Stand-Alone Restaurant
For Sale
$199,000
24611 W MCNICHOLS Road, Detroit, MI 48219
Stand-alone restaurant building with ample parking and frontage on McNichols Road.
Property Size1,323 SF
Price / SF$150.42
Days on Market92
Property Features for 24611 W MCNICHOLS Road
General Information
Standard status
Active
Size
1,323 SF
Property subtype
Industrial
Amenities
3
Building Details
Year Built
19
Listing Agency:
Own It Realty
(313) 680-0000
Listed By:
Hassan Scheib · License #6502399271
(313) 680-0000
Source:
Xome
Added: May 12
Changed: Aug 8
Last Checked: Aug 11 at 4:44AM
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 Own It Realty
Investment Insights
Based on property information with market context.
This for-sale stand-alone restaurant building was previously used as a Coney Island and is offered with room for new concepts and “bring your ideas” execution. The property includes ample parking and is set up for retail or food-service style operations based on its prior restaurant use.
The building sits with great exposure and frontage on McNichols Road, supporting walk-in and drive-by visibility.
If you’re looking for a freestanding option with parking and established restaurant characteristics, this property is worth a closer look. Schedule your showing to review the layout and discuss fit for your intended use.
The building sits with great exposure and frontage on McNichols Road, supporting walk-in and drive-by visibility.
If you’re looking for a freestanding option with parking and established restaurant characteristics, this property is worth a closer look. Schedule your showing to review the layout and discuss fit for your intended use.
Key Highlights
- Stand‑alone restaurant building with ample parking
- Frontage on McNichols Road
- Previous Coney Island use
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
$17,459
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
8.77%
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%
$349,180
$349.2K
Cap Rate 7%
$249,414
$249.4K
Cap Rate 9%
$193,989
$194.0K
Market Conditions
NOI Build-Up for 1,323 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
$24.6K $18.60/SF
− Vacancy
−$1.3K −$1.00/SF
EGI
$23.3K $17.60/SF
− OpEx
−$5.8K −$4.40/SF
NOI
$17.5K $13.20/SF
Area
ZIP 48219
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 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%
$349,180
Cap Rate 7%
$249,414
Cap Rate 9%
$193,989
Alternative Uses
Best Use
Specialty Retail
$249.4K
$218.2K – $291.0K
NOI $17,459 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.7K
$237.8K – $317.0K
NOI $19,022 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
133k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 55%
Shops & Services 29%
Dining 12%
Apparel 3%
Meijer
Groceries
73,288 visits/mo
0.2 miles
Dollar Tree
Shops & Services
14,060 visits/mo
0.2 miles
Wendy's
Dining
12,475 visits/mo
0.4 miles
Meijer Gas Station
Shops & Services
9,012 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,719 visits/mo
0.4 miles
Demographics for 48219, MI
46,811
Population
20,815
Households
2.2
Avg Household Size
37
Median Age
13%
College-Educated
87%
High-School Grad
8.4 sq mi
ZIP Area
5,573
Density / Sq Mi
$43,882
Median Household Income
$31,187
Median Earnings
$1,037
Median Rent
$84,500
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Stand-alone restaurant building with ample parking and frontage on McNichols Road.
Where is this conventional restaurant located?
The property is located at 24611 W MCNICHOLS Road Detroit, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Stand‑alone restaurant building with ample parking; Frontage on McNichols Road; Previous Coney Island use
