Mixed-Use Property with Corner
For Sale
$600,000
23919 John R Rd, Hazel Park, MI 48030
Town Center zoning accommodates multifamily, retail, restaurant, and other mixed-use redevelopment concepts.
Property Size4,988 SF
Price / SF$120.29
Days on Market10
Property Features for 23919 John R Rd
General Information
Standard status
Active
Size
4,988 SF
Building Details
Year Built
1951
Listing Agency:
Good Company
(248) 834-3030
Listed By:
Jim Shaffer · License #301702
Source:
Katie-k
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 1:04PM
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 prominent corner parcel and includes a navy brick building with a covered front entry, side porte-cochere, attached garage, and basement. The interior contains a large foyer, multiple spacious rooms, oversized windows, open framing, tall ceilings, and a sunroom-style addition with a peaked roof. Much of the interior has been removed to create a flexible starting point for redevelopment.
The property is located on John R Road in Hazel Park, within Oakland County and along the John R Corridor. Birmingham, Bloomfield Hills, and Rochester are approximately 15 minutes away, while Detroit’s Midtown is also about 15 minutes from the site. Exterior parking is provided, with additional paved parking on the adjacent surface lot. Town Center zoning is identified for multifamily residential, mixed-use, retail, and restaurant concepts.
The property is located on John R Road in Hazel Park, within Oakland County and along the John R Corridor. Birmingham, Bloomfield Hills, and Rochester are approximately 15 minutes away, while Detroit’s Midtown is also about 15 minutes from the site. Exterior parking is provided, with additional paved parking on the adjacent surface lot. Town Center zoning is identified for multifamily residential, mixed-use, retail, and restaurant concepts.
Key Highlights
- Town Center (TC) zoning identified for multifamily, mixed‑use, retail, and restaurant concepts
- 4,988 property size
- Built in 1951
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
$50,504
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
8.42%
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%
$1,010,080
$1.0M
Cap Rate 7%
$721,486
$721.5K
Cap Rate 9%
$561,156
$561.2K
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
$89.8K $18.00/SF
− Vacancy
−$9.0K −$1.80/SF
EGI
$80.8K $16.20/SF
− OpEx
−$30.3K −$6.07/SF
NOI
$50.5K $10.13/SF
Area
Oakland County, MI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,010,080
Cap Rate 7%
$721,486
Cap Rate 9%
$561,156
Alternative Uses
Best Use
Mixed Use
$721.5K
$631.3K – $841.7K
NOI $50,504 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$941.4K – $1.26M
NOI $75,311 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Explore this area
Business Placement
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Town Center zoning accommodates multifamily, retail, restaurant, and other mixed-use 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, mixed‑use, retail, and restaurant concepts; 4,988 property size; Built in 1951
