Freestanding Restaurant with Corner
New
For Sale
$535,000
23594 Hoover Rd, Warren, MI 48089
Existing restaurant improvements, equipment, and multiple access points support continued food-service operations in Warren.
Property Size2,316 SF
Lot Size0.50 Acres
Price / SF$231
Days on Market5
Property Features for 23594 Hoover Rd
General Information
Standard status
Active
Size
2,316 SF
Lot size
0.50 Acres
Property subtype
Retail
Zoning
M-2
Site & Location
Traffic Count
19,528 vehicles/day
Road Access
Yes
Additional Details
Asking Price
$535,000
Building Details
Building Size
2,316 SF
Buildings
2
Listing Agency:
Encore Real Estate Investment Services
Listed By:
Jim Papalois · License #6501465180
Source:
Cpix.resimplifi
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 6:29AM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This freestanding restaurant property includes a 2,316-square-foot primary building on approximately 0.5 acres. The existing layout, equipment, and restaurant build-out are in place for continued food-service use. A separate on-site building is leased month-to-month, adding another occupied improvement and flexibility for future repositioning subject to the buyer’s plans.
The property occupies the corner of Hoover Road and Belmont in Warren, with three ingress and egress points: two curb cuts on Hoover Road and one on Belmont. The corridor carries 19,528+ vehicles per day, while the surrounding trade area includes more than 10,999 residents within 1 mile and over 121,905 within 3 miles.
M-2 zoning is identified for the property. Continued restaurant use and other future uses may be available subject to city approval.
The property occupies the corner of Hoover Road and Belmont in Warren, with three ingress and egress points: two curb cuts on Hoover Road and one on Belmont. The corridor carries 19,528+ vehicles per day, while the surrounding trade area includes more than 10,999 residents within 1 mile and over 121,905 within 3 miles.
M-2 zoning is identified for the property. Continued restaurant use and other future uses may be available subject to city approval.
Key Highlights
- 2,316 SF freestanding restaurant building
- Approximately 0.5 acres at the corner of Hoover Road and Belmont
- Three access points: two curb cuts on Hoover Road and one on Belmont
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
$33,663
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
6.29%
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%
$673,260
$673.3K
Cap Rate 7%
$480,900
$480.9K
Cap Rate 9%
$374,033
$374.0K
Market Conditions
NOI Build-Up for 2,316 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
$47.2K $20.40/SF
− Vacancy
−$2.4K −$1.02/SF
EGI
$44.9K $19.38/SF
− OpEx
−$11.2K −$4.85/SF
NOI
$33.7K $14.54/SF
Area
Warren, MI
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$673,260
Cap Rate 7%
$480,900
Cap Rate 9%
$374,033
Alternative Uses
Best Use
Specialty Retail
$480.9K
$420.8K – $561.1K
NOI $33,663 @ 7.0% cap · market cap 6.29%
Second Best
Retail
$407.5K
$356.6K – $475.4K
NOI $28,526 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$510.9K
$447.1K – $596.1K
NOI $35,764 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19,528 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
Sunoco
Shops & Services
6,147 visits/mo
0.4 miles
Hungry Howie's Pizza
Dining
4,456 visits/mo
0.4 miles
Exxon
Shops & Services
4,144 visits/mo
0.1 miles
Krispy Krunchy Chicken
Dining
582 visits/mo
0.1 miles
Pomp's Tire Service
Shops & Services
408 visits/mo
0.3 miles
Demographics for 48089, MI
32,012
Population
13,597
Households
2.4
Avg Household Size
35
Median Age
11%
College-Educated
83%
High-School Grad
8.0 sq mi
ZIP Area
4,002
Density / Sq Mi
$53,076
Median Household Income
$35,786
Median Earnings
$1,187
Median Rent
$117,300
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?
Conventional restaurant - Existing restaurant improvements, equipment, and multiple access points support continued food-service operations in Warren.
Where is this conventional restaurant located?
The property is located at 23594 Hoover Rd Warren, MI.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 2,316 SF freestanding restaurant building; Approximately 0.5 acres at the corner of Hoover Road and Belmont; Three access points: two curb cuts on Hoover Road and one on Belmont
