Freestanding Office/Retail
For Sale
$800,000
37451 Ecorse Rd, Romulus, MI 48174
Freestanding former bank branch offers 4,103 SF with ample parking, immediate availability, and 238' frontage on Ecorse Road.
Property Size4,103 SF
Price / SF$194.98
Days on Market272
Property Features for 37451 Ecorse Rd
General Information
Standard status
Active
Size
4,103 SF
Property subtype
Retail
Zoning
C-2
Additional Details
Road Access
Yes
Building Details
Building Size
4,103 SF
Listing Agency:
NAI Farbman
Listed By:
Brad Margolis · License #6501371948
(248) 351-4367
Source:
Cpix.resimplifi
Added: Dec 9, 2025
Changed: Aug 14
Last Checked: Aug 14 at 8:02AM
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 NAI Farbman
Investment Insights
Based on property information with market context.
For lease, a well-maintained 4,103 SF freestanding building currently operating as a banquet facility. The property was previously a bank branch, and it features many building upgrades. Immediate occupancy is available, and the site includes ample parking with smooth ingress and egress.
The building has 238' of frontage on Ecorse Road with two curb cuts for convenient access. Additional land is included and available for tenant use, offering flexibility for outdoor needs.
This configuration can support a range of office and retail uses, making it a practical option for tenants seeking a freestanding facility with dedicated access and parking.
The building has 238' of frontage on Ecorse Road with two curb cuts for convenient access. Additional land is included and available for tenant use, offering flexibility for outdoor needs.
This configuration can support a range of office and retail uses, making it a practical option for tenants seeking a freestanding facility with dedicated access and parking.
Key Highlights
- 4,103 SF freestanding building available for lease with immediate occupancy
- Former bank branch currently operating as a banquet facility
- 238' frontage on Ecorse Road with two (2) curb cuts for access
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
$53,175
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
6.65%
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%
$1,063,500
$1.1M
Cap Rate 7%
$759,643
$759.6K
Cap Rate 9%
$590,833
$590.8K
Market Conditions
NOI Build-Up for 4,103 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
$73.9K $18.00/SF
− Vacancy
−$3.0K −$0.72/SF
EGI
$70.9K $17.28/SF
− OpEx
−$17.7K −$4.32/SF
NOI
$53.2K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,063,500
Cap Rate 7%
$759,643
Cap Rate 9%
$590,833
Alternative Uses
Best Use
Specialty Retail
$759.6K
$664.7K – $886.3K
NOI $53,175 @ 7.0% cap · market cap 6.65%
Second Best
Retail
$555.4K
$486.0K – $648.0K
NOI $38,877 @ 7.0% cap · market cap 4.86%
Theoretical Best
—
—
same as Best Use
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
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 48174, MI
33,683
Population
13,124
Households
2.6
Avg Household Size
38
Median Age
17%
College-Educated
89%
High-School Grad
40.8 sq mi
ZIP Area
826
Density / Sq Mi
$65,675
Median Household Income
$41,186
Median Earnings
$1,053
Median Rent
$151,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Freestanding former bank branch offers 4,103 SF with ample parking, immediate availability, and 238' frontage on Ecorse Road.
Where is this bank located?
The property is located at 37451 Ecorse Rd Romulus, MI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 4,103 SF freestanding building available for lease with immediate occupancy; Former bank branch currently operating as a banquet facility; 238' frontage on Ecorse Road with two (2) curb cuts for access
