Multi-Tenant Shopping
For Sale
$2,000,000
400 North Main Street, Milford, MI 48381
Fully occupied center combines retail and office space with street and municipal parking.
Property Size10,626 SF
Price / SF$188.22
Days on Market86
Property Features for 400 North Main Street
General Information
Standard status
Active
Size
10,626 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Asking Price
$2,000,000
Amenities
Street Parking
Rear Municipal Parking
Building Details
Building Size
10,626 SF
Tenancy
Multi
Listing Agency:
NAI Farbman Southfield
(248) 351-4380
Listed By:
Aiden Bracken · License #6502113479
Source:
Naiglobal
Added: Jun 7
Changed: Aug 30
Last Checked: Aug 30 at 3:17PM
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 Southfield
Investment Insights
Based on property information with market context.
This 10,626-square-foot shopping center is configured for multiple occupants, with retail and office space within the building. The property is fully occupied, providing an established multi-tenant operating profile for a commercial buyer.
Located at 400 North Main Street in downtown Milford, the center benefits from both street parking and a rear municipal parking area. Its combination of retail and office components supports a diverse commercial occupancy format within a single building.
Located at 400 North Main Street in downtown Milford, the center benefits from both street parking and a rear municipal parking area. Its combination of retail and office components supports a diverse commercial occupancy format within a single building.
Key Highlights
- 10,626 SF multi‑tenant retail and office building
- Fully occupied commercial property
- Street parking available
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
$114,340
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
5.72%
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%
$2,286,800
$2.3M
Cap Rate 7%
$1,633,429
$1.6M
Cap Rate 9%
$1,270,444
$1.3M
Market Conditions
NOI Build-Up for 10,626 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
$178.5K $16.80/SF
− Vacancy
−$15.2K −$1.43/SF
EGI
$163.3K $15.37/SF
− OpEx
−$49.0K −$4.61/SF
NOI
$114.3K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$2,286,800
Cap Rate 7%
$1,633,429
Cap Rate 9%
$1,270,444
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.91M
NOI $114,340 @ 7.0% cap · market cap 5.72%
Second Best
Office B
$522.6K
$457.3K – $609.7K
NOI $36,580 @ 7.0% cap · market cap 1.83%
Theoretical Best
Specialty Retail
$2.29M
$2.01M – $2.67M
NOI $160,436 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48381, MI
13,794
Population
5,588
Households
2.5
Avg Household Size
45
Median Age
45%
College-Educated
96%
High-School Grad
19.5 sq mi
ZIP Area
707
Density / Sq Mi
$103,156
Median Household Income
$61,929
Median Earnings
$1,146
Median Rent
$386,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied center combines retail and office space with street and municipal parking.
Where is this shopping center located?
The property is located at 400 North Main Street Milford, MI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 10,626 SF multi‑tenant retail and office building; Fully occupied commercial property; Street parking available
