New
For Sale
$249,900
35389 23 Mile Road, New Baltimore, MI 48047
COM/IND/BUS OPP, New Baltimore, MI
Property Size1,328 SF
Lot Size0.42 Acres
Price / SF$188.18
Days on Market2
Property Features for 35389 23 Mile Road
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Lot features
Main Street
Subdivision
New Baltimore (50010)
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
(586) 531-3941
Added: Oct 27
Last Checked: Oct 28 at 10:06PM
MLS# 50226048
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.
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Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,471
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$249,420
$249.4K
Cap Rate 7%
$178,157
$178.2K
Cap Rate 9%
$138,567
$138.6K
Market Conditions
NOI Build-Up for 1,328 SF
Gross rent
$24.4K $18.36/SF
− Vacancy
−$1.7K −$1.29/SF
EGI
$22.7K $17.07/SF
− OpEx
−$10.2K −$7.68/SF
NOI
$12.5K $9.39/SF
Area
Macomb County, MI
Vacancy
7.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$249,420
Cap Rate 7%
$178,157
Cap Rate 9%
$138,567
Alternative Uses
Best Use
Apartment 5plus
$178.2K
$155.9K – $207.9K
NOI $12,471 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$248.6K
$217.6K – $290.1K
NOI $17,404 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
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
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Frequently Asked Questions
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 $249,900.
