Corner-Lot Mixed-Use
New
For Sale
$600,000
23919 John R Rd, Hazel Park, MI 48030
Town Center (TC) zoning supports mixed-use, retail, restaurant, and multifamily redevelopment concepts.
Property Size4,988 SF
Days on Market2
Property Features for 23919 John R Rd
General Information
Standard status
Active
Size
4,988 SF
Property subtype
Commercial
Zoning
TC
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$24,677
Amenities
covered entry portico
porte-cochere
attached garage
spacious entry foyer
multiple large rooms
generous ceiling heights
oversized windows
sunroom-style addition
basement with tall ceilings
Building Details
Building Size
4,988 SF
Year Built
1951
Buildings
1
Construction
brick
Listing Agency:
Good Company
(248) 834-3030
Listed By:
Jim Shaffer · License #6502380733
(248) 834-3030
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 11:38AM
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 Good Company
Investment Insights
Based on property information with market context.
Built in 1951, this mixed-use property occupies a corner lot along John R Road in Hazel Park. The navy brick building includes a covered entrance portico with double doors, a side porte-cochere, an attached garage, and a spacious foyer opening to multiple large rooms. Oversized windows, generous ceiling heights, open framing, and broad floor plates provide substantial interior flexibility. A sunroom-style addition with a peaked roof and a tall-ceiling basement add further usable areas.
The property is located at 23919 John R Rd within the John R Corridor and carries Town Center (TC) zoning. The zoning is identified for multifamily residential, mixed-use, retail, and restaurant possibilities. Exterior parking is available, with an adjacent paved surface lot providing additional parking. Birmingham, Bloomfield Hills, and Rochester are 15 minutes away, while Detroit's Midtown is also 15 minutes from the property.
The property is located at 23919 John R Rd within the John R Corridor and carries Town Center (TC) zoning. The zoning is identified for multifamily residential, mixed-use, retail, and restaurant possibilities. Exterior parking is available, with an adjacent paved surface lot providing additional parking. Birmingham, Bloomfield Hills, and Rochester are 15 minutes away, while Detroit's Midtown is also 15 minutes from the property.
Key Highlights
- Town Center (TC) zoning identified for multifamily residential, mixed‑use, retail, and restaurant possibilities
- 1951 construction with navy brick exterior and a corner‑lot position at 23919 John R Rd
- Open framing, wide floor plates, oversized windows, and generous ceiling heights throughout the interior
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
$53,673
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
8.95%
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%
$1,073,460
$1.1M
Cap Rate 7%
$766,757
$766.8K
Cap Rate 9%
$596,367
$596.4K
Market Conditions
NOI Build-Up for 4,988 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
$83.8K $16.80/SF
− Vacancy
−$7.1K −$1.43/SF
EGI
$76.7K $15.37/SF
− OpEx
−$23.0K −$4.61/SF
NOI
$53.7K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$1,073,460
Cap Rate 7%
$766,757
Cap Rate 9%
$596,367
Alternative Uses
Best Use
Specialty Retail
$1.08M
$941.4K – $1.26M
NOI $75,311 @ 7.0% cap · market cap 12.55%
Second Best
Retail
$766.8K
$670.9K – $894.6K
NOI $53,673 @ 7.0% cap · market cap 8.95%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
668
Businesses Nearby
161k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Groceries 34%
Shops & Services 25%
Kroger
Groceries
54,587 visits/mo
0.3 miles
McDonald's
Dining
22,311 visits/mo
0.2 miles
Tim Hortons
Dining
15,379 visits/mo
0.2 miles
Dollar Tree
Shops & Services
13,531 visits/mo
0.3 miles
Wendy's
Dining
9,974 visits/mo
0.3 miles
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Town Center (TC) zoning supports mixed-use, retail, restaurant, and multifamily redevelopment concepts.
Where is this mixed-use property located?
The property is located at 23919 John R Rd Hazel Park, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Town Center (TC) zoning identified for multifamily residential, mixed‑use, retail, and restaurant possibilities; 1951 construction with navy brick exterior and a corner‑lot position at 23919 John R Rd; Open framing, wide floor plates, oversized windows, and generous ceiling heights throughout the interior
