Two-Space Retail
New
For Sale
$500,000
3631 Miller Rd, Flint, MI 48503
Separate commercial suites provide flexibility for distinct retail uses, including an approved smoke shop configuration.
Property Size1,421 SF
Days on Market3
Property Features for 3631 Miller Rd
General Information
Standard status
Active
Size
1,421 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,872
Building Details
Building Size
1,421 SF
Year Built
1952
Listing Agency:
AAA McNamara Properties Inc
Listed By:
Hilda McNamara · License #6502374679
(810) 733-2226
Source:
Elliman
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 8:24AM
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 AAA McNamara Properties Inc
Investment Insights
Based on property information with market context.
Built in 1952, this commercial storefront contains two separately configured spaces within one building. One suite is occupied by a mobile phone retailer and may accommodate multiple uses, while the other has zoning and approval for smoke shop operations.
The property is located at 3631 Miller Rd in Flint, Michigan. The offering includes the real estate only, providing a straightforward acquisition of the building and its two-space layout.
The property is located at 3631 Miller Rd in Flint, Michigan. The offering includes the real estate only, providing a straightforward acquisition of the building and its two-space layout.
Key Highlights
- Two separate commercial spaces within one building
- One space currently operates as a mobile phone store
- Second space is zoned and approved for a smoke shop
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
$14,751
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
2.95%
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%
$295,020
$295.0K
Cap Rate 7%
$210,729
$210.7K
Cap Rate 9%
$163,900
$163.9K
Market Conditions
NOI Build-Up for 1,421 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
$22.0K $15.48/SF
− Vacancy
−$924 −$0.65/SF
EGI
$21.1K $14.83/SF
− OpEx
−$6.3K −$4.45/SF
NOI
$14.8K $10.38/SF
Area
Genesee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$295,020
Cap Rate 7%
$210,729
Cap Rate 9%
$163,900
Alternative Uses
Best Use
Retail
$210.7K
$184.4K – $245.9K
NOI $14,751 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$299.0K
$261.6K – $348.9K
NOI $20,931 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48503, MI
21,743
Population
11,823
Households
1.8
Avg Household Size
39
Median Age
18%
College-Educated
85%
High-School Grad
8.5 sq mi
ZIP Area
2,558
Density / Sq Mi
$40,155
Median Household Income
$29,689
Median Earnings
$842
Median Rent
$75,400
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Separate commercial suites provide flexibility for distinct retail uses, including an approved smoke shop configuration.
Where is this storefront property located?
The property is located at 3631 Miller Rd Flint, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two separate commercial spaces within one building; One space currently operates as a mobile phone store; Second space is zoned and approved for a smoke shop
