Event Hall or Showroom
24850 Gratiot Ave, Eastpointe, MI 48021
For Sale
Contact for pricing
Commercial building with event hall, showroom, and live/work potential.
Property Size4,711 SF
Price / SF$115.69
Days on Market1438
Property Features for 24850 Gratiot Ave
General Information
Standard status
Size
Property subtype
Zoning
Building Details
Year Built
Listing Agency:
Signature Associates Warren
Listed By:
Joe Stack
(248) 359-0615
Source:
Crexi
Added: Dec 4, 2022
Changed: Aug 8
Last Checked: Aug 25 at 9:41AM
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 Signature Associates Warren
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property offers potential as an event hall or showroom building. It features live/work potential with an apartment that has undergone many updates. The building has a brand new roof and a total size of 4711 square feet.
Key Highlights
- Excellent event hall or showroom building.
- Live/work potential.
- Apartment with many updates.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,824
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,480
$696.5K
Cap Rate 7%
$497,486
$497.5K
Cap Rate 9%
$386,933
$386.9K
Market Conditions
NOI Build-Up for 4,711 SF
Gross rent
$56.5K $12.00/SF
− Vacancy
−$6.8K −$1.44/SF
EGI
$49.7K $10.56/SF
− OpEx
−$14.9K −$3.17/SF
NOI
$34.8K $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 Rate 5%
$696,480
Cap Rate 7%
$497,486
Cap Rate 9%
$386,933
Alternative Uses
Best Use
Mixed Use
$799.5K
$699.6K – $932.8K
NOI $55,967 @ 7.0% cap · market cap 10.27%
Second Best
Retail
$497.5K
$435.3K – $580.4K
NOI $34,824 @ 7.0% cap · market cap 6.39%
Theoretical Best
Specialty Retail
$882.0K
$771.7K – $1.03M
NOI $61,738 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
636
Businesses Nearby
Under-served
Demand for This Use
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
$129,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Showrooms in Macomb County, MI
Properties on Market for Showrooms in Macomb County
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Benchmark Flooring & Carpentry — 15560 Deerfield Ave, Eastpointe, MI 48021
- J.F. Improvements L.L.C. — 23809 Normandy Ave, Eastpointe, MI 48021
- Empire Tile & Marble Co — 17259 Stephens Dr, Eastpointe, MI 48021
Frequently Asked Questions
What type of property is this?
Showroom - Commercial building with event hall, showroom, and live/work potential.
Where is this showroom located?
The property is located at 24850 Gratiot Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Excellent event hall or showroom building.; Live/work potential.; Apartment with many updates.
