Grocery and Convenience Store with
For Sale
$799,000
38937 Harper Avenue, Clinton Twp, MI 48036
Operating seafood business and real estate convey together with commercial food-preparation infrastructure.
Property Size1,836 SF
Price / SF$435.19
Days on Market41
Property Features for 38937 Harper Avenue
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Business Included
Yes
Amenities
commercial kitchen
Building Details
Building Size
1,836 SF
Year Built
1988
Tenancy
Single
Listing Agency:
Keller Williams Paint Creek
(586) 206-4214
Listed By:
Danelle Munro · License #6501
Source:
Buyatthelake
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 17 at 1:56PM
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 Keller Williams Paint Creek
Investment Insights
Based on property information with market context.
This offering combines an operating seafood market business with its retail building. The property provides 1,836 square feet of retail space, a commercial kitchen, freezer cases, cooler equipment, and display cases. Operating equipment is included, creating an established setup for continued food-market operations.
The building includes an off-street paved parking lot and is located at 38937 Harper Avenue in Clinton Township, Michigan. The business has been family owned for almost 50 years, and showings are scheduled after business hours.
The building includes an off-street paved parking lot and is located at 38937 Harper Avenue in Clinton Township, Michigan. The business has been family owned for almost 50 years, and showings are scheduled after business hours.
Key Highlights
- Business and building are included in the sale
- 1,836 sq ft retail seafood market
- Working commercial kitchen
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
$24,061
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
3.01%
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%
$481,220
$481.2K
Cap Rate 7%
$343,729
$343.7K
Cap Rate 9%
$267,344
$267.3K
Market Conditions
NOI Build-Up for 1,836 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
$36.4K $19.80/SF
− Vacancy
−$4.3K −$2.33/SF
EGI
$32.1K $17.47/SF
− OpEx
−$8.0K −$4.37/SF
NOI
$24.1K $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 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%
$481,220
Cap Rate 7%
$343,729
Cap Rate 9%
$267,344
Alternative Uses
Best Use
Specialty Retail
$343.7K
$300.8K – $401.0K
NOI $24,061 @ 7.0% cap · market cap 3.01%
Second Best
Retail
$193.9K
$169.7K – $226.2K
NOI $13,572 @ 7.0% cap · market cap 1.70%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
259
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48036, MI
22,517
Population
9,855
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
93%
High-School Grad
8.3 sq mi
ZIP Area
2,713
Density / Sq Mi
$65,109
Median Household Income
$36,730
Median Earnings
$1,018
Median Rent
$201,000
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.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Operating seafood business and real estate convey together with commercial food-preparation infrastructure.
Where is this grocery and convenience store located?
The property is located at 38937 Harper Avenue Clinton Twp, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Business and building are included in the sale; 1,836 sq ft retail seafood market; Working commercial kitchen
