Restaurant, Bar &
For Sale
$1,700,000
3143 W MCNICHOLS Rd, Detroit, MI 48221
Mixed-use building with restaurant, bar, and apartments in Detroit.
Property Size8,625 SF
Days on Market110
Property Features for 3143 W MCNICHOLS Rd
General Information
Standard status
Active
Size
8,625 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,885
Building Details
Building Size
8,625 SF
Year Built
1975
Units
2
Listing Agency:
Leboursia Realty Group
(313) 861-2626
Listed By:
Quinnon L Martin III · License #6501179804
(313) 861-2626
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 10 at 8:13AM
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 Leboursia Realty Group
Investment Insights
Based on property information with market context.
This mixed-use commercial building, known as "The Wildemere", is located in the University of Detroit area. The property features a restaurant, bar, and grill. The building has been upgraded with new windows, HVAC, and electrical systems. The modern kitchen includes granite counters. The solid brick exterior complements the open, versatile interior space. The property includes two upper-level three-bedroom apartments that generate income. The structure incorporates design and craftsmanship to create a lofty atmosphere. Additional features include a full basement and a four-car garage. The area is experiencing increased activity and new investment, attracting steady traffic and strong local visibility. A Class C liquor license is included with the property.
Key Highlights
- Impeccable restaurant, bar, and grill with Class C liquor license included.
- Mixed‑use commercial building in the prestigious University of Detroit area.
- Two upper‑level 3‑bedroom apartments (income‑producing).
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
$113,822
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
6.70%
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%
$2,276,440
$2.3M
Cap Rate 7%
$1,626,029
$1.6M
Cap Rate 9%
$1,264,689
$1.3M
Market Conditions
NOI Build-Up for 8,625 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
$160.4K $18.60/SF
− Vacancy
−$8.7K −$1.00/SF
EGI
$151.8K $17.60/SF
− OpEx
−$37.9K −$4.40/SF
NOI
$113.8K $13.20/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,276,440
Cap Rate 7%
$1,626,029
Cap Rate 9%
$1,264,689
Alternative Uses
Best Use
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,822 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,482 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,190 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48221, MI
38,204
Population
17,452
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
7,347
Density / Sq Mi
$55,583
Median Household Income
$37,019
Median Earnings
$1,174
Median Rent
$138,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Mixed-use building with restaurant, bar, and apartments in Detroit.
Where is this bar & pub located?
The property is located at 3143 W MCNICHOLS Rd Detroit, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Impeccable restaurant, bar, and grill with Class C liquor license included.; Mixed‑use commercial building in the prestigious University of Detroit area.; Two upper‑level 3‑bedroom apartments (income‑producing).
