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21567-21571 Kelly Road, Eastpointe, MI 48021
Zoned B1 and MU1 within a neighborhood mixed-use district.
Property Size3,878 SF
Price / SF$61.89
Days on Market6
Property Features for 21567-21571 Kelly Road
General Information
Standard status
Active
Size
3,878 SF
Property subtype
Retail, Office
Zoning
B1 and MU1, neighborhood mixed use district
Listing Agency:
Cushman & Wakefield - Detroit - Southfield, Michigan
Listed By:
Albert Ellis · License #MI 6506045547
Source:
Crexi
Added: Aug 29
Changed: Sep 1
Last Checked: Sep 1 at 10:21PM
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 Cushman & Wakefield - Detroit - Southfield, Michigan
Investment Insights
Based on property information with market context.
This 3,878-square-foot mixed-use property is located at 21567-21571 Kelly Road in Eastpointe, Michigan. The site carries B1 and MU1 zoning, identified as a neighborhood mixed-use district.
Key Highlights
- 3,878 square feet of property size
- B1 and MU1 zoning
- Neighborhood mixed‑use district designation
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
$13,350
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
5.56%
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%
$267,000
$267.0K
Cap Rate 7%
$190,714
$190.7K
Cap Rate 9%
$148,333
$148.3K
Market Conditions
NOI Build-Up for 3,878 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
$23.3K $6.00/SF
− Vacancy
−$5.5K −$1.41/SF
EGI
$17.8K $4.59/SF
− OpEx
−$4.5K −$1.15/SF
NOI
$13.4K $3.44/SF
Area
Macomb County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$267,000
Cap Rate 7%
$190,714
Cap Rate 9%
$148,333
Alternative Uses
Best Use
Mixed Use
$658.2K
$575.9K – $767.9K
NOI $46,071 @ 7.0% cap · market cap 19.20%
Second Best
Retail
$409.5K
$358.3K – $477.8K
NOI $28,666 @ 7.0% cap · market cap 11.94%
Theoretical Best
Specialty Retail
$726.0K
$635.3K – $847.0K
NOI $50,822 @ 7.0% cap · market cap 21.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Zoned B1 and MU1 within a neighborhood mixed-use district.
Where is this mixed-use property located?
The property is located at 21567-21571 Kelly Road Eastpointe, MI.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 3,878 square feet of property size; B1 and MU1 zoning; Neighborhood mixed‑use district designation
