Retail-Office
23498-23520 Michigan Ave Dearborn, MI 48124
For Sale
Contact for pricing
For-sale retail-office building spanning 23498–23520 Michigan Ave in Dearborn.
Property Size6,200 SF
Price / SF$224.19
Days on Market55
Property Features for 23498-23520 Michigan Ave
General Information
- Standard status
- Active
- Size
- 6,200 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 1990
Listing Agency:
Friedman Real Estate
(248) 848-4124
Listed By:
Robert Hibbert · License #MI
Source:
Crexi
Added: May 30
Changed: Jul 23
Last Checked: Jul 23 at 11:33AM
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 Friedman Real Estate
Investment Insights
Based on property information with market context.
This retail-office building is available for sale and comprises addresses 23498–23520 Michigan Ave in Dearborn, MI. The property is listed with a total size of approximately 6,200 square feet, offering a combined retail and office use profile under one ownership.
The asset’s primary listing details are its commercial building configuration and the contiguous street frontage associated with the two street addresses noted in the offering. Prospective buyers and tenants may review the layout and suite configuration directly with the broker as part of their due diligence.
For more information, including access to interior details and showing availability, contact the listing broker.
The asset’s primary listing details are its commercial building configuration and the contiguous street frontage associated with the two street addresses noted in the offering. Prospective buyers and tenants may review the layout and suite configuration directly with the broker as part of their due diligence.
For more information, including access to interior details and showing availability, contact the listing broker.
Key Highlights
- Retail‑office building for sale spanning 23498–23520 Michigan Ave in Dearborn, MI 48124
- Built in 1990
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.3k | $18.60 |
| − Vacancy | −$6.2k | −$1.00 |
| EGI | $109.1k | $17.60 |
| − OpEx | −$32.7k | −$5.28 |
| NOI | $76.4k | $12.32 |
6,200 SF · lease $18.60/SF/yr · vacancy 5.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.09M
$954.6K – $1.27M
NOI $76,365 @ 7.0% cap · market cap 5.49%
Second Best
Office B
$976.1K
$854.1K – $1.14M
NOI $68,327 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,742 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
FAQs
What type of property is this?
Office building - For-sale retail-office building spanning 23498–23520 Michigan Ave in Dearborn.
Where is this office building located?
The property is located at 23498-23520 Michigan Ave Dearborn, MI.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: Retail‑office building for sale spanning 23498–23520 Michigan Ave in Dearborn, MI 48124; Built in 1990
