Renovated Retail
For Sale
Contact for pricing
29916 FORD RD, Garden City, MI 48135
New mechanicals, windows, doors, and newer plumbing are in place.
Property Size6,100 SF
Price / SF$204.92
Days on Market8
Property Features for 29916 FORD RD
General Information
Standard status
Active
Size
6,100 SF
Total Parking Spaces
40
Property subtype
Hospitality, Mixed Use, Retail
Zoning
COMMERCIAL
Building Details
Year Built
1945
Year Renovated
2025
Stories
1
Units
4
Listing Agency:
CENTURY 21 Curran & Oberski Dearborn Heights
Listed By:
Ali T. Charara · License #MI
(313) 274-7200
Source:
Crexi
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 1 at 8:45PM
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 CENTURY 21 Curran & Oberski Dearborn Heights
Investment Insights
Based on property information with market context.
This 6,100-square-foot retail property contains one unit and was originally built in 1945. The building has undergone a full renovation, including new mechanical systems, windows, and doors, along with newer plumbing. An updated parking area with more than 40 parking lots serves the property.
The retail space is located at 29916 Ford Road in Garden City, Michigan. Its commercial zoning and Ford Road address support continued consideration for retail occupancy. The improvements provide a refreshed physical setting while retaining the building’s established commercial structure.
The retail space is located at 29916 Ford Road in Garden City, Michigan. Its commercial zoning and Ford Road address support continued consideration for retail occupancy. The improvements provide a refreshed physical setting while retaining the building’s established commercial structure.
Key Highlights
- 6,100 SF retail property configured as 1 unit
- Fully renovated building with new mechanical systems
- New windows and doors
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
$57,799
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
4.62%
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%
$1,155,980
$1.2M
Cap Rate 7%
$825,700
$825.7K
Cap Rate 9%
$642,211
$642.2K
Market Conditions
NOI Build-Up for 6,100 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
$87.8K $14.40/SF
− Vacancy
−$5.3K −$0.86/SF
EGI
$82.6K $13.54/SF
− OpEx
−$24.8K −$4.06/SF
NOI
$57.8K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /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%
$1,155,980
Cap Rate 7%
$825,700
Cap Rate 9%
$642,211
Alternative Uses
Best Use
Retail
$825.7K
$722.5K – $963.3K
NOI $57,799 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.13M
$988.2K – $1.32M
NOI $79,056 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
154k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 34%
Groceries 15%
Apparel 4%
McDonald's
Dining
32,019 visits/mo
0.3 miles
Aldi
Groceries
23,491 visits/mo
0.2 miles
Dollar Tree
Shops & Services
16,471 visits/mo
0.4 miles
BP
Shops & Services
14,636 visits/mo
0.2 miles
Tim Hortons
Dining
11,362 visits/mo
0.2 miles
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - New mechanicals, windows, doors, and newer plumbing are in place.
Where is this retail space located?
The property is located at 29916 FORD RD Garden City, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 6,100 SF retail property configured as 1 unit; Fully renovated building with new mechanical systems; New windows and doors
