Waterfront Mixed-Use
37400 JEFFERSON AVE, Harrison Township, MI 48045
For Sale
Contact for pricing
Two existing buildings accommodate continued restaurant and entertainment operations along Lake St. Clair.
Property Size23,298 SF
Lot Size5.78 Acres
Price / SF$278.99
Days on Market9
Property Features for 37400 JEFFERSON AVE
General Information
Standard status
Size
Lot size
Property subtype
Building Details
Buildings
Listing Agency:
Golden Key Group
Listed By:
REVAN HERFY · License MI #6501405707
Source:
Crexi
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 14 at 2:01AM
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 Golden Key Group
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Investment Insights
Based on property information with market context.
The mixed-use property comprises two buildings totaling approximately 23,298 square feet on 5.78 acres. The site has direct waterfront access and is associated with existing restaurant and entertainment operations.
Located on Lake St. Clair in Harrison Township, Michigan, the property is offered for sale, with a long-term lease also available for negotiation. Continued restaurant and entertainment use is among the stated possibilities; redevelopment concepts would require applicable approvals.
Located on Lake St. Clair in Harrison Township, Michigan, the property is offered for sale, with a long-term lease also available for negotiation. Continued restaurant and entertainment use is among the stated possibilities; redevelopment concepts would require applicable approvals.
Key Highlights
- 5.78‑acre Lake St. Clair waterfront property with direct access
- Two buildings totaling approximately 23,298 square feet
- Located in Harrison Township, Michigan
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$305,323
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,106,460
$6.1M
Cap Rate 7%
$4,361,757
$4.4M
Cap Rate 9%
$3,392,478
$3.4M
Market Conditions
NOI Build-Up for 23,298 SF
Gross rent
$461.3K $19.80/SF
− Vacancy
−$54.2K −$2.33/SF
EGI
$407.1K $17.47/SF
− OpEx
−$101.8K −$4.37/SF
NOI
$305.3K $13.11/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,106,460
Cap Rate 7%
$4,361,757
Cap Rate 9%
$3,392,478
Alternative Uses
Best Use
Specialty Retail
$4.36M
$3.82M – $5.09M
NOI $305,323 @ 7.0% cap · market cap 4.70%
Second Best
Mixed Use
$3.95M
$3.46M – $4.61M
NOI $276,780 @ 7.0% cap · market cap 4.26%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
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Business Placement
Demographics for 48045, MI
24,341
Population
12,401
Households
2
Avg Household Size
46
Median Age
26%
College-Educated
95%
High-School Grad
14.3 sq mi
ZIP Area
1,702
Density / Sq Mi
$77,808
Median Household Income
$48,889
Median Earnings
$1,085
Median Rent
$243,000
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two existing buildings accommodate continued restaurant and entertainment operations along Lake St. Clair.
Where is this mixed-use property located?
The property is located at 37400 JEFFERSON AVE Harrison Township, MI.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 5.78‑acre Lake St. Clair waterfront property with direct access; Two buildings totaling approximately 23,298 square feet; Located in Harrison Township, Michigan
