Two-Building Office
For Sale
$699,000
29111 Harper Ave, St Clair Shores, MI 48081
Two-building commercial office package with a renovated multi-tenant building, recent HVAC and roof upgrades, and shared parking.
Property Size4,770 SF
Price / SF$146.54
Days on Market187
Property Features for 29111 Harper Ave
General Information
Standard status
Active
Size
4,770 SF
Class
C
Total Parking Spaces
32
Property subtype
Office, Retail
Zoning
B-1
Building Details
Building Size
4,770 SF
Tenancy
Multi
Listing Agency:
Anton, Sowerby & Associates, Inc.
Listed By:
Susan Blanchard · License #6501370698
(586) 918-1956
Source:
Cpix.resimplifi
Added: Mar 4
Changed: Aug 25
Last Checked: Aug 14 at 8:01AM
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 Anton, Sowerby & Associates, Inc.
Investment Insights
Based on property information with market context.
This is a two-building commercial package totaling 4,770 SF, including Building A and Building B, plus an adjoining parcel that provides shared parking. Building A is a recently renovated 3,642 SF multi-tenant office building with a 5-year owner leaseback for 2,024 SF. Building B contains 1,129 SF and is separately leased at $1,100 per month. Recent capital improvements on Building A include four new HVAC units and a new roof.
The property is positioned on a corner with strong visibility along the busy Harper corridor. The overall offering is suitable for medical, dental, or general office use, and includes ample shared parking that supports day-to-day operations.
An additional 1,618 SF is available for owner/user or for lease, providing flexibility alongside the existing leased space.
The property is positioned on a corner with strong visibility along the busy Harper corridor. The overall offering is suitable for medical, dental, or general office use, and includes ample shared parking that supports day-to-day operations.
An additional 1,618 SF is available for owner/user or for lease, providing flexibility alongside the existing leased space.
Key Highlights
- 4,770 SF two‑building commercial package on Harper Ave in the heart of St. Clair Shores
- Building A: 3,642 SF recently renovated multi‑tenant building with 4 new HVAC units and a new roof
- Building A includes a 5‑year owner leaseback for 2,024 SF
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
$50,009
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
7.15%
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%
$1,000,180
$1.0M
Cap Rate 7%
$714,414
$714.4K
Cap Rate 9%
$555,656
$555.7K
Market Conditions
NOI Build-Up for 4,770 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
$94.4K $19.80/SF
− Vacancy
−$11.1K −$2.33/SF
EGI
$83.3K $17.47/SF
− OpEx
−$33.3K −$6.99/SF
NOI
$50.0K $10.48/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
40.00%
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%
$1,000,180
Cap Rate 7%
$714,414
Cap Rate 9%
$555,656
Alternative Uses
Best Use
Healthcare Medical
$714.4K
$625.1K – $833.5K
NOI $50,009 @ 7.0% cap · market cap 7.15%
Second Best
Office B
$234.6K
$205.3K – $273.7K
NOI $16,421 @ 7.0% cap · market cap 2.35%
Theoretical Best
Specialty Retail
$893.0K
$781.4K – $1.04M
NOI $62,511 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 48081, MI
20,496
Population
9,669
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
3.9 sq mi
ZIP Area
5,255
Density / Sq Mi
$75,735
Median Household Income
$51,140
Median Earnings
$1,272
Median Rent
$202,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-building commercial office package with a renovated multi-tenant building, recent HVAC and roof upgrades, and shared parking.
Where is this office building located?
The property is located at 29111 Harper Ave St Clair Shores, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 4,770 SF two‑building commercial package on Harper Ave in the heart of St. Clair Shores; Building A: 3,642 SF recently renovated multi‑tenant building with 4 new HVAC units and a new roof; Building A includes a 5‑year owner leaseback for 2,024 SF
