Freestanding Fresh Thyme
For Sale
Contact for pricing
43480 Ford Road, Canton, MI 48187
C-2-zoned store at a signalized intersection with multiple dedicated curb cuts and established retail surroundings.
Property Size28,939 SF
Price / SF$308.37
Days on Market12
Property Features for 43480 Ford Road
General Information
Standard status
Active
Size
28,939 SF
Total Parking Spaces
131
Property subtype
Retail
Zoning
C-2 Community Commercial
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$691,600
Site & Location
Corner Location
Yes
Traffic Count
52,400 vehicles/day
Road Access
Yes
Building Details
Year Built
2017
Units
1
Tenancy
Single
Listing Agency:
CBRE - Oak Brook
Listed By:
Michael Kaider · License #IL 475154630
Source:
Crexi
Added: Aug 5
Changed: Aug 13
Last Checked: Aug 14 at 11:38PM
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 CBRE - Oak Brook
Investment Insights
Based on property information with market context.
The property is a freestanding Fresh Thyme Market building completed in 2017 and comprising 28,939 square feet. The offering includes 100% fee interest in the property, which is occupied under an original fifteen-year lease with more than five years remaining. The lease provides for a 10% rental increase in June 2027 and matching increases during each of four five-year extension options. Lakes Venture LLC, a direct Meijer subsidiary, guarantees the lease.
Located at the northwest corner of Ford Road and Morton Taylor Road, the site benefits from a signalized intersection and combined traffic counts exceeding 52,400 vehicles per day. Three dedicated curb cuts provide access from Ford Road and Morton Taylor Road. The surrounding retail corridor includes Target, BJ’s Wholesale Club, Lowe’s, Kohl’s, Kroger, IKEA, Petco, and Planet Fitness. The property is zoned C-2 Community Commercial.
Located at the northwest corner of Ford Road and Morton Taylor Road, the site benefits from a signalized intersection and combined traffic counts exceeding 52,400 vehicles per day. Three dedicated curb cuts provide access from Ford Road and Morton Taylor Road. The surrounding retail corridor includes Target, BJ’s Wholesale Club, Lowe’s, Kohl’s, Kroger, IKEA, Petco, and Planet Fitness. The property is zoned C-2 Community Commercial.
Key Highlights
- 28,939‑square‑foot freestanding Fresh Thyme Market building completed in 2017
- Original fifteen‑year lease has over five years of term remaining
- 10% rental increase scheduled for June 2027 and each of four five‑year extension options
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
$375,049
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
4.20%
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%
$7,500,980
$7.5M
Cap Rate 7%
$5,357,843
$5.4M
Cap Rate 9%
$4,167,211
$4.2M
Market Conditions
NOI Build-Up for 28,939 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
$520.9K $18.00/SF
− Vacancy
−$20.8K −$0.72/SF
EGI
$500.1K $17.28/SF
− OpEx
−$125.0K −$4.32/SF
NOI
$375.0K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$7,500,980
Cap Rate 7%
$5,357,843
Cap Rate 9%
$4,167,211
Alternative Uses
Best Use
Specialty Retail
$5.36M
$4.69M – $6.25M
NOI $375,049 @ 7.0% cap · market cap 4.20%
Second Best
Retail
$3.92M
$3.43M – $4.57M
NOI $274,203 @ 7.0% cap · market cap 3.07%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
52,400 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
491k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 30%
Shops & Services 23%
Home Improvements & Furnishings 13%
Dining 12%
Target
Superstores
102,669 visits/mo
0.1 miles
Kohl's
Apparel
60,090 visits/mo
0.5 miles
BJ's Wholesale Club
Superstores
45,395 visits/mo
0.1 miles
Hobby Lobby
Shops & Services
42,285 visits/mo
0.5 miles
HomeGoods
Home Improvements & Furnishings
35,016 visits/mo
0.5 miles
Demographics for 48187, MI
52,498
Population
20,548
Households
2.6
Avg Household Size
39
Median Age
53%
College-Educated
95%
High-School Grad
18.1 sq mi
ZIP Area
2,900
Density / Sq Mi
$117,980
Median Household Income
$60,137
Median Earnings
$1,435
Median Rent
$341,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Target Grocery — 43670 Ford Rd, Canton, MI 48187
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - C-2-zoned store at a signalized intersection with multiple dedicated curb cuts and established retail surroundings.
Where is this grocery and convenience store located?
The property is located at 43480 Ford Road Canton, MI.
What is the asking price?
The asking price for this property is $8,924,000.
What are key features of this property?
This property features: 28,939‑square‑foot freestanding Fresh Thyme Market building completed in 2017; Original fifteen‑year lease has over five years of term remaining; 10% rental increase scheduled for June 2027 and each of four five‑year extension options
