Corner Retail/Service
For Sale
Contact for pricing
427 E 8 Mile Road, Hazel Park, MI 48030
Well-maintained storefront on a corner lot with ample parking and flexible B-1 zoning for retail, salon, office, or boutique service use.
Property Size1,183 SF
Lot Size0.38 Acres
Price / SF$185.97
Days on Market378
Property Features for 427 E 8 Mile Road
General Information
Standard status
Active
Size
1,183 SF
Lot size
0.38 Acres
Property subtype
Retail
Zoning
B-1
Net Operating Income
$18,000
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1951
Listing Agency:
Herbert J Hill Realty Real Estate Master
(313) 341-2656
Listed By:
Herbert Hill · License #MI
Source:
Crexi
Added: Jul 28, 2025
Changed: Aug 8
Last Checked: Aug 9 at 9:01AM
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 Herbert J Hill Realty Real Estate Master
Investment Insights
Based on property information with market context.
This corner commercial property offers approximately 1,183 sq. ft. of interior space configured for storefront-style use. The building is described as well maintained and was originally used as a salon, supporting an owner-occupant or tenant-ready environment. The site includes a 0.38-acre adjacent lot and promenade-style street frontage, designed to support ongoing retail and service activity.
Located along 8 Mile Road in Hazel Park, the property is positioned for exposure to a busy corridor. Access is described as convenient to major routes including I-75 and John R Rd., with surrounding metro Detroit commercial traffic patterns in mind. The property also includes ample on-site parking, supporting customer access and day-to-day operations.
For buyers or operators, the B-1 zoning provides flexibility for a range of uses including retail, salon, office, or boutique service operations, based on the information provided. With its maintained interior and prominent street presence, the space can serve businesses looking to occupy immediately, or investors seeking a turn-key setup with the opportunity to update or reposition the property for additional income.
Located along 8 Mile Road in Hazel Park, the property is positioned for exposure to a busy corridor. Access is described as convenient to major routes including I-75 and John R Rd., with surrounding metro Detroit commercial traffic patterns in mind. The property also includes ample on-site parking, supporting customer access and day-to-day operations.
For buyers or operators, the B-1 zoning provides flexibility for a range of uses including retail, salon, office, or boutique service operations, based on the information provided. With its maintained interior and prominent street presence, the space can serve businesses looking to occupy immediately, or investors seeking a turn-key setup with the opportunity to update or reposition the property for additional income.
Key Highlights
- Approximately 1,183 sq. ft. well‑maintained commercial storefront built in 1951
- 0.38‑acre corner lot with promenade street frontage on E. 8 Mile Rd.
- Flexible B‑1 zoning for retail, salon, office, or boutique service use
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
$12,730
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
5.79%
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%
$254,600
$254.6K
Cap Rate 7%
$181,857
$181.9K
Cap Rate 9%
$141,444
$141.4K
Market Conditions
NOI Build-Up for 1,183 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
$19.9K $16.80/SF
− Vacancy
−$1.7K −$1.43/SF
EGI
$18.2K $15.37/SF
− OpEx
−$5.5K −$4.61/SF
NOI
$12.7K $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%
$254,600
Cap Rate 7%
$181,857
Cap Rate 9%
$141,444
Alternative Uses
Best Use
Retail
$181.9K
$159.1K – $212.2K
NOI $12,730 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$255.2K
$223.3K – $297.7K
NOI $17,861 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
18k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon
Shops & Services
10,245 visits/mo
0.2 miles
Sunoco
Shops & Services
6,373 visits/mo
0.2 miles
Valvoline Instant Oil Change
Shops & Services
1,321 visits/mo
0.2 miles
Avis Budget Car Rental
Shops & Services
465 visits/mo
0.2 miles
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
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?
Storefront property - Well-maintained storefront on a corner lot with ample parking and flexible B-1 zoning for retail, salon, office, or boutique service use.
Where is this storefront property located?
The property is located at 427 E 8 Mile Road Hazel Park, MI.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Approximately 1,183 sq. ft. well‑maintained commercial storefront built in 1951; 0.38‑acre corner lot with promenade street frontage on E. 8 Mile Rd.; Flexible B‑1 zoning for retail, salon, office, or boutique service use
