Brick Retail/Office
For Sale
Contact for pricing
21720 15 Mile Rd, Clinton Township, MI 48035
Built in 1992 with brick construction and ample parking, this B-1 property offers retail or office flexibility.
Property Size1,668 SF
Lot Size1.06 Acres
Price / SF$152.88
Days on Market140
Property Features for 21720 15 Mile Rd
General Information
Standard status
Active
Size
1,668 SF
Class
B
Total Parking Spaces
15
Lot size
1.06 Acres
Property subtype
Land, Mixed Use, Office, Retail
Zoning
B-1
Investment Type
Owner/User
Building Details
Year Built
1992
Year Renovated
2025
Buildings
1
Stories
1
Units
1
Listing Agency:
Detroit Metro Realty
Listed By:
Kingsley Ifezue · License #MI 6505412738
(586) 256-3945
Source:
Crexi
Added: Apr 20
Changed: Aug 21
Last Checked: Sep 5 at 9:25PM
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 Detroit Metro Realty
Investment Insights
Based on property information with market context.
This 1,668 SF brick retail/office building was built in 1992 and sits on a 1.06-acre parcel. The property offers flexible use as a retail or professional workspace within a B-1 zoning designation, supported by modern utilities and on-site parking for 15 vehicles.
Positioned in a high-visibility corridor at Gratiot & Kentucky in Clinton Charter Township, the site offers 277’ of frontage and easy access. The surrounding retail environment includes national anchors such as Lowe’s and Sherwin-Williams, with a newly built Meijer listed as coming soon.
For tenant fit, the building is well-suited to an owner-user or investor looking for a brick commercial asset in Macomb County, with demographic support described as approximately 95,000 residents and $75,000 average household income within a 3-mile radius.
Positioned in a high-visibility corridor at Gratiot & Kentucky in Clinton Charter Township, the site offers 277’ of frontage and easy access. The surrounding retail environment includes national anchors such as Lowe’s and Sherwin-Williams, with a newly built Meijer listed as coming soon.
For tenant fit, the building is well-suited to an owner-user or investor looking for a brick commercial asset in Macomb County, with demographic support described as approximately 95,000 residents and $75,000 average household income within a 3-mile radius.
Key Highlights
- 1,668 SF retail/office building built in 1992 with brick construction
- 1.06‑acre parcel with 277' of frontage on the Gratiot & Kentucky corridor
- B‑1 zoned property suitable for retail or professional use
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
$12,330
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
4.84%
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%
$246,600
$246.6K
Cap Rate 7%
$176,143
$176.1K
Cap Rate 9%
$137,000
$137.0K
Market Conditions
NOI Build-Up for 1,668 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
$20.0K $12.00/SF
− Vacancy
−$2.4K −$1.44/SF
EGI
$17.6K $10.56/SF
− OpEx
−$5.3K −$3.17/SF
NOI
$12.3K $7.39/SF
Area
Macomb County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$246,600
Cap Rate 7%
$176,143
Cap Rate 9%
$137,000
Alternative Uses
Best Use
Retail
$176.1K
$154.1K – $205.5K
NOI $12,330 @ 7.0% cap · market cap 4.84%
Second Best
Office B
$82.0K
$71.8K – $95.7K
NOI $5,742 @ 7.0% cap · market cap 2.25%
Theoretical Best
Specialty Retail
$312.3K
$273.2K – $364.3K
NOI $21,859 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 48035, MI
34,018
Population
15,615
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
3,866
Density / Sq Mi
$69,245
Median Household Income
$41,167
Median Earnings
$1,111
Median Rent
$181,300
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?
Office units - Built in 1992 with brick construction and ample parking, this B-1 property offers retail or office flexibility.
Where is this office units located?
The property is located at 21720 15 Mile Rd Clinton Township, MI.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,668 SF retail/office building built in 1992 with brick construction; 1.06‑acre parcel with 277' of frontage on the Gratiot & Kentucky corridor; B‑1 zoned property suitable for retail or professional use
