Mixed-Use Building with Income
For Sale
$200,000
Pending
24450 Gratiot Ave, Eastpointe, MI 48021
Mixed-use building featuring residential and commercial spaces for diverse income.
Property Size2,260 SF
Lot Size0.18 Acres
Days on Market266
Property Features for 24450 Gratiot Ave
General Information
Standard status
Pending
Size
2,260 SF
Lot size
0.18 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,374
Building Details
Building Size
2,260 SF
Year Built
1946
Listing Agency:
(248) 963-0505
Listed By:
Corey Fuller
(248) 963-0505
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 19
Last Checked: Aug 20 at 8:49AM
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 Corey Fuller
Investment Insights
Based on property information with market context.
This 2,260 sq ft mixed-use building offers both residential and commercial income potential. The upstairs area, zoned residential, features a 1,160 sq ft two-bedroom, one-bath apartment with a laundry area and 150-amp service. The downstairs area, zoned commercial, includes approximately 1,100 sq ft of space with a handicapped accessible half bath and 200-amp service. The property provides off-street parking for at least six vehicles and includes a new retaining wall. Recent updates include a new roof, heated gutters, furnace, electrical panel, and flooring. Situated in a high-traffic location directly across from Cloverleaf Pizzeria, this property provides excellent visibility and strong potential for rental income or an owner-occupant business. The property allows the option to live upstairs and work downstairs, or lease both units for diverse income opportunities.
Key Highlights
- Mixed‑use property offers diverse income potential.
- Prime, high‑traffic location provides excellent visibility and business potential.
- Spacious 1,160 sq ft two‑bedroom apartment upstairs.
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
$16,706
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
8.35%
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%
$334,120
$334.1K
Cap Rate 7%
$238,657
$238.7K
Cap Rate 9%
$185,622
$185.6K
Market Conditions
NOI Build-Up for 2,260 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
$27.1K $12.00/SF
− Vacancy
−$3.3K −$1.44/SF
EGI
$23.9K $10.56/SF
− OpEx
−$7.2K −$3.17/SF
NOI
$16.7K $7.39/SF
Area
Macomb County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$334,120
Cap Rate 7%
$238,657
Cap Rate 9%
$185,622
Alternative Uses
Best Use
Mixed Use
$383.6K
$335.6K – $447.5K
NOI $26,849 @ 7.0% cap · market cap 13.42%
Second Best
Multifamily LT 5
$341.8K
$299.1K – $398.7K
NOI $23,924 @ 7.0% cap · market cap 11.96%
Theoretical Best
Specialty Retail
$423.1K
$370.2K – $493.6K
NOI $29,618 @ 7.0% cap · market cap 14.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
Median Home Value
Market
Vacancy Rate% for Multifamily 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 - Mixed-use building featuring residential and commercial spaces for diverse income.
Where is this mixed-use property located?
The property is located at 24450 Gratiot Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Mixed‑use property offers diverse income potential.; Prime, high‑traffic location provides excellent visibility and business potential.; Spacious 1,160 sq ft two‑bedroom apartment upstairs.
