Corner Retail Space with Pylon
New
For Sale
$450,000
31799 Middlebelt Road, Farmington Hills, MI 48334
Commercial Sale, Farmington Hills, MI
Property Size2,400 SF
Lot Size0.20 Acres
Price / SF$187.50
Days on Market3
Property Features for 31799 Middlebelt Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B1; Local Busin
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Farmington
Middle school district
Farmington
High school district
Farmington
Standard status
Active
APN
23-02-426-005
Size
2,400 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
T1N, R9E, SEC 2 PART OF SE 1/4 BEG AT PT DIST S 480 FT FROM E 1/4 COR, TH S 120.85 FT, TH N 74-58-54 W 119.06 FT, TH N 9
Tax Annual Amount
6061
Legal Description
T1N, R9E, SEC 2 PART OF SE 1/4 BEG AT PT DIST S 480 FT FROM E 1/4 COR, TH S 120.85 FT, TH N 74-58-54 W 119.06 FT, TH N 9
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Building Details
Year built
1967
Number of units
2
Listing Agency:
GRI Homes for Today
(248) 234-6789
Listed By:
Tjader Gerdom · License #6502357230
(248) 515-7606
Added: Sep 18
Last Checked: Sep 20 at 5:06AM
MLS# 26049963
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,400-square-foot retail space was built in 1967 and occupies the northwest corner of Middlebelt Road and Northwestern Highway. The property includes two bathrooms, forced-air heating, and natural gas availability. Pylon signage is available for the premises.
The site is positioned near office-oriented daytime activity along Northwestern Highway and established residential neighborhoods that contribute evening traffic. The parking field has been recently updated, adding a refreshed on-site parking component to the property. The space is suited to restaurant, service, and retail uses.
The site is positioned near office-oriented daytime activity along Northwestern Highway and established residential neighborhoods that contribute evening traffic. The parking field has been recently updated, adding a refreshed on-site parking component to the property. The space is suited to restaurant, service, and retail uses.
Key Highlights
- 2,400‑square‑foot retail space built in 1967
- Northwest corner of Middlebelt Road and Northwestern Highway
- Pylon signage available
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
$25,825
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
5.74%
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%
$516,500
$516.5K
Cap Rate 7%
$368,929
$368.9K
Cap Rate 9%
$286,944
$286.9K
Market Conditions
NOI Build-Up for 2,400 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
$40.3K $16.80/SF
− Vacancy
−$3.4K −$1.43/SF
EGI
$36.9K $15.37/SF
− OpEx
−$11.1K −$4.61/SF
NOI
$25.8K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$516,500
Cap Rate 7%
$368,929
Cap Rate 9%
$286,944
Alternative Uses
Best Use
Retail
$368.9K
$322.8K – $430.4K
NOI $25,825 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$517.7K
$453.0K – $603.9K
NOI $36,236 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,305
Businesses Nearby
24k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 58%
Shops & Services 42%
Buddy's Pizza
Dining
14,019 visits/mo
0.1 miles
Shell
Shops & Services
7,346 visits/mo
0.1 miles
Community Choice Credit Union
Shops & Services
2,621 visits/mo
0.4 miles
Demographics for 48334, MI
18,731
Population
8,528
Households
2.2
Avg Household Size
45
Median Age
59%
College-Educated
96%
High-School Grad
9.1 sq mi
ZIP Area
2,058
Density / Sq Mi
$98,937
Median Household Income
$56,067
Median Earnings
$1,511
Median Rent
$327,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two bathrooms, forced-air heating, and natural gas availability support restaurant, service, or retail operations.
Where is this retail space located?
The property is located at 31799 Middlebelt Road Farmington Hills, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,400‑square‑foot retail space built in 1967; Northwest corner of Middlebelt Road and Northwestern Highway; Pylon signage available
