% Dining 12% Apparel 3%

Meijer Groceries

73,288 visits/mo 0.3 miles

Dollar Tree Shops & Services

14,060 visits/mo 0.1 miles

Wendy's Dining

12,475 visits/mo 0.5 miles

Meijer Gas Station Shops & Services

9,012 visits/mo 0.2 miles

Family Dollar Shops & Services

6,719 visits/mo 0.4 miles

Demographics for 48219, MI

46,811

Population

20,815

Households

2.2

Avg Household Size

37

Median Age

13%

College-Educated

87%

High-School Grad

8.4 sq mi

ZIP Area

5,573

Density / Sq Mi

$43,882

Median Household Income

$31,187

Median Earnings

$1,037

Median Rent

$84,500

Median Home Value

Market

Vacancy Rate% for Retail in Detroit, MI

7.5% 2019

9.2% 2020

8.5% 2021

7.3% 2022

7.9% 2023

7% 2024

7% 2025

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - B4-zoned retail property with full occupancy and a 2020 retrofit.

Where is this retail space located?

The property is located at 21370 W McNichols Rd Detroit, MI.

What is the asking price?

The asking price for this property is $1,800,000.

What are key features of this property?

This property features: 5,800 SF retail property; B4 zoning; 100% occupancy