Zoned B-3 Commercial
For Sale
Contact for pricing
29350 Harper Avenue, St Clair Shores, MI 48081
5,627 SF commercial building with two vacant units, zoned B-3 for retail, office, and service use.
Property Size5,627 SF
Price / SF$115.51
Days on Market125
Property Features for 29350 Harper Avenue
General Information
Standard status
Active
Size
5,627 SF
Property subtype
Retail, Office
Zoning
B-3
Investment Type
Owner/User
Listing Agency:
NAI Farbman
Listed By:
Jacob Brown · License #6501461436
(248) 351-6331
Source:
Crexi
Added: May 5
Changed: Aug 26
Last Checked: Sep 5 at 12:37AM
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 NAI Farbman
Investment Insights
Based on property information with market context.
This 5,627 SF commercial building presents an owner-user opportunity with two vacant units, allowing for immediate occupancy while providing flexibility for expansion or additional income. The property is offered for sale and is set up to support a range of uses tied to its zoning.
The building is located on Harper Avenue in St. Clair Shores and is described as having excellent visibility along a high-traffic corridor. Zoning is B-3, which supports retail, office, and service businesses.
For buyers and tenants seeking control over their space, the presence of vacant units makes this property particularly straightforward to customize and occupy in part or in whole, consistent with the building’s B-3 zoning parameters.
The building is located on Harper Avenue in St. Clair Shores and is described as having excellent visibility along a high-traffic corridor. Zoning is B-3, which supports retail, office, and service businesses.
For buyers and tenants seeking control over their space, the presence of vacant units makes this property particularly straightforward to customize and occupy in part or in whole, consistent with the building’s B-3 zoning parameters.
Key Highlights
- 5,627 SF commercial building at 29350 Harper Ave in St. Clair Shores
- Zoned B‑3, allowing retail, office, and service business uses
- Includes two vacant units, offering immediate occupancy
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
$41,595
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
6.40%
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%
$831,900
$831.9K
Cap Rate 7%
$594,214
$594.2K
Cap Rate 9%
$462,167
$462.2K
Market Conditions
NOI Build-Up for 5,627 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
$67.5K $12.00/SF
− Vacancy
−$8.1K −$1.44/SF
EGI
$59.4K $10.56/SF
− OpEx
−$17.8K −$3.17/SF
NOI
$41.6K $7.39/SF
Area
Macomb County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$831,900
Cap Rate 7%
$594,214
Cap Rate 9%
$462,167
Alternative Uses
Best Use
Retail
$594.2K
$519.9K – $693.3K
NOI $41,595 @ 7.0% cap · market cap 6.40%
Second Best
Office B
$276.7K
$242.1K – $322.9K
NOI $19,371 @ 7.0% cap · market cap 2.98%
Theoretical Best
Specialty Retail
$1.05M
$921.8K – $1.23M
NOI $73,743 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
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 - 5,627 SF commercial building with two vacant units, zoned B-3 for retail, office, and service use.
Where is this office building located?
The property is located at 29350 Harper Avenue St Clair Shores, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,627 SF commercial building at 29350 Harper Ave in St. Clair Shores; Zoned B‑3, allowing retail, office, and service business uses; Includes two vacant units, offering immediate occupancy
