Freestanding Auto Parts Retail
For Sale
Contact for pricing
33350 Schoenherr Rd, Sterling Heights, MI 48312
Freestanding 1995-built auto parts store with double-net structure and approximately 2.5 years remaining on the current lease.
Property Size10,000 SF
Price / SF$180.50
Days on Market53
Property Features for 33350 Schoenherr Rd
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$135,340
Building Details
Year Built
1995
Buildings
1
Tenancy
Single
Listing Agency:
CBRE
Listed By:
David Hesano · License #MI 6501300653
Source:
Crexi
Added: Jul 8
Changed: Aug 17
Last Checked: Aug 29 at 6:33AM
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 CBRE
Investment Insights
Based on property information with market context.
Constructed in 1995, this freestanding O’Reilly auto parts store was originally built for Murray’s Auto Parts and remains operated by O’Reilly at the location. The property includes an active lease with approximately two and a half (2.5) years remaining on the current term, followed by three (3) option periods that include 5% rental rate increases in each option. The lease is structured as double-net (NN), with landlord responsibilities limited to the roof, structure, outer walls, and utility service lines.
Located at 33350 Schoenherr Rd in Sterling Heights, Michigan, the store operates within a densely populated suburban trade area.
O’Reilly Auto Parts is a national brand with more than 6,600 stores across the United States, Canada, and Mexico.
Located at 33350 Schoenherr Rd in Sterling Heights, Michigan, the store operates within a densely populated suburban trade area.
O’Reilly Auto Parts is a national brand with more than 6,600 stores across the United States, Canada, and Mexico.
Key Highlights
- Freestanding auto parts store built in 1995 for Murray's Auto Parts, currently operated by O'Reilly Auto Parts
- Approximately 2.5 years remaining on the current lease term with three remaining option periods
- 5% rental rate increases in each of the three remaining option periods
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
$120,175
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
6.66%
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%
$2,403,500
$2.4M
Cap Rate 7%
$1,716,786
$1.7M
Cap Rate 9%
$1,335,278
$1.3M
Market Conditions
NOI Build-Up for 10,000 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
$186.0K $18.60/SF
− Vacancy
−$14.3K −$1.43/SF
EGI
$171.7K $17.17/SF
− OpEx
−$51.5K −$5.15/SF
NOI
$120.2K $12.02/SF
Area
Sterling Heights, MI
Vacancy
7.70%
Lease Rate
$18.60 /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%
$2,403,500
Cap Rate 7%
$1,716,786
Cap Rate 9%
$1,335,278
Alternative Uses
Best Use
Retail
$1.72M
$1.50M – $2.00M
NOI $120,175 @ 7.0% cap · market cap 6.66%
Second Best
Industrial
$733.9K
$642.2K – $856.2K
NOI $51,373 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$2.21M
$1.93M – $2.57M
NOI $154,423 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
95k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 31%
Superstores 19%
Electronics 2%
Speedway
Shops & Services
18,410 visits/mo
0.2 miles
Big Lots
Superstores
17,686 visits/mo
0.2 miles
Dunkin' Donuts
Dining
9,362 visits/mo
0.3 miles
BIGGBY COFFEE
Dining
8,053 visits/mo
0.4 miles
Chase Bank
Shops & Services
6,761 visits/mo
0.2 miles
Demographics for 48312, MI
34,854
Population
14,282
Households
2.4
Avg Household Size
42
Median Age
31%
College-Educated
87%
High-School Grad
11.1 sq mi
ZIP Area
3,140
Density / Sq Mi
$71,266
Median Household Income
$40,488
Median Earnings
$1,176
Median Rent
$253,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Kwik Start Towing
- Napoleon's Auto Service Inc — 13651 E 14 Mile Rd, Sterling Heights, MI 48312
- Access Systems Sterling Heights — 34863 schoenherr rd, sterling heights, mi 48312
Frequently Asked Questions
What type of property is this?
Auto shop - Freestanding 1995-built auto parts store with double-net structure and approximately 2.5 years remaining on the current lease.
Where is this auto shop located?
The property is located at 33350 Schoenherr Rd Sterling Heights, MI.
What is the asking price?
The asking price for this property is $1,805,000.
What are key features of this property?
This property features: Freestanding auto parts store built in 1995 for Murray's Auto Parts, currently operated by O'Reilly Auto Parts; Approximately 2.5 years remaining on the current lease term with three remaining option periods; 5% rental rate increases in each of the three remaining option periods
