Shopping Center Retail
For Sale
$9,500,000
37270 Van Dyke Ave, Sterling Heights, MI 48312
Former fitness facility within a large shopping center with access from Van Dyke Avenue and Metropolitan Parkway.
Property Size37,000 SF
Price / SF$256.76
Days on Market292
Property Features for 37270 Van Dyke Ave
General Information
Standard status
Active
Size
37,000 SF
Property subtype
Retail
Zoning
C-3
Additional Details
Road Access
Yes
Building Details
Building Size
37,000 SF
Listing Agency:
Mid America Real Estate - Michigan Inc
(248) 855-6800
Listed By:
Tony Schmitt
(248) 855-6800
Source:
Cpix.resimplifi
Added: Nov 12, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:31AM
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 Mid America Real Estate - Michigan Inc
Investment Insights
Based on property information with market context.
The offering comprises 37,000 square feet of retail space in the former LA Fitness location at Crossroads Plaza. Ownership prefers leasing the full box but will evaluate a division of the premises. The property is zoned C-3 and is part of a 210,000-square-foot shopping center with established retail and restaurant occupants.
Crossroads Plaza occupies the northeast corner of 16 Mile Road and Van Dyke Avenue in Sterling Heights, with access from both Van Dyke Avenue and Metropolitan Parkway. The center’s tenant lineup includes Home Depot, Applebee’s, FedEx, and Dollar Tree. A significant renovation of the existing retail space and new outparcels at the recaptured hard corner are planned.
Crossroads Plaza occupies the northeast corner of 16 Mile Road and Van Dyke Avenue in Sterling Heights, with access from both Van Dyke Avenue and Metropolitan Parkway. The center’s tenant lineup includes Home Depot, Applebee’s, FedEx, and Dollar Tree. A significant renovation of the existing retail space and new outparcels at the recaptured hard corner are planned.
Key Highlights
- 37,000‑square‑foot former LA Fitness retail space
- Located within Crossroads Plaza, a 210,000‑square‑foot shopping center
- C‑3 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
$444,646
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
4.68%
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%
$8,892,920
$8.9M
Cap Rate 7%
$6,352,086
$6.4M
Cap Rate 9%
$4,940,511
$4.9M
Market Conditions
NOI Build-Up for 37,000 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
$688.2K $18.60/SF
− Vacancy
−$53.0K −$1.43/SF
EGI
$635.2K $17.17/SF
− OpEx
−$190.6K −$5.15/SF
NOI
$444.6K $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%
$8,892,920
Cap Rate 7%
$6,352,086
Cap Rate 9%
$4,940,511
Alternative Uses
Best Use
Retail
$6.35M
$5.56M – $7.41M
NOI $444,646 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.16M
$7.14M – $9.52M
NOI $571,364 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
85k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 47%
Shops & Services 26%
Dining 20%
Apparel 7%
The Home Depot
Home Improvements & Furnishings
39,580 visits/mo
0.5 miles
Dollar Tree
Shops & Services
11,371 visits/mo
0.3 miles
Applebee's
Dining
8,478 visits/mo
0.3 miles
Mobil
Shops & Services
6,464 visits/mo
0.5 miles
Perani's Hockey World
Apparel
5,948 visits/mo
0.3 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Michigan Secretary of State Self-service Station — 36600 Van Dyke Ave, Sterling Heights, MI 48312
- crossroads plaza — 37000 Van Dyke Ave, Sterling Heights, MI 48312
- Sterling Place Plaza — 37856 Van Dyke Ave, Sterling Heights, MI 48312
Frequently Asked Questions
What type of property is this?
Shopping center - Former fitness facility within a large shopping center with access from Van Dyke Avenue and Metropolitan Parkway.
Where is this shopping center located?
The property is located at 37270 Van Dyke Ave Sterling Heights, MI.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 37,000‑square‑foot former LA Fitness retail space; Located within Crossroads Plaza, a 210,000‑square‑foot shopping center; C‑3 zoning
