Three-Unit Retail
New
For Sale
$599,000
28009 John R Road, Madison Heights, MI 48071
COM/IND/BUS OPP, Madison Heights, MI
Property Size2,800 SF
Lot Size0.46 Acres
Price / SF$213.93
Days on Market1
Property Features for 28009 John R Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Subdivision
Madison Heights (63252)
Standard status
Active
APN
25-14-280-026
Size
2,800 SF
Lot size
0.46 Acres
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1953
Roof type
Shingle
Listing Agency:
Pilot Property Group - Residential LLC
(586) 254-0900
Listed By:
Alexander Termini · License #6501392648
(586) 291-0499
Added: Aug 27
Last Checked: Aug 27 at 10:06PM
MLS# 50219952
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This retail property comprises a 2,800-square-foot, three-unit building on 0.46 acres. One unit was formerly used for dog grooming and washing, while two units are occupied and the remaining space is available for owner use or leasing. Building signage is available, and the property includes a parking lot.
Located at 28009 John R Road in Madison Heights, the property sits near I-696 and I-75. The building dates to 1953 and includes forced-air heating, public water service, and a shingle roof.
Located at 28009 John R Road in Madison Heights, the property sits near I-696 and I-75. The building dates to 1953 and includes forced-air heating, public water service, and a shingle roof.
Key Highlights
- Three‑unit retail building totaling 2,800 square feet
- 0.46‑acre property at 28009 John R Road, Madison Heights, MI 48071
- Two occupied units plus one available unit
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
$30,129
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
5.03%
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%
$602,580
$602.6K
Cap Rate 7%
$430,414
$430.4K
Cap Rate 9%
$334,767
$334.8K
Market Conditions
NOI Build-Up for 2,800 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
$47.0K $16.80/SF
− Vacancy
−$4.0K −$1.43/SF
EGI
$43.0K $15.37/SF
− OpEx
−$12.9K −$4.61/SF
NOI
$30.1K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$602,580
Cap Rate 7%
$430,414
Cap Rate 9%
$334,767
Alternative Uses
Best Use
Retail
$430.4K
$376.6K – $502.2K
NOI $30,129 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$603.9K
$528.5K – $704.6K
NOI $42,276 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
653
Businesses Nearby
6k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
BIGGBY COFFEE
Dining
6,423 visits/mo
0.5 miles
Demographics for 48071, MI
28,468
Population
14,690
Households
1.9
Avg Household Size
39
Median Age
32%
College-Educated
89%
High-School Grad
7.1 sq mi
ZIP Area
4,010
Density / Sq Mi
$66,726
Median Household Income
$49,151
Median Earnings
$1,138
Median Rent
$190,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - The property offers main-road frontage, a parking lot, and available building signage.
Where is this retail space located?
The property is located at 28009 John R Road Madison Heights, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Three‑unit retail building totaling 2,800 square feet; 0.46‑acre property at 28009 John R Road, Madison Heights, MI 48071; Two occupied units plus one available unit
