Fully Leased Retail Strip
For Sale
Contact for pricing
Pending
40775 GARFIELD RD, Clinton Township, MI 48038
A fully leased retail strip building in a high-traffic area, offering stable space for retail investors.
Property Size45,091 SF
Days on Market109
Property Features for 40775 GARFIELD RD
General Information
Standard status
Pending
Size
45,091 SF
Property subtype
Retail
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
2004
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Howard Realty Group
Listed By:
Larry Howard · License #MI 6501288227
Source:
Crexi
Added: May 28
Changed: Aug 20
Last Checked: Sep 13 at 4:15AM
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 Howard Realty Group
Investment Insights
Based on property information with market context.
This offering is a 45,000-square-foot retail building configured as a strip-style retail center. The property is fully leased, providing an occupied setup designed for ongoing retail operations rather than ground-up development. The building supports multiple retail uses under one ownership, with tenants in place at the time of sale.
The property is located at 40775 Garfield Rd in Clinton Township, Michigan. Public remarks note the site sits in a high-traffic area, which can be an important consideration for tenant visibility and customer access for retail businesses.
For buyers, this is a straightforward option for acquiring a retail asset that is already generating tenant occupancy at the time of purchase. For tenants and brokers, the layout and “fully leased” status suggest a working retail environment with existing day-to-day operations. Interested parties can request additional rent roll and leasing details through the broker to evaluate the tenant mix and lease terms as part of underwriting.
The property is located at 40775 Garfield Rd in Clinton Township, Michigan. Public remarks note the site sits in a high-traffic area, which can be an important consideration for tenant visibility and customer access for retail businesses.
For buyers, this is a straightforward option for acquiring a retail asset that is already generating tenant occupancy at the time of purchase. For tenants and brokers, the layout and “fully leased” status suggest a working retail environment with existing day-to-day operations. Interested parties can request additional rent roll and leasing details through the broker to evaluate the tenant mix and lease terms as part of underwriting.
Key Highlights
- 45,000 SF retail building built in 2004
- Fully leased retail strip building
- High‑traffic area
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
$333,313
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
7.25%
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%
$6,666,260
$6.7M
Cap Rate 7%
$4,761,614
$4.8M
Cap Rate 9%
$3,703,478
$3.7M
Market Conditions
NOI Build-Up for 45,091 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
$541.1K $12.00/SF
− Vacancy
−$64.9K −$1.44/SF
EGI
$476.2K $10.56/SF
− OpEx
−$142.8K −$3.17/SF
NOI
$333.3K $7.39/SF
Area
Macomb County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$6,666,260
Cap Rate 7%
$4,761,614
Cap Rate 9%
$3,703,478
Alternative Uses
Best Use
Retail
$4.76M
$4.17M – $5.56M
NOI $333,313 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.44M
$7.39M – $9.85M
NOI $590,923 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
115k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 36%
Beauty & Spa 2%
Electronics 1%
McDonald's
Dining
28,264 visits/mo
0.4 miles
Taco Bell
Dining
14,815 visits/mo
0.3 miles
Dollar Tree
Shops & Services
14,502 visits/mo
0.1 miles
Dunkin' Donuts
Dining
9,149 visits/mo
0.1 miles
Huntington Bank
Shops & Services
8,089 visits/mo
0.5 miles
Demographics for 48038, MI
44,038
Population
21,395
Households
2.1
Avg Household Size
43
Median Age
29%
College-Educated
94%
High-School Grad
10.9 sq mi
ZIP Area
4,040
Density / Sq Mi
$78,684
Median Household Income
$44,811
Median Earnings
$1,255
Median Rent
$246,400
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 Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - A fully leased retail strip building in a high-traffic area, offering stable space for retail investors.
Where is this shopping center located?
The property is located at 40775 GARFIELD RD Clinton Township, MI.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 45,000 SF retail building built in 2004; Fully leased retail strip building; High‑traffic area
