Shopping Center with Excess
For Sale
Contact for pricing
41560 Garfield Rd, Clinton Township, MI 48038
The center includes multiple available spaces with prominent signage and on-site parking.
Property Size14,800 SF
Price / SF$155.41
Days on Market152
Property Features for 41560 Garfield Rd
General Information
Standard status
Active
Size
14,800 SF
Class
B
Total Parking Spaces
125
Property subtype
Retail
Zoning
B-2
Occupancy
80%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1979
Buildings
1
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Pilot Property Group
(586) 291-0499
Listed By:
Anthony Rubino · License #MI 6502425251
Source:
Crexi
Added: Apr 2
Changed: Aug 30
Last Checked: Apr 3 at 5:44AM
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 Pilot Property Group
Investment Insights
Based on property information with market context.
Garfield Landing is a shopping center offering approximately 7,600 square feet of available space, configured as 5,200 SF and 2,400 SF areas. The property was built in 1979 and includes prominent signage and on-site parking. The available spaces can accommodate retail, restaurant, and office users as described for the offering.
Located at 41560 - 41660 Garfield Rd in ClintonCharterTownship_Macomb, MI 48038, the property sits within the Garfield Corridor, identified as an established retail corridor serving surrounding communities. Additional land behind the shopping center is included, providing space associated with potential future development, expansion, or redevelopment.
Located at 41560 - 41660 Garfield Rd in ClintonCharterTownship_Macomb, MI 48038, the property sits within the Garfield Corridor, identified as an established retail corridor serving surrounding communities. Additional land behind the shopping center is included, providing space associated with potential future development, expansion, or redevelopment.
Key Highlights
- Approximately 7,600 square feet of available space
- Available areas of 5,200 SF and 2,400 SF
- Additional land behind the shopping center
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
$109,402
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
4.76%
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%
$2,188,040
$2.2M
Cap Rate 7%
$1,562,886
$1.6M
Cap Rate 9%
$1,215,578
$1.2M
Market Conditions
NOI Build-Up for 14,800 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
$177.6K $12.00/SF
− Vacancy
−$21.3K −$1.44/SF
EGI
$156.3K $10.56/SF
− OpEx
−$46.9K −$3.17/SF
NOI
$109.4K $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%
$2,188,040
Cap Rate 7%
$1,562,886
Cap Rate 9%
$1,215,578
Alternative Uses
Best Use
Retail
$1.56M
$1.37M – $1.82M
NOI $109,402 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,956 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
846
Businesses Nearby
204k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 40%
Dining 33%
Groceries 26%
Beauty & Spa 1%
Kroger
Groceries
52,393 visits/mo
0.1 miles
McDonald's
Dining
28,264 visits/mo
0.2 miles
Taco Bell
Dining
14,815 visits/mo
0.2 miles
Dollar Tree
Shops & Services
14,502 visits/mo
0.5 miles
Pet Supplies Plus
Shops & Services
13,938 visits/mo
0.2 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - The center includes multiple available spaces with prominent signage and on-site parking.
Where is this shopping center located?
The property is located at 41560 Garfield Rd Clinton Township, MI.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Approximately 7,600 square feet of available space; Available areas of 5,200 SF and 2,400 SF; Additional land behind the shopping center
