Mixed-Use Building in Downtown
For Sale
Contact for pricing
32821-32905 Grand River Ave, Farmington, MI 48336
Two-story mixed-use building with restaurant and apartments in Farmington, MI.
Property Size9,584 SF
Lot Size0.76 Acres
Price / SF$313.02
Days on Market294
Property Features for 32821-32905 Grand River Ave
General Information
Standard status
Active
Size
9,584 SF
Class
A
Total Parking Spaces
39
Lot size
0.76 Acres
Property subtype
Retail, Multifamily, Mixed Use
Zoning
CBD
Occupancy
100%
Building Details
Year Built
2009
Year Renovated
2019
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
P.A. Commercial Corporate & Investment Real Estate
Listed By:
Dan Blugerman · License #MI 6501181718
Source:
Crexi
Added: Oct 22, 2025
Changed: Aug 9
Last Checked: Aug 10 at 1:44PM
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 Corporate & Investment Real Estate
Investment Insights
Based on property information with market context.
Located in Downtown Farmington, this two-story mixed-use building offers a rare investment opportunity. Constructed in 2009 and extensively renovated in 2019, the 9,284 square-foot building includes an additional 4,294 square-foot basement. The property sits on 0.76 acres and provides modernized infrastructure, elevator access to upper-floor residences, and on-site parking for 39 vehicles. The ground floor features a fully equipped, operating restaurant with 140 indoor seats and a 32-seat patio. The restaurant includes a lower-level storage/cooler area with elevator access. The restaurant's liquor license and turnkey buildout present an ideal setup for an owner-operator or investor. The second level houses three apartments, each with private patios and individual HVAC and utilities. The apartments are fully leased and offer income upside for new ownership. This property is an approved Planned Unit Development (PUD) project that allows for Phase II expansion, with potential to add a 2–4 story mixed-use addition featuring additional apartments and first-floor retail or restaurant space.
Key Highlights
- Rare mixed‑use investment property in Downtown Farmington, a highly desirable location.
- Fully equipped, operating restaurant (Crazy Crab) with liquor license and 172 total seats (indoor and patio).
- Three fully leased apartments with individual utilities and below‑market rents, offering immediate income upside.
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
$144,703
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
4.82%
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%
$2,894,060
$2.9M
Cap Rate 7%
$2,067,186
$2.1M
Cap Rate 9%
$1,607,811
$1.6M
Market Conditions
NOI Build-Up for 9,584 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
$207.0K $21.60/SF
− Vacancy
−$14.1K −$1.47/SF
EGI
$192.9K $20.13/SF
− OpEx
−$48.2K −$5.03/SF
NOI
$144.7K $15.10/SF
Area
Oakland County, MI
Vacancy
6.80%
Lease Rate
$21.60 /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%
$2,894,060
Cap Rate 7%
$2,067,186
Cap Rate 9%
$1,607,811
Alternative Uses
Best Use
Specialty Retail
$2.07M
$1.81M – $2.41M
NOI $144,703 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,560 @ 7.0% cap · market cap 3.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
Explore this area
Business Placement
Demographics for 48336, MI
26,802
Population
12,296
Households
2.2
Avg Household Size
42
Median Age
44%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,882
Density / Sq Mi
$85,325
Median Household Income
$54,077
Median Earnings
$1,141
Median Rent
$247,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use building with restaurant and apartments in Farmington, MI.
Where is this mixed-use property located?
The property is located at 32821-32905 Grand River Ave Farmington, MI.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Rare mixed‑use investment property in Downtown Farmington, a highly desirable location.; Fully equipped, operating restaurant (Crazy Crab) with liquor license and **172 total seats (indoor and patio)**.; Three fully leased apartments with individual utilities and below‑market rents, offering immediate income upside.
