Corner Lot Retail/Office
For Sale
Contact for pricing
Pending
341 W 7 MILE Road, Highland Park, MI 48203
Wide-open corner-lot building with on-site parking and updated 200-amp electrical service for flexible retail or office use.
Property Size3,240 SF
Days on Market145
Property Features for 341 W 7 MILE Road
General Information
Standard status
Pending
Size
3,240 SF
Property subtype
Retail, Office
Building Details
Year Built
1941
Listing Agency:
Herbert J Hill Realty Real Estate Master
(313) 341-2656
Listed By:
Herbert Hill · License #MI
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 8 at 11:37AM
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 Herbert J Hill Realty Real Estate Master
Investment Insights
Based on property information with market context.
This approximately 3,000 SF commercial building is positioned on a highly visible corner lot with about 60 feet of frontage. The interior is described as a wide-open layout, providing an adaptable base for retail, office, or service-focused build-outs. The property also includes on-site parking adjacent to the structure. Electrical service has been updated with a 200 AMP service, with an exterior meter and riser already in place. The building is being sold as-is.
The asset is located on the Seven Mile corridor and benefits from corner visibility, paired with direct access from the on-site parking near the building. This combination supports businesses that rely on walk-up traffic and convenient customer parking.
As an owner-user or investor, the open floor plan can accommodate a range of layout configurations, depending on the intended concept. With updated electrical infrastructure already installed, new occupants and designers can focus on customizing the space to meet their operating needs. The property’s retail/office versatility and straightforward configuration make it well-suited for operators seeking a build-out-to-suit environment.
The asset is located on the Seven Mile corridor and benefits from corner visibility, paired with direct access from the on-site parking near the building. This combination supports businesses that rely on walk-up traffic and convenient customer parking.
As an owner-user or investor, the open floor plan can accommodate a range of layout configurations, depending on the intended concept. With updated electrical infrastructure already installed, new occupants and designers can focus on customizing the space to meet their operating needs. The property’s retail/office versatility and straightforward configuration make it well-suited for operators seeking a build-out-to-suit environment.
Key Highlights
- Approximately 3,000 SF commercial building on a highly visible corner lot on the Seven Mile corridor
- 60 feet of frontage plus on‑site parking adjacent to the structure
- Wide‑open layout designed for customization for retail, office, or service businesses
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
$11,154
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
5.58%
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%
$223,080
$223.1K
Cap Rate 7%
$159,343
$159.3K
Cap Rate 9%
$123,933
$123.9K
Market Conditions
NOI Build-Up for 3,240 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
$19.4K $6.00/SF
− Vacancy
−$4.6K −$1.41/SF
EGI
$14.9K $4.59/SF
− OpEx
−$3.7K −$1.15/SF
NOI
$11.2K $3.44/SF
Area
Wayne County, MI
Vacancy
23.50%
Lease Rate
$6.00 /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%
$223,080
Cap Rate 7%
$159,343
Cap Rate 9%
$123,933
Alternative Uses
Best Use
Retail
$438.6K
$383.8K – $511.7K
NOI $30,700 @ 7.0% cap · market cap 15.35%
Second Best
Office B
$159.3K
$139.4K – $185.9K
NOI $11,154 @ 7.0% cap · market cap 5.58%
Theoretical Best
Specialty Retail
$599.9K
$524.9K – $699.8K
NOI $41,990 @ 7.0% cap · market cap 21.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Wide-open corner-lot building with on-site parking and updated 200-amp electrical service for flexible retail or office use.
Where is this retail space located?
The property is located at 341 W 7 MILE Road Highland Park, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Approximately 3,000 SF commercial building on a highly visible corner lot on the Seven Mile corridor; 60 feet of frontage plus on‑site parking adjacent to the structure; Wide‑open layout designed for customization for retail, office, or service businesses
