Retail Building and Auto
For Sale
Contact for pricing
3840 East 8 Mile Rd, Detroit, MI 48234
Retail building and auto garage totaling 5,516 square feet.
Property Size5,516 SF
Price / SF$58.01
Days on Market1946
Property Features for 3840 East 8 Mile Rd
General Information
Standard status
Active
Size
5,516 SF
Property subtype
Retail
Zoning
B4
Investment Type
Owner/User
Building Details
Year Built
1962
Year Renovated
2024
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Signature Associates Southfield
Listed By:
Joe Stack · License #MI
(248) 359-0615
Source:
Crexi
Added: Jun 23, 2021
Changed: Oct 11
Last Checked: Oct 19 at 7:31AM
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 Signature Associates Southfield
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Investment Insights
Based on property information with market context.
The property features a 3,025 square foot retail building and a 2,491 square foot auto garage. The structures have been completely updated and are ready for buildout.
Key Highlights
- 3,025 sq. ft. retail building
- 2,491 sq. ft. auto garage
- Completely updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,828
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,560
$536.6K
Cap Rate 7%
$383,257
$383.3K
Cap Rate 9%
$298,089
$298.1K
Market Conditions
NOI Build-Up for 5,516 SF
Gross rent
$40.4K $7.32/SF
− Vacancy
−$2.1K −$0.37/SF
EGI
$38.3K $6.95/SF
− OpEx
−$11.5K −$2.08/SF
NOI
$26.8K $4.86/SF
Area
Detroit, MI
Vacancy
5.08%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,560
Cap Rate 7%
$383,257
Cap Rate 9%
$298,089
Alternative Uses
Best Use
Retail
$970.6K
$849.3K – $1.13M
NOI $67,940 @ 7.0% cap · market cap 21.23%
Second Best
Industrial
$383.3K
$335.4K – $447.1K
NOI $26,828 @ 7.0% cap · market cap 8.38%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,180 @ 7.0% cap · market cap 26.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
Citgo
Shops & Services
6,701 visits/mo
0.4 miles
Krispy Krunchy Chicken
Dining
3,612 visits/mo
0.4 miles
Demographics for 48234, MI
31,442
Population
15,688
Households
2
Avg Household Size
36
Median Age
11%
College-Educated
84%
High-School Grad
7.8 sq mi
ZIP Area
4,031
Density / Sq Mi
$36,473
Median Household Income
$31,587
Median Earnings
$965
Median Rent
$57,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Detroit, MI
Frequently Asked Questions
What type of property is this?
Retail space - Retail building and auto garage totaling 5,516 square feet.
Where is this retail space located?
The property is located at 3840 East 8 Mile Rd Detroit, MI.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 3,025 sq. ft. retail building; 2,491 sq. ft. auto garage; Completely updated
