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: Sep 5 Last Checked: Sep 13 at 7:35AM

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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 = 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

$342,699

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

5.53%

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%

$6,853,980 $6.9M

Cap Rate 7%

$4,895,700 $4.9M

Cap Rate 9%

$3,807,767 $3.8M

Market Conditions

NOI Build-Up for 36,168 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

$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 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%

$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.

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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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