Grocery and Convenience Store with Monument
For Sale
$699,900
32640 Utica Road, Fraser, MI 48026
Positioned on Utica Road near Groesbeck Road and 14 Mile.
Property Size3,600 SF
Price / SF$194.42
Days on Market27
Property Features for 32640 Utica Road
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash, Contract, Conventional
Additional Details
Road Access
Yes
Liquor License
No
Taxes and HOA fees
Annual Taxes
$8,914
Building Details
Building Size
3,600 SF
Year Built
1960
Stories
1
Listing Agency:
Community Choice Realty Inc
(586) 822-9717
Listed By:
Fadi Akkam · License #423330
(586) 822-9717
Source:
Sabudarealty
Added: Jul 14
Changed: Aug 8
Last Checked: Aug 8 at 12:23PM
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 Community Choice Realty Inc
Investment Insights
Based on property information with market context.
This 3,600-square-foot convenience store property was built in 1960 and carries Commercial zoning. The building includes prominent monument signage and is being offered without a liquor license.
The property is located at 32640 Utica Road in Fraser, just south of 14 Mile and near Groesbeck Road. The site fronts a heavily traveled road, with adjacent vacant land also available for sale. The surrounding configuration may accommodate consideration of additional business concepts, including drive-through or carwash uses, as described for the adjoining parcel.
The property is located at 32640 Utica Road in Fraser, just south of 14 Mile and near Groesbeck Road. The site fronts a heavily traveled road, with adjacent vacant land also available for sale. The surrounding configuration may accommodate consideration of additional business concepts, including drive-through or carwash uses, as described for the adjoining parcel.
Key Highlights
- 3,600 SF convenience store building
- Commercial zoning
- Prominent monument signage
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
$47,178
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
6.74%
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%
$943,560
$943.6K
Cap Rate 7%
$673,971
$674.0K
Cap Rate 9%
$524,200
$524.2K
Market Conditions
NOI Build-Up for 3,600 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
$71.3K $19.80/SF
− Vacancy
−$8.4K −$2.33/SF
EGI
$62.9K $17.47/SF
− OpEx
−$15.7K −$4.37/SF
NOI
$47.2K $13.11/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /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%
$943,560
Cap Rate 7%
$673,971
Cap Rate 9%
$524,200
Alternative Uses
Best Use
Specialty Retail
$674.0K
$589.7K – $786.3K
NOI $47,178 @ 7.0% cap · market cap 6.74%
Second Best
Retail
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 3.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
484
Businesses Nearby
49k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 36%
Home Improvements & Furnishings 4%
El Charro
Dining
19,876 visits/mo
0.2 miles
Speedway
Shops & Services
17,631 visits/mo
0.3 miles
Ram's Horn
Dining
9,572 visits/mo
0.4 miles
True Value Hardware
Home Improvements & Furnishings
1,805 visits/mo
0.2 miles
Demographics for 48026, MI
14,726
Population
6,778
Households
2.2
Avg Household Size
44
Median Age
21%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
3,592
Density / Sq Mi
$61,118
Median Household Income
$40,198
Median Earnings
$827
Median Rent
$193,600
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
- Oakridge Supermarket — 31240 Groesbeck Hwy, Fraser, MI 48026
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Positioned on Utica Road near Groesbeck Road and 14 Mile.
Where is this grocery and convenience store located?
The property is located at 32640 Utica Road Fraser, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,600 SF convenience store building; Commercial zoning; Prominent monument signage
