Renovated Mixed-Use
For Sale
$695,000
23001 - 23005 Gratiot Ave, Eastpointe, MI 48021
Retail and residential components include recently updated apartments beneath a newer roof.
Property Size8,553 SF
Price / SF$81.26
Days on Market61
Property Features for 23001 - 23005 Gratiot Ave
General Information
Standard status
Active
Size
8,553 SF
Property subtype
Retail
Zoning
DT
Additional Details
Gross Income
$100,260
Building Details
Building Size
8,553 SF
Year Built
1956
Stories
2
Listing Agency:
Signature Associates - Southfield
(248) 359-0615
Listed By:
Joe Stack
(248) 359-0615
Source:
Cpix.resimplifi
Added: Jul 2
Changed: Aug 30
Last Checked: Aug 30 at 1:00PM
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 Signature Associates - Southfield
Investment Insights
Based on property information with market context.
This mixed-use property combines retail space with residential apartments in an 8,553-square-foot building. The apartment units have been recently renovated, and the property also features a newer roof. Built in 1956, the building is designated DT under the stated zoning classification.
Located at 23001–23005 Gratiot Ave in Eastpointe, Michigan, the property presents a combined commercial and residential configuration within one building. The address and unit designations identify multiple retail and apartment components, supporting an integrated mixed-use layout.
Located at 23001–23005 Gratiot Ave in Eastpointe, Michigan, the property presents a combined commercial and residential configuration within one building. The address and unit designations identify multiple retail and apartment components, supporting an integrated mixed-use layout.
Key Highlights
- Mixed‑use retail and residential property at 23001–23005 Gratiot Ave
- 8,553‑square‑foot building
- Recently renovated apartment units
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
$63,224
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
9.10%
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%
$1,264,480
$1.3M
Cap Rate 7%
$903,200
$903.2K
Cap Rate 9%
$702,489
$702.5K
Market Conditions
NOI Build-Up for 8,553 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
$102.6K $12.00/SF
− Vacancy
−$12.3K −$1.44/SF
EGI
$90.3K $10.56/SF
− OpEx
−$27.1K −$3.17/SF
NOI
$63.2K $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%
$1,264,480
Cap Rate 7%
$903,200
Cap Rate 9%
$702,489
Alternative Uses
Best Use
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,610 @ 7.0% cap · market cap 14.62%
Second Best
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,322 @ 7.0% cap · market cap 11.56%
Theoretical Best
Specialty Retail
$1.60M
$1.40M – $1.87M
NOI $112,088 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
677
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail and residential components include recently updated apartments beneath a newer roof.
Where is this mixed-use property located?
The property is located at 23001 - 23005 Gratiot Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Mixed‑use retail and residential property at 23001–23005 Gratiot Ave; 8,553‑square‑foot building; Recently renovated apartment units
