Three-Unit Retail
For Sale
$455,000
31100 Hoover Road, Warren, MI 48093
Three-unit retail property with one barbershop, one occupied multi-service business, and one vacant leasing unit.
Property Size2,200 SF
Days on Market453
Property Features for 31100 Hoover Road
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Business Included
Yes
Building Details
Building Size
2,200 SF
Year Built
1963
Tenancy
Multi
Listing Agency:
American Realtors
(586) 765-6197
Listed By:
Syed Moin
(586) 765-6197
Source:
Homesforsaleinmich
Added: May 26, 2025
Changed: Aug 15
Last Checked: Aug 20 at 2:08PM
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 American Realtors
Investment Insights
Based on property information with market context.
This three-unit retail property includes a currently operating barbershop, a unit occupied by a multi-service business, and a separate vacant unit available for lease. The building is set up to support multiple tenants within a single complex.
The property is described as being near a shopping plaza and other retail businesses, including Walgreens. The surrounding area is noted to include restaurants, grocery stores, a pharmacy, and dry cleaners, which can support day-to-day retail traffic in the trade area.
For buyers seeking a small retail ownership with diversified on-site use, the mix of an operating barbershop plus an occupied multi-service unit may provide continuity of revenue activity, while the vacant unit offers leasing flexibility for a new tenant. The vacant unit is positioned to be marketed for an appropriate retail or service concept consistent with the building’s existing tenant mix.
The property is described as being near a shopping plaza and other retail businesses, including Walgreens. The surrounding area is noted to include restaurants, grocery stores, a pharmacy, and dry cleaners, which can support day-to-day retail traffic in the trade area.
For buyers seeking a small retail ownership with diversified on-site use, the mix of an operating barbershop plus an occupied multi-service unit may provide continuity of revenue activity, while the vacant unit offers leasing flexibility for a new tenant. The vacant unit is positioned to be marketed for an appropriate retail or service concept consistent with the building’s existing tenant mix.
Key Highlights
- Three‑unit retail/commercial building built in 1963
- Unit mix includes an operating barbershop, a multi‑service business, and a vacant unit available for lease
- Vacant unit offers leasing opportunity within the same three‑unit complex
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
$27,097
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
5.96%
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%
$541,940
$541.9K
Cap Rate 7%
$387,100
$387.1K
Cap Rate 9%
$301,078
$301.1K
Market Conditions
NOI Build-Up for 2,200 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
$40.9K $18.60/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$38.7K $17.60/SF
− OpEx
−$11.6K −$5.28/SF
NOI
$27.1K $12.32/SF
Area
Warren, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$541,940
Cap Rate 7%
$387,100
Cap Rate 9%
$301,078
Alternative Uses
Best Use
Retail
$387.1K
$338.7K – $451.6K
NOI $27,097 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$485.3K
$424.7K – $566.2K
NOI $33,973 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
39k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 34%
Taco Bell
Dining
10,197 visits/mo
0.2 miles
7-Eleven
Shops & Services
9,428 visits/mo
0.0 miles
Citgo
Shops & Services
6,581 visits/mo
0.1 miles
Marathon Petroleum
Shops & Services
4,365 visits/mo
0.0 miles
Valero Energy
Shops & Services
4,068 visits/mo
0.1 miles
Demographics for 48093, MI
24,780
Population
10,480
Households
2.4
Avg Household Size
43
Median Age
26%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,200
Density / Sq Mi
$66,420
Median Household Income
$42,685
Median Earnings
$1,123
Median Rent
$197,100
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?
Storefront property - Three-unit retail property with one barbershop, one occupied multi-service business, and one vacant leasing unit.
Where is this storefront property located?
The property is located at 31100 Hoover Road Warren, MI.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Three‑unit retail/commercial building built in 1963; Unit mix includes an operating barbershop, a multi‑service business, and a vacant unit available for lease; Vacant unit offers leasing opportunity within the same three‑unit complex
