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    23316 John R Rd Hazel Park, MI 48030

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    For Lease
    Contact for pricing

    Prime Hazel Park location with high visibility and traffic.

    Property Features for 23316 John R Rd

    General Information

    Standard status
    Active

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    Listing Contact
    Moe Antar
    Source: Crexi

    Listing Agency: Realtors of Michigan LLC Listing Agent: Moe Antar

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    High-Traffic Commercial Space Available

    This commercial building is available for lease in Hazel Park's main business corridor. The property is located directly across from Kroger and a Bank of America drive-through, offering high visibility and consistent foot and vehicle traffic. The building features street frontage, large display windows, and on-site parking. The open layout is suitable for retail, office, or service-based businesses. Signage opportunities are available. The location provides access for customers from Hazel Park, Ferndale, and surrounding areas, and is situated minutes from I-75 and 8 Mile Rd.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hazel Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.10372
    Latitude
    42.4640858

    Nearby Similar for Lease

    • $5,000 /Mo

      Ferndale Warehouse with Renovated Office

      Light industrial building for lease with renovated office space.
      1521 E 8 Mile Rd, Hazel Park, MI 48220
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    • New
      Contact for pricing

      Hazel Park Commercial Lease Opportunity

      Commercial space in Hazel Park's vibrant John R corridor.
      23833 John R Rd, Hazel Park, MI 48030
      View Details
    • $1,800 /Mo

      Hazel Park Retail Space Available

      High-traffic location near popular dining, flexible space, ample parking.
      23831 John R Rd, Hazel Park, MI 48030
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    • $18 SF/Yr

      Hazel Park Retail/Office Space

      Versatile retail or office space with high visibility and parking.
      22102 John R Rd, Hazel Park, MI 48030
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    • $8 SF/Yr

      Warehouse or Manufacturing Building Access

      Accessible warehouse or manufacturing building near I-696 & I-75.
      1400 E Ten Mile Rd, Hazel Park, MI 48030
      View Details
    • Contact for pricing

      Hazel Park Office Space Available

      Office space available for rent in Hazel Park, Michigan.
      877 E 8 Mile Rd, Hazel Park, MI 48030
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    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease with flexible lease terms.
      22102 John R Rd, Hazel Park, MI 48030
      View Details
    • Contact for pricing

      Hazel Park Commercial Property

      Commercial property available for rent in Hazel Park, Michigan.
      22411 S Chrysler Dr, Hazel Park, MI 48030
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    • Contact for pricing

      Retail Space Available For Lease

      Retail spaces available for lease.
      1142-1182 E 9 Mile Rd, Hazel Park, MI 48030
      View Details

    FAQs

    What type of property is this?
    Retail space - Prime Hazel Park location with high visibility and traffic.
    Where is this retail space located?
    The property is located at 23316 John R Rd Hazel Park, MI.
    What are key features of this property?
    This property features: - High-traffic location directly across from Kroger & Bank of America.; - Excellent street frontage and large display windows.; - Convenient on-site parking.
    Request Owner's contact information
    23316 John R Rd Hazel Park, MI 48030
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    Hazel Park, MI 48030
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    23316 John R Rd Hazel Park, MI 48030
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    Moe Antar
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