Storefront Property with Flexible
For Sale
$1,500,000
32315 Grand River Ave, Farmington, MI 48334
Existing commercial space supports retail, medical, showroom, and service-oriented uses near Downtown Farmington.
Property Size11,736 SF
Lot Size0.86 Acres
Price / SF$127.81
Days on Market36
Property Features for 32315 Grand River Ave
General Information
Standard status
Active
Size
11,736 SF
Total Parking Spaces
100
Lot size
0.86 Acres
Property subtype
Retail - Freestanding
Additional Details
Road Access
Yes
Land Use
retail, commercial
Building Details
Building Size
11,736 SF
Year Built
1946
Year Renovated
1980
Buildings
1
Listing Agency:
P.A. Commercial
(248) 987-5418
Listed By:
Dan Blugerman
Source:
Commercialcafe
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 29 at 10:01PM
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 P.A. Commercial
Investment Insights
Based on property information with market context.
The property includes an existing 11,736 SF commercial building with 11' ceilings on a 0.86-acre site. Its established footprint is suitable for retail, medical, showroom, and service-oriented uses, with approximately 100 shared parking spaces available through an easement involving the neighboring office property. The building was constructed in 1946 and was previously occupied by a furniture retailer.
Located along Grand River Avenue near Downtown Farmington, the property is positioned within the Grand River Corridor Overlay District. The overlay provides development flexibility, including increased density and building heights of up to four stories, while the zoning framework supports mixed-use, residential, and commercial concepts.
An adjacent property at 32305 Grand River Avenue may also be acquired, creating an assemblage of approximately 1.37 acres with the full Grand River frontage and existing parking field. Eligible projects may qualify for TIF and Corridor Improvement Authority incentives.
Located along Grand River Avenue near Downtown Farmington, the property is positioned within the Grand River Corridor Overlay District. The overlay provides development flexibility, including increased density and building heights of up to four stories, while the zoning framework supports mixed-use, residential, and commercial concepts.
An adjacent property at 32305 Grand River Avenue may also be acquired, creating an assemblage of approximately 1.37 acres with the full Grand River frontage and existing parking field. Eligible projects may qualify for TIF and Corridor Improvement Authority incentives.
Key Highlights
- 11,736 SF commercial building with 11' ceilings
- 0.86‑acre site within the Grand River Corridor Overlay District
- Approximately 100 shared parking spaces through an easement agreement
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
$126,284
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
8.42%
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%
$2,525,680
$2.5M
Cap Rate 7%
$1,804,057
$1.8M
Cap Rate 9%
$1,403,156
$1.4M
Market Conditions
NOI Build-Up for 11,736 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
$197.2K $16.80/SF
− Vacancy
−$16.8K −$1.43/SF
EGI
$180.4K $15.37/SF
− OpEx
−$54.1K −$4.61/SF
NOI
$126.3K $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%
$2,525,680
Cap Rate 7%
$1,804,057
Cap Rate 9%
$1,403,156
Alternative Uses
Best Use
Retail
$1.80M
$1.58M – $2.10M
NOI $126,284 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.53M
$2.21M – $2.95M
NOI $177,195 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Farmington Florist On Nine — 22006 Farmington Rd, Farmington, MI 48336
- M&D Flowers — 33321 Grand River Ave, Farmington, MI 48336
- Springbrook Gardens Florist — 23614 Power Rd, Farmington, MI 48336
Frequently Asked Questions
What type of property is this?
Storefront property - Existing commercial space supports retail, medical, showroom, and service-oriented uses near Downtown Farmington.
Where is this storefront property located?
The property is located at 32315 Grand River Ave Farmington, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 11,736 SF commercial building with 11' ceilings; 0.86‑acre site within the Grand River Corridor Overlay District; Approximately 100 shared parking spaces through an easement agreement
