Mixed-Use Property with
29222 Grand River Avenue, Farmington Hills, MI 48336
For Sale
New
$1,495,000
Commercial zoning and a renovated residential component complement the property’s ground-floor business space.
Property Size10,325 SF
Price / SF$144.79
Days on Market5
Property Features for 29222 Grand River Avenue
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Road Access
Mixed-Use Components
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Tenancy
Listing Agency:
Keller Williams Advantage Northville
Listed By:
Tina M Doyle
(734) 904-2841
Source:
Homeflexrealty
Added: Nov 10
Last Checked: Nov 13 at 2:06PM
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 ground-floor retail or office area with nine apartments. The residential mix includes eight one-bedroom units and one two-bedroom unit, and the apartments have been renovated. More than 20 parking spaces serve the property, which is zoned Commercial.
The property fronts Grand River Avenue, just east of Middlebelt. A Sheetz gas station is planned at Grand River and Middlebelt.
The property fronts Grand River Avenue, just east of Middlebelt. A Sheetz gas station is planned at Grand River and Middlebelt.
Key Highlights
- 10,325‑square‑foot mixed‑use property with 5,400 square feet of ground‑floor retail or office 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
Retail
$1.59M
$1.39M – $1.85M
NOI $111,101 @ 7.0% cap · market cap 7.43%
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
Multi-tenant
Tenancy
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
Properties on Market for Mixed-use properties in Oakland County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial zoning and a renovated residential component complement the property’s ground-floor business space.
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 ground‑floor retail or office space; Nine apartments: 8 one‑bedroom units and 1 two‑bedroom unit; Renovated apartments
