Restaurant Space with
New
For Sale
$1,500,000
21931 Michigan Avenue, Dearborn, MI 48124
Kitchen equipment, dining furniture, and furnishings are included with the restaurant buildout.
Property Size8,010 SF
Price / SF$187.27
Days on Market5
Property Features for 21931 Michigan Avenue
General Information
Standard status
Active
Size
8,010 SF
Property subtype
Business Opportunity
Space & Availability
Floor
1
Furnished
Yes
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$306,881
Listing Agency:
ARG Realty
(313) 792-8030
Listed By:
Tarick M Salmaci · License #6502368290
(313) 333-0111
Source:
Exprealty
Added: Oct 16
Changed: Oct 19
Last Checked: Oct 19 at 2:02PM
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 ARG Realty
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Investment Insights
Based on property information with market context.
Restaurant assets and the existing buildout are offered for sale in a first-floor space at Wagner Place East. The approximately 8,010-square-foot premises include an equipped kitchen, furnished dining areas, interior finishes, and an outdoor patio with seating. The restaurant is currently operating as Turkish Village, and the offering includes its equipment, furniture, and furnishings.
The space is located on Michigan Avenue in Downtown West Dearborn. The real estate is excluded from the sale, and rent and occupancy costs are separate. A lease transfer or change in restaurant concept requires landlord approval.
The space is located on Michigan Avenue in Downtown West Dearborn. The real estate is excluded from the sale, and rent and occupancy costs are separate. A lease transfer or change in restaurant concept requires landlord approval.
Key Highlights
- Approximately 8,010 SF of first‑floor restaurant space
- Restaurant buildout, kitchen equipment, furniture, and furnishings included
- Outdoor patio with seating
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,577
Cap Rate
7.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,191,540
$2.2M
Cap Rate 7%
$1,565,386
$1.6M
Cap Rate 9%
$1,217,522
$1.2M
Market Conditions
NOI Build-Up for 8,010 SF
Gross rent
$153.8K $19.20/SF
− Vacancy
−$7.7K −$0.96/SF
EGI
$146.1K $18.24/SF
− OpEx
−$36.5K −$4.56/SF
NOI
$109.6K $13.68/SF
Area
Dearborn, MI
Vacancy
5.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,191,540
Cap Rate 7%
$1,565,386
Cap Rate 9%
$1,217,522
Alternative Uses
Best Use
Specialty Retail
$1.57M
$1.37M – $1.83M
NOI $109,577 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,693 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,330
Businesses Nearby
167k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 76%
Shops & Services 15%
Apparel 6%
Hotels & Casinos 2%
Ford's Garage
Dining
45,220 visits/mo
0.3 miles
Buffalo Wild Wings
Dining
18,533 visits/mo
0.3 miles
Buddy's Pizza
Dining
15,252 visits/mo
0.3 miles
Tim Hortons
Dining
14,359 visits/mo
0.3 miles
Comerica Bank
Shops & Services
11,306 visits/mo
0.2 miles
Demographics for 48124, MI
34,134
Population
14,787
Households
2.3
Avg Household Size
39
Median Age
40%
College-Educated
94%
High-School Grad
8.8 sq mi
ZIP Area
3,879
Density / Sq Mi
$78,353
Median Household Income
$49,103
Median Earnings
$1,280
Median Rent
$192,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Kitchen equipment, dining furniture, and furnishings are included with the restaurant buildout.
Where is this conventional restaurant located?
The property is located at 21931 Michigan Avenue Dearborn, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 8,010 SF of first‑floor restaurant space; Restaurant buildout, kitchen equipment, furniture, and furnishings included; Outdoor patio with seating
