General Commercial
For Sale
$298,900
35389 23 Mile Road, New Baltimore, MI 48047
COMMERCIAL - New Baltimore, MI
Property Size1,328 SF
Lot Size0.42 Acres
Price / SF$225.08
Days on Market49
Property Features for 35389 23 Mile Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Parking features
Off Street
Subdivision
Cricklewood
Lot features
Main Street
Standard status
Active
APN
0913376022
Size
1,328 SF
Lot size
0.42 Acres
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1954
Listing Agency:
Realty Executives Home Towne Chesterfield · Realty Executives International
(586) 949-8300
Listed By:
Michael Birach · License #6506012800
(586) 531-3941
Added: Jun 19
Changed: Aug 4
Last Checked: Aug 6 at 6:06PM
MLS# 50212017
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.42-acre commercial property includes a 1,328-square-foot improvement built in 1954, with a basement, forced-air heating, public water, and off-street parking. General Commercial zoning supports a range of stated uses, including professional and medical offices, personal services, retail business, day-care operations, and beauty or barber services.
The property is positioned on 23 Mile Road in New Baltimore, near the downtown area and along a high-traffic road. Its existing improvements and commercial zoning provide a foundation for office, service, retail, or day-care occupancy, subject to applicable approvals and requirements.
The property is positioned on 23 Mile Road in New Baltimore, near the downtown area and along a high-traffic road. Its existing improvements and commercial zoning provide a foundation for office, service, retail, or day-care occupancy, subject to applicable approvals and requirements.
Key Highlights
- 0.42‑acre commercial parcel in New Baltimore
- 1,328 square feet of improvements built in 1954
- General Commercial zoning
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
$13,923
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
4.66%
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%
$278,460
$278.5K
Cap Rate 7%
$198,900
$198.9K
Cap Rate 9%
$154,700
$154.7K
Market Conditions
NOI Build-Up for 1,328 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
$26.3K $19.80/SF
− Vacancy
−$3.1K −$2.33/SF
EGI
$23.2K $17.47/SF
− OpEx
−$9.3K −$6.99/SF
NOI
$13.9K $10.48/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
40.00%
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%
$278,460
Cap Rate 7%
$198,900
Cap Rate 9%
$154,700
Alternative Uses
Best Use
Healthcare Medical
$198.9K
$174.0K – $232.1K
NOI $13,923 @ 7.0% cap · market cap 4.66%
Second Best
Retail
$140.2K
$122.7K – $163.6K
NOI $9,817 @ 7.0% cap · market cap 3.28%
Theoretical Best
Specialty Retail
$248.6K
$217.6K – $290.1K
NOI $17,404 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
484
Businesses Nearby
Explore this area
Business Placement
Demographics for 48047, MI
39,775
Population
16,765
Households
2.4
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
18.0 sq mi
ZIP Area
2,210
Density / Sq Mi
$95,381
Median Household Income
$50,151
Median Earnings
$1,109
Median Rent
$297,600
Median Home Value
Market
Vacancy Rate% for Office 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?
Commercial land - General Commercial zoning supports professional, medical, retail, personal-service, and day-care uses.
Where is this commercial land located?
The property is located at 35389 23 Mile Road New Baltimore, MI.
What is the asking price?
The asking price for this property is $298,900.
What are key features of this property?
This property features: 0.42‑acre commercial parcel in New Baltimore; 1,328 square feet of improvements built in 1954; General Commercial zoning
