Building Details

Building Size 4,559 SF

Year Built 1990

Buildings 1

Listing Agency: REMAX LEADING EDGE

Listed By: Sam Jaafar · License #6501379437 Show Phone

Source: Elliman

Added: Oct 19 Last Checked: Oct 19 at 2:38PM

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Investment Insights

Based on property information with market context.

This 4,500+ SF storefront property, built in 1990, contains two occupied spaces and generates existing income. A newer furnace serves the approximately 1,200 SF rental portion. Capri Italian Bakery has operated at this Greenfield Road location for more than 53 years, giving the property a longstanding local business presence.

The property is at 4832 Greenfield Rd in Dearborn. Its two-space configuration and existing occupancy are among its defining characteristics.

Key Highlights

• Approximately 4,500+ SF building with two occupied spaces
• Capri Italian Bakery has operated at this location for more than 53 years
• Newer furnace serves the approximately 1,200 SF rental portion

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,426

Cap Rate

3.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,108,520 $1.1M

Cap Rate 7%

$791,800 $791.8K

Cap Rate 9%

$615,844 $615.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,500 SF

Gross rent

$83.7K $18.60/SF

− Vacancy

−$4.5K −$1.00/SF

EGI

$79.2K $17.60/SF

− OpEx

−$23.8K −$5.28/SF

NOI

$55.4K $12.32/SF

Area

Dearborn, MI

Vacancy

5.40%

Lease Rate

$18.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,108,520

Cap Rate 7%

$791,800

Cap Rate 9%

$615,844

Alternative Uses

Best Use

Retail

$791.8K

$692.8K – $923.8K (±1% cap)

NOI $55,426 @ 7.0% cap · market cap 3.96%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$992.7K

$868.6K – $1.16M (±1% cap)

NOI $69,490 @ 7.0% cap · market cap 4.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Capri Italian Bakery Bakery

Suggested Use

Top Pick HVAC Service Electrical Service Daycare Center Real Estate Agency (Bike/Boat/Book/etc) Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

739

Businesses Nearby

133k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 52% Shops & Services 23% Dining 22% Apparel 1%

Kroger Groceries

69,327 visits/mo 0.3 miles

McDonald's Dining

19,756 visits/mo 0.3 miles

Burger King Dining

9,739 visits/mo 0.3 miles

Dollar General Shops & Services

9,126 visits/mo 0.3 miles

Sunoco Shops & Services

7,632 visits/mo 0.3 miles

Demographics for 48126, MI

55,863

Population

16,919

Households

3.3

Avg Household Size

28

Median Age

24%

College-Educated

74%

High-School Grad

8.4 sq mi

ZIP Area

6,650

Density / Sq Mi

$42,353

Median Household Income

$27,724

Median Earnings

$1,222

Median Rent

$200,600

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Both commercial spaces are occupied, with a newer furnace serving the smaller rental area.

Where is this storefront property located?

The property is located at 4832 Greenfield Rd Dearborn, MI.

What is the asking price?

The asking price for this property is $1,399,000.

What are key features of this property?

This property features: Approximately 4,500+ SF building with two occupied spaces; Capri Italian Bakery has operated at this location for more than 53 years; Newer furnace serves the approximately 1,200 SF rental portion