Building Details

Tenancy Multi

Listing Agency: AQRE Advisors Show Phone

Listed By: Kyle Simon · License #6501390806 Show Phone

Source: Moodyscre

Added: Jun 2, 2025 Changed: Oct 25 Last Checked: Oct 28 at 8:35AM

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Investment Insights

Based on property information with market context.

West-Tel Plaza is a multi-tenant shopping center totaling 36,168 SF on 4.65 acres. The property is 97% occupied and features a mix of local, regional, and national tenants.

Tenants include CVS, Anytime Fitness, Little Caesars, Subway, Great Clips, and Olympic Coney Island. The center is located at 23748-23800 West Rd in Brownstown, Michigan.

With multiple active storefronts across retail and service uses, the property offers an established tenant base within a shopping center format.

Key Highlights

• ±36,168 SF multi‑tenant shopping center at 23748‑23800 West Rd, Brownstown, MI 48183
• Situated on ±4.65 acres with 97% occupancy
• Tenant mix includes CVS, Anytime Fitness, Little Caesars, Subway, Great Clips, and Olympic Coney Island

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$342,699

Cap Rate

5.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,853,980 $6.9M

Cap Rate 7%

$4,895,700 $4.9M

Cap Rate 9%

$3,807,767 $3.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 36,168 SF

Gross rent

$520.8K $14.40/SF

− Vacancy

−$31.2K −$0.86/SF

EGI

$489.6K $13.54/SF

− OpEx

−$146.9K −$4.06/SF

NOI

$342.7K $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 Rate 5%

$6,853,980

Cap Rate 7%

$4,895,700

Cap Rate 9%

$3,807,767

Alternative Uses

Best Use

Retail

$4.90M

$4.28M – $5.71M (±1% cap)

NOI $342,699 @ 7.0% cap · market cap 5.53%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$6.70M

$5.86M – $7.81M (±1% cap)

NOI $468,737 @ 7.0% cap · market cap 7.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Building Supply Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

97%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

310

Businesses Nearby

117k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 34% Shops & Services 34% Dining 28% Electronics 4%

Kroger Groceries

40,120 visits/mo 0.2 miles

Dollar Tree Shops & Services

20,992 visits/mo 0.2 miles

Taco Bell Dining

14,417 visits/mo 0.1 miles

BP Shops & Services

10,213 visits/mo 0.1 miles

Burger King Dining

9,244 visits/mo 0.3 miles

Demographics for 48183, MI

42,447

Population

18,095

Households

2.3

Avg Household Size

43

Median Age

27%

College-Educated

94%

High-School Grad

18.0 sq mi

ZIP Area

2,358

Density / Sq Mi

$82,020

Median Household Income

$51,534

Median Earnings

$1,009

Median Rent

$214,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - West-Tel Plaza is a multi-tenant shopping center with 97% occupancy and a diverse mix of retail and service tenants.

Where is this shopping center located?

The property is located at 23748-23800 West Rd Brownstown, MI.

What is the asking price?

The asking price for this property is $6,200,000.

What are key features of this property?

This property features: ±36,168 SF multi‑tenant shopping center at 23748‑23800 West Rd, Brownstown, MI 48183; Situated on ±4.65 acres with 97% occupancy; Tenant mix includes CVS, Anytime Fitness, Little Caesars, Subway, Great Clips, and Olympic Coney Island