Mixed-Use Property with Two
New
For Sale
$699,900
23589 Van Born Rd, Taylor, MI 48180
Corner property combines commercial space with two leased residential units.
Property Size6,642 SF
Days on Market2
Property Features for 23589 Van Born Rd
General Information
Standard status
Active
Size
6,642 SF
Property subtype
Investment
Site & Location
Corner Location
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,522
Building Details
Building Size
6,642 SF
Year Built
1953
Units
4
Tenancy
Multi
Listing Agency:
Keller Williams Realty Novi Market Center
(248) 380-8800
Listed By:
Linda L Leporowski · License #6501305996
(248) 380-8800
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 11:54AM
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 Keller Williams Realty Novi Market Center
Investment Insights
Based on property information with market context.
This mixed-use property includes two commercial storefronts and two residential apartments within one 1953-built asset. One commercial suite is configured for a hair salon, with a lobby, private restroom, and multiple individual suites. The second storefront is set up as a photography studio with a large open area and its own bathroom.
Each apartment offers almost 1500 square feet apiece in a three-bedroom, one-bath layout with an open floor plan. Both residential units are currently leased. The property also includes a neighboring garage and parking lot, adding space for parking, storage, or business operations. It occupies the corner of Van Born and Telegraph in Taylor, Michigan, with a 60 walk score and 44 bike score.
Each apartment offers almost 1500 square feet apiece in a three-bedroom, one-bath layout with an open floor plan. Both residential units are currently leased. The property also includes a neighboring garage and parking lot, adding space for parking, storage, or business operations. It occupies the corner of Van Born and Telegraph in Taylor, Michigan, with a 60 walk score and 44 bike score.
Key Highlights
- Two commercial storefronts plus two residential apartments
- Each apartment offers almost 1500 square feet apiece with 3 bedrooms and 1 bath
- Hair salon suite includes a lobby, private restroom, and multiple individual 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
$62,934
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
8.99%
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%
$1,258,680
$1.3M
Cap Rate 7%
$899,057
$899.1K
Cap Rate 9%
$699,267
$699.3K
Market Conditions
NOI Build-Up for 6,642 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
$95.6K $14.40/SF
− Vacancy
−$5.7K −$0.86/SF
EGI
$89.9K $13.54/SF
− OpEx
−$27.0K −$4.06/SF
NOI
$62.9K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /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%
$1,258,680
Cap Rate 7%
$899,057
Cap Rate 9%
$699,267
Alternative Uses
Best Use
Mixed Use
$1.13M
$986.3K – $1.32M
NOI $78,907 @ 7.0% cap · market cap 11.27%
Second Best
Retail
$899.1K
$786.7K – $1.05M
NOI $62,934 @ 7.0% cap · market cap 8.99%
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.43M
NOI $86,080 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 35%
Groceries 23%
Home Improvements & Furnishings 1%
Aldi
Groceries
23,991 visits/mo
0.4 miles
Wendy's
Dining
17,729 visits/mo
0.3 miles
Burger King
Dining
13,339 visits/mo
0.3 miles
Citgo
Shops & Services
7,643 visits/mo
0.4 miles
Family Dollar
Shops & Services
7,014 visits/mo
0.2 miles
Demographics for 48180, MI
63,409
Population
26,741
Households
2.4
Avg Household Size
39
Median Age
16%
College-Educated
87%
High-School Grad
23.6 sq mi
ZIP Area
2,687
Density / Sq Mi
$59,537
Median Household Income
$40,090
Median Earnings
$1,036
Median Rent
$141,200
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?
Mixed-use property - Corner property combines commercial space with two leased residential units.
Where is this mixed-use property located?
The property is located at 23589 Van Born Rd Taylor, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two commercial storefronts plus two residential apartments; Each apartment offers almost 1500 square feet apiece with 3 bedrooms and 1 bath; Hair salon suite includes a lobby, private restroom, and multiple individual suites
