24225 5 Mile Rd, Redford, MI 48239

Building Details

Building Size 2,998 SF More

Year Built 1998 More

Buildings 1 More

Listing Agency: Genius Realty

Listed By: Al Berry · License MI #6502379266 Show Phone

Source: Elliman

Added: Nov 12 Last Checked: Nov 12 at 2:47PM

Report an Issue

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 Genius Realty

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Built in 1998, this former Tim Hortons restaurant contains an approximately 3,000-square-foot building with a drive-through. The site measures 236 x 105, with approximately 236 feet of frontage on 5 Mile Road.

The property is located in the Telegraph and Five Mile Roads corridor in Redford Township. Its existing restaurant layout and drive-through are central features of the site.

Key Highlights

• Approximately 3,000‑square‑foot restaurant building with a drive‑through
• Lot dimensions of 236 x 105
• Approximately 236 feet of frontage on 5 Mile Road

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,590

Cap Rate

7.92%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$791,800 $791.8K

Cap Rate 7%

$565,571 $565.6K

Cap Rate 9%

$439,889 $439.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$55.8K $18.60/SF

− Vacancy

−$3.0K −$1.00/SF

EGI

$52.8K $17.60/SF

− OpEx

−$13.2K −$4.40/SF

NOI

$39.6K $13.20/SF

Area

Detroit, MI

Vacancy

5.40%

Lease Rate

$18.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$791,800

Cap Rate 7%

$565,571

Cap Rate 9%

$439,889

Alternative Uses

Best Use

Specialty Retail

$565.6K

$494.9K – $659.8K (±1% cap)

NOI $39,590 @ 7.0% cap · market cap 7.92%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$661.8K

$579.1K – $772.1K (±1% cap)

NOI $46,327 @ 7.0% cap · market cap 9.27%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Drive through restaurants

Suggested Use

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

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

Location Intelligence

Trade Area within ½ mile

371

Businesses Nearby

47k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 50% Shops & Services 48% Home Improvements & Furnishings 2%

McDonald's Dining

17,895 visits/mo 0.1 miles

BP Shops & Services

13,593 visits/mo 0.1 miles

Arby's Dining

5,617 visits/mo 0.4 miles

Pet Supplies Plus Shops & Services

4,177 visits/mo 0.3 miles

AutoZone Shops & Services

2,814 visits/mo 0.1 miles

Demographics for 48239, MI

36,814

Population

14,869

Households

2.5

Avg Household Size

40

Median Age

23%

College-Educated

93%

High-School Grad

9.5 sq mi

ZIP Area

3,875

Density / Sq Mi

$69,373

Median Household Income

$41,113

Median Earnings

$1,355

Median Rent

$145,900

Median Home Value

Market

Average Price Trend$/SF for Drive through restaurants in Wayne County, MI

$343 Jul

$431 Aug

$468 Sep

$465 Oct

Properties on Market for Drive through restaurants in Wayne County

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

See more

Former Restaurant in Old Redford

21640 Grand River Avenue, Redford, MI 48219

$695,000

View details

Freestanding Convenience Store with Coolers

25825 Seven Mile Rd West, Redford, MI 48240

$350,000

2,800 SF

View details

Renovated Flex Space

26310 W 7 Mile Road, Redford, MI 48240

$214,900

View details

Corner Storefront Building

26114 W 6 Mile Rd, Redford, MI 48240

$180,000

2,800 SF

View details

Mixed-Use Building with Residence

19211 Beech Daly, Redford, MI 48240

$259,000

2,562 SF

View details

Freestanding Restaurant with Apartment

25914 Plymouth Rd, Redford, MI 48239

$599,000

4,612 SF

View details

Redford Light Industrial For Sale

26325-26341 8 Mile Rd, Redford, MI 48240

$248,000

View details

Freestanding Building on Eight Mile

25081 W Eight Mile Rd, Redford, MI 48240

$149,000

1,980 SF

View details

Corner Lot Retail Storefront

26346 W 7 Mile Rd, Redford, MI 48240

$180,000

1,750 SF

View details

Game Storefront with Repair Department

9173 Telegraph Road, Redford, MI 48239

$300,000

1,100 SF

View details

Industrial Warehouse with Truckwell

26811 Fullerton, Redford, MI 48239

$585,000

17,852 SF

View details

Two-Space Storefront Property

999999999 22713-22715 Plymouth Rd, Redford, MI 48239

$210,000

1,200 SF

View details

Frequently Asked Questions

What type of property is this?

Drive through restaurant - The existing restaurant structure offers a drive-through and occupies a prominent position along the Telegraph and Five Mile corridor.

Where is this drive through restaurant located?

The property is located at 24225 5 Mile Rd Redford, MI.

What is the asking price?

The asking price for this property is $499,900.

What are key features of this property?

This property features: Approximately 3,000‑square‑foot restaurant building with a drive‑through; Lot dimensions of 236 x 105; Approximately 236 feet of frontage on 5 Mile Road