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    Affordable Retail Storefront Title is generated by Realmo AI

    288 Richter St, River Rouge, MI 48218

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    For Lease
    $21 SF/Yr $1,116/Mo (calc)

    Street-front retail storefront with notable frontage, positioned for small retail, service, or office use; verify permitted uses.

    Type:Commercial
    Property size:
    638 SF
    Added:
    Jun 3, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 5:03 am

    Property Features for 288 Richter St

    General Information

    Standard status
    Active
    Size
    638 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1954

    We can help!

    Listing Contact
    Stewart Beal

    Listing agent Stewart Beal

    Listing office Beal Properties LLC

    Listing date Jun 3, 2026

    Source Elliman

    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 Beal Properties LLC

    HighLights

    • 638 SF commercial storefront on Richter St (year built 1954)
    • 24 ft frontage on Richter St
    • Previously used as a convenience/retail store
    • Zoned R1 but taxed as commercial (buyer/tenant to confirm permitted uses)
    • Lease term typically 6–12 months

    Overview

    This affordable retail storefront offers a practical street-facing setup with 24 ft of frontage. The space totals 638G̈〗SF and has been previously used as a convenience/retail use. It’s well suited for a tenant looking for a straightforward footprint for retail, service, or a small office environment. Prospective tenants should confirm all details directly, including permitted uses, based on the property’s current zoning status and any applicable local requirements.

    The property is located at 288 Richter St in River Rouge, MI, and provides street-level presence along Richter St. Public remarks note the storefront’s visibility in the area of schools and surrounding neighborhoods, with buyer/tenant encouraged to verify suitability for their specific operational needs.

    From a leasing perspective, the landlord indicates lease terms typically run 6–12 months. While the site is described as zoned R1, it is also noted as being taxed as commercial, which is a factor to review as part of due diligence. Because permitted uses can be impacted by zoning and tax classification details, buyers and tenants should confirm eligibility for their intended retail, service, or small office use before moving forward.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Auto Repair Shop Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Now and Forever Flower Boutique — 10512 W Jefferson Ave, River Rouge, MI 48218

    Location Insight

    • Map
    • Local Demand
    City
    River Rouge
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1297263
    Latitude
    42.2673595

    FAQs

    What type of property is this?
    Storefront property - Street-front retail storefront with notable frontage, positioned for small retail, service, or office use; verify permitted uses.
    Where is this storefront property located?
    The property is located at 288 Richter St River Rouge, MI.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: 638 SF commercial storefront on Richter St (year built 1954); 24 ft frontage on Richter St; Previously used as a convenience/retail store
    (734) 662-6133
    We can help!
    Listing Contact
    Stewart Beal
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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