Mixed-Use Building with
New
For Sale
$1,495,000
29222 Grand River Avenue, Farmington Hills, MI 48336
Ground-floor commercial space is paired with nine apartments and on-site parking.
Property Size10,325 SF
Price / SF$144.79
Days on Market3
Property Features for 29222 Grand River Avenue
General Information
Standard status
Active
Size
10,325 SF
Units
Unit Mix
8 x 1BR, 1 x 2BR
Multifamily Units
9
Additional Details
Road Access
Yes
Amenities
Public
0.31
164x100105x116
false
Slab
10325
Building Details
Building Size
10,325 SF
Year Built
1950
Buildings
1
Listing Agency:
Keller Williams Advantage Northville
(734) 904-2841
Listed By:
Tina M Doyle
(248) 380-8800
Source:
Moayyerrealestate
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 1:49AM
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 Keller Williams Advantage Northville
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Investment Insights
Based on property information with market context.
At 29222 Grand River Avenue, this 10,325-square-foot mixed-use property combines 5,400 square feet of first-floor retail or office area with nine apartments. The residential mix includes eight one-bedroom units and one two-bedroom unit; the apartments have been renovated. The building dates to 1950, and the site includes more than 20 parking spaces on 0.31 acres.
The property fronts Grand River Avenue, just east of Middlebelt. A Sheetz gas station is planned at the Grand River and Middlebelt intersection.
The property fronts Grand River Avenue, just east of Middlebelt. A Sheetz gas station is planned at the Grand River and Middlebelt intersection.
Key Highlights
- 10,325‑square‑foot mixed‑use property with 5,400 square feet of first‑floor commercial space
- Nine apartments: 8 one‑bedroom units and 1 two‑bedroom unit
- Renovated apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,649
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,532,980
$2.5M
Cap Rate 7%
$1,809,271
$1.8M
Cap Rate 9%
$1,407,211
$1.4M
Market Conditions
NOI Build-Up for 10,325 SF
Gross rent
$240.4K $23.28/SF
− Vacancy
−$10.1K −$0.98/SF
EGI
$230.3K $22.30/SF
− OpEx
−$103.6K −$10.04/SF
NOI
$126.6K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,532,980
Cap Rate 7%
$1,809,271
Cap Rate 9%
$1,407,211
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,649 @ 7.0% cap · market cap 8.47%
Second Best
Mixed Use
$1.49M
$1.31M – $1.74M
NOI $104,541 @ 7.0% cap · market cap 6.99%
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,891 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
9
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
889
Businesses Nearby
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Business Placement
Demographics for 48336, MI
26,802
Population
12,296
Households
2.2
Avg Household Size
42
Median Age
44%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,882
Density / Sq Mi
$85,325
Median Household Income
$54,077
Median Earnings
$1,141
Median Rent
$247,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with nine apartments and on-site parking.
Where is this mixed-use property located?
The property is located at 29222 Grand River Avenue Farmington Hills, MI.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 10,325‑square‑foot mixed‑use property with 5,400 square feet of first‑floor commercial space; Nine apartments: 8 one‑bedroom units and 1 two‑bedroom unit; Renovated apartments
