Convenience Store with
For Sale
$799,000
2206 OLD NOVI RD, Novi, MI 48377
Includes a liquor license, coolers, and installed retail equipment.
Property Size2,250 SF
Price / SF$355.11
Days on Market9
Property Features for 2206 OLD NOVI RD
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Industrial
Amenities
81100
Building Details
Year Built
19
Listing Agency:
(517) 404-8867
Listed By:
Real Estate One
(517) 404-8867
Source:
Xome
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 2:14AM
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 Real Estate One
Investment Insights
Based on property information with market context.
This 2,250-square-foot commercial building in Novi, Michigan, is identified as a former party-store property and includes a liquor license, coolers, and existing equipment. The combination of installed retail components and a recently resided exterior provides a defined starting point for continued convenience retail use or another storefront concept.
Located at 2206 Old Novi Road, the property offers an established building footprint for an operator seeking a commercial retail setting. The exterior can accommodate new signage and branding, subject to applicable requirements.
Located at 2206 Old Novi Road, the property offers an established building footprint for an operator seeking a commercial retail setting. The exterior can accommodate new signage and branding, subject to applicable requirements.
Key Highlights
- 2,250‑square‑foot commercial building
- Liquor license included with the property
- Coolers and existing retail equipment in place
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
$33,971
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
4.25%
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%
$679,420
$679.4K
Cap Rate 7%
$485,300
$485.3K
Cap Rate 9%
$377,456
$377.5K
Market Conditions
NOI Build-Up for 2,250 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
$48.6K $21.60/SF
− Vacancy
−$3.3K −$1.47/SF
EGI
$45.3K $20.13/SF
− OpEx
−$11.3K −$5.03/SF
NOI
$34.0K $15.10/SF
Area
Oakland County, MI
Vacancy
6.80%
Lease Rate
$21.60 /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%
$679,420
Cap Rate 7%
$485,300
Cap Rate 9%
$377,456
Alternative Uses
Best Use
Specialty Retail
$485.3K
$424.6K – $566.2K
NOI $33,971 @ 7.0% cap · market cap 4.25%
Second Best
Retail
$345.9K
$302.6K – $403.5K
NOI $24,211 @ 7.0% cap · market cap 3.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48377, MI
19,691
Population
9,961
Households
2
Avg Household Size
39
Median Age
52%
College-Educated
95%
High-School Grad
9.6 sq mi
ZIP Area
2,051
Density / Sq Mi
$83,368
Median Household Income
$54,373
Median Earnings
$1,439
Median Rent
$332,000
Median Home Value
Market
Vacancy Rate% for Retail 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?
Grocery and convenience store - Includes a liquor license, coolers, and installed retail equipment.
Where is this grocery and convenience store located?
The property is located at 2206 OLD NOVI RD Novi, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,250‑square‑foot commercial building; Liquor license included with the property; Coolers and existing retail equipment in place
