Shopping Center with Restaurant
For Sale
$3,250,000
2340 Genoa Business Park Drive, Brighton, MI 48114
Retail center with multiple in-line suites, an endcap, and restaurant use options.
Property Size20,919 SF
Days on Market119
Property Features for 2340 Genoa Business Park Drive
General Information
Standard status
Active
Size
20,919 SF
Class
C
Property subtype
Retail - Freestanding
Building Details
Building Size
20,919 SF
Year Built
2008
Tenancy
Multi
Listing Agency:
KW Commercial
Listed By:
Trevor Brooks · License #6501374978
(810) 599-1469
Source:
Commercialcafe
Added: May 7
Changed: Sep 2
Last Checked: Sep 1 at 3:48PM
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 KW Commercial
Investment Insights
Based on property information with market context.
Built in 2008, this shopping center contains 20,919 square feet across a 5,000-square-foot restaurant anchor, eight in-line retail suites, and a secondary 5,000-square-foot endcap suited for retail or restaurant use. The property is zoned GCD and offers a varied multi-tenant configuration within the center.
The center fronts Grand River Avenue at the entrance to Genoa Medical Center and is positioned within a campus that includes medical and professional offices. Its setting near a health center adds established institutional context to the surrounding commercial environment.
The center fronts Grand River Avenue at the entrance to Genoa Medical Center and is positioned within a campus that includes medical and professional offices. Its setting near a health center adds established institutional context to the surrounding commercial environment.
Key Highlights
- 20,919‑square‑foot shopping center built in 2008
- 5,000‑square‑foot restaurant anchor space
- Eight in‑line retail suites
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
$216,399
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
6.66%
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%
$4,327,980
$4.3M
Cap Rate 7%
$3,091,414
$3.1M
Cap Rate 9%
$2,404,433
$2.4M
Market Conditions
NOI Build-Up for 20,919 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
$376.5K $18.00/SF
− Vacancy
−$67.4K −$3.22/SF
EGI
$309.1K $14.78/SF
− OpEx
−$92.7K −$4.43/SF
NOI
$216.4K $10.34/SF
Area
Livingston County, MI
Vacancy
17.90%
Lease Rate
$18.00 /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%
$4,327,980
Cap Rate 7%
$3,091,414
Cap Rate 9%
$2,404,433
Alternative Uses
Best Use
Retail
$3.09M
$2.70M – $3.61M
NOI $216,399 @ 7.0% cap · market cap 6.66%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.33M
$2.92M – $3.89M
NOI $233,245 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
4k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 37%
Home Improvements & Furnishings 13%
SUBWAY
Dining
2,091 visits/mo
0.2 miles
Enterprise Rent-A-Car
Shops & Services
1,550 visits/mo
0.5 miles
City Electric Supply
Home Improvements & Furnishings
524 visits/mo
0.4 miles
Demographics for 48114, MI
21,222
Population
8,223
Households
2.6
Avg Household Size
45
Median Age
47%
College-Educated
97%
High-School Grad
29.0 sq mi
ZIP Area
732
Density / Sq Mi
$118,581
Median Household Income
$55,946
Median Earnings
$1,333
Median Rent
$384,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center with multiple in-line suites, an endcap, and restaurant use options.
Where is this shopping center located?
The property is located at 2340 Genoa Business Park Drive Brighton, MI.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 20,919‑square‑foot shopping center built in 2008; 5,000‑square‑foot restaurant anchor space; Eight in‑line retail suites
