Freestanding NNN Restaurant
For Sale
Contact for pricing
4120 2nd Ave, Detroit, MI 48201
Fee simple ownership of a freestanding NNN restaurant with long-term tenant remaining and multiple extension options.
Property Size9,000 SF
Price / SF$285.67
Days on Market98
Property Features for 4120 2nd Ave
General Information
Standard status
Active
Size
9,000 SF
Property subtype
RETAIL
Listing Agency:
SRS Real Estate Partners | Detroit
(248) 688-0630
Listed By:
Michael Carter · License #6501369793
(586) 549-4260
Source:
Moodyscre
Added: Jul 1
Changed: Oct 3
Last Checked: Oct 5 at 8:41PM
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 SRS Real Estate Partners | Detroit
Investment Insights
Based on property information with market context.
SRS Capital Markets presents a fee simple interest (land and building ownership) in a freestanding NNN restaurant investment property in Detroit, Michigan. The asset is leased to Mad Nice, with over 7 years remaining on its initial term and four (5-year) options to extend.
The property is operated by Heirloom Hospitality, a Detroit-based restaurant and hospitality group. Their portfolio includes Townhouse Detroit, Townhouse Birmingham, and Prime + Proper, a steakhouse.
This offering is structured as an NNN investment, providing ownership of the underlying land and building while the restaurant continues operating under the existing lease term and extension provisions.
The property is operated by Heirloom Hospitality, a Detroit-based restaurant and hospitality group. Their portfolio includes Townhouse Detroit, Townhouse Birmingham, and Prime + Proper, a steakhouse.
This offering is structured as an NNN investment, providing ownership of the underlying land and building while the restaurant continues operating under the existing lease term and extension provisions.
Key Highlights
- Fee simple ownership (land and building) of a freestanding NNN restaurant investment property in Detroit, Michigan
- Tenant Mad Nice has over 7 years remaining on its initial term
- Lease includes 4 additional 5‑year extension options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$118,770
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,375,400
$2.4M
Cap Rate 7%
$1,696,714
$1.7M
Cap Rate 9%
$1,319,667
$1.3M
Market Conditions
NOI Build-Up for 9,000 SF
Gross rent
$167.4K $18.60/SF
− Vacancy
−$9.0K −$1.00/SF
EGI
$158.4K $17.60/SF
− OpEx
−$39.6K −$4.40/SF
NOI
$118.8K $13.20/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,375,400
Cap Rate 7%
$1,696,714
Cap Rate 9%
$1,319,667
Alternative Uses
Best Use
Specialty Retail
$1.70M
$1.48M – $1.98M
NOI $118,770 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $138,980 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,972
Businesses Nearby
103k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Shops & Services 39%
Apparel 11%
Electronics 4%
McDonald's
Dining
31,104 visits/mo
0.4 miles
Shell
Shops & Services
13,363 visits/mo
0.4 miles
Shinola
Apparel
9,011 visits/mo
0.2 miles
Condado Tacos
Dining
7,597 visits/mo
0.1 miles
DFCU Financial
Shops & Services
6,070 visits/mo
0.5 miles
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
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Similar Off Market Nearby
- Assembly Line Buffet — 2901 Grand River Ave, Detroit, MI 48201
- Towers Cafe — 655 W Kirby St, Detroit, MI 48202
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fee simple ownership of a freestanding NNN restaurant with long-term tenant remaining and multiple extension options.
Where is this conventional restaurant located?
The property is located at 4120 2nd Ave Detroit, MI.
What is the asking price?
The asking price for this property is $2,571,000.
What are key features of this property?
This property features: Fee simple ownership (land and building) of a freestanding NNN restaurant investment property in Detroit, Michigan; Tenant Mad Nice has over 7 years remaining on its initial term; Lease includes 4 additional 5‑year extension options
