Mixed-Use Restaurant and
For Sale
$1,700,000
3143 W MCNICHOLS Road, Detroit, MI 48221
Mixed-use property with an upgraded restaurant/bar and two upper three-bedroom apartments plus a full basement and four-car garage.
Property Size8,625 SF
Price / SF$197.10
Days on Market215
Property Features for 3143 W MCNICHOLS Road
General Information
Standard status
Active
Size
8,625 SF
Total Parking Spaces
4
Property subtype
Industrial
Additional Details
Business Included
Yes
Liquor License
Yes
Multifamily Units
2
Amenities
3
Building Details
Year Built
19
Listing Agency:
Leboursia Realty Group
(313) 861-2626
Listed By:
Quinnon Martin · License #6501179804
Source:
Xome
Added: Jan 8
Changed: Aug 8
Last Checked: Aug 11 at 4:45AM
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.
The Wildemere is a mixed-use commercial building with a fully upgraded restaurant/bar and grill and two upper three-bedroom apartments. The interior offers an open, versatile layout, and the restaurant features a modern kitchen with granite counters. The building has a solid brick exterior and has been updated with new windows and upgraded HVAC and electrical systems.
The property is located in the University of Detroit area, and the public remarks describe strong local visibility with steady activity from new investment.
In addition to the restaurant and upper apartments, the building includes a full basement and a four-car garage. A Class C liquor license is included with the sale.
The property is located in the University of Detroit area, and the public remarks describe strong local visibility with steady activity from new investment.
In addition to the restaurant and upper apartments, the building includes a full basement and a four-car garage. A Class C liquor license is included with the sale.
Key Highlights
- Mixed‑use commercial building featuring a restaurant/bar and 2 upper 3‑bedroom apartments
- Fully upgraded with new windows, HVAC, and electrical
- Restaurant/bar & grill includes a modern kitchen with granite counters
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
Multifamily LT 5
$1.41M
$1.23M – $1.64M
NOI $98,571 @ 7.0% cap · market cap 5.80%
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
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Liquor license
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 property with an upgraded restaurant/bar and two upper three-bedroom apartments plus a full basement and four-car garage.
Where is this bar & pub located?
The property is located at 3143 W MCNICHOLS Road 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: Mixed‑use commercial building featuring a restaurant/bar and 2 upper 3‑bedroom apartments; Fully upgraded with new windows, HVAC, and electrical; Restaurant/bar & grill includes a modern kitchen with granite counters
