Freestanding Net-Leased Retail
For Sale
$1,565,000
22200 Grand River Avenue, Detroit, MI 48219
Freestanding single-tenant retail property built in 2012 and currently leased on a triple-net basis through September 2027.
Property Size9,476 SF
Price / SF$165.15
Days on Market107
Property Features for 22200 Grand River Avenue
General Information
Standard status
Active
Size
9,476 SF
Property subtype
Commercial
Zoning
Commercial
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$18,548
Building Details
Building Size
9,476 SF
Year Built
2012
Tenancy
Single
Listing Agency:
Forward Commercial Group
(248) 792-8190
Listed By:
Emil Cherkasov · License #6502392741
Source:
Eliterealtymi
Added: May 10
Changed: Aug 24
Last Checked: Aug 23 at 8:01AM
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 Forward Commercial Group
Investment Insights
Based on property information with market context.
This is a freestanding, single-tenant net-leased retail property totaling 9,476 SF, constructed in 2012. The building is fully leased to Family Dollar under a triple-net (NNN) structure. The current lease term extends through September 2027, and the tenant is operating during its first renewal period. The lease also includes four additional 5-year renewal options.
The property is located in the northwest area of Detroit near the borders of Southfield and Redford in Wayne County, positioned within an established retail corridor.
For buyers seeking in-place income, the lease provides a defined near-term maturity date while also offering multiple renewal opportunities.
The property is located in the northwest area of Detroit near the borders of Southfield and Redford in Wayne County, positioned within an established retail corridor.
For buyers seeking in-place income, the lease provides a defined near-term maturity date while also offering multiple renewal opportunities.
Key Highlights
- Freestanding 9,476 SF single‑tenant net‑leased retail property built in 2012
- Fully leased to Family Dollar under a triple‑net (NNN) lease
- Lease term remaining through September 2027
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
$116,715
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
7.46%
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%
$2,334,300
$2.3M
Cap Rate 7%
$1,667,357
$1.7M
Cap Rate 9%
$1,296,833
$1.3M
Market Conditions
NOI Build-Up for 9,476 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
$176.3K $18.60/SF
− Vacancy
−$9.5K −$1.00/SF
EGI
$166.7K $17.60/SF
− OpEx
−$50.0K −$5.28/SF
NOI
$116.7K $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 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%
$2,334,300
Cap Rate 7%
$1,667,357
Cap Rate 9%
$1,296,833
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.95M
NOI $116,715 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,243 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
60k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 26%
Apparel 6%
Electronics 3%
Dollar Tree
Shops & Services
14,060 visits/mo
0.5 miles
Wendy's
Dining
12,475 visits/mo
0.1 miles
Meijer Gas Station
Shops & Services
9,012 visits/mo
0.5 miles
Family Dollar
Shops & Services
6,719 visits/mo
0.1 miles
Sunoco
Shops & Services
4,384 visits/mo
0.3 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding single-tenant retail property built in 2012 and currently leased on a triple-net basis through September 2027.
Where is this nnn property located?
The property is located at 22200 Grand River Avenue Detroit, MI.
What is the asking price?
The asking price for this property is $1,565,000.
What are key features of this property?
This property features: Freestanding 9,476 SF single‑tenant net‑leased retail property built in 2012; Fully leased to Family Dollar under a triple‑net (NNN) lease; Lease term remaining through September 2027
