Multi-Tenant Retail
50840-50984 Shelby Road, Shelby Township, MI 48316
For Sale
New
$4,126,000
The fully leased center combines a national retail anchor with restaurant, service, and fitness tenants.
Property Size26,800 SF
Lot Size4.04 Acres
Price / SF$153.96
Days on Market2
Property Features for 50840-50984 Shelby Road
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Net Operating Income
Site & Location
Corner Location
Anchor Co-Tenants
Traffic Count
Additional Details
Tenant in Place
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
Legacy Real Estate Advisors
Listed By:
Zainab Abikhodr
(248) 717-1215
Source:
Legacycrea
Added: Nov 12
Last Checked: Nov 12 at 2:46PM
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 Legacy Real Estate Advisors
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 26,800-square-foot shopping center occupies 4.04 acres and was built in 1988. Its 10 tenants include Dollar Tree, which occupies 11,000 square feet, along with restaurant, service, and fitness businesses. The property is fully occupied.
The center sits at the southeast corner of 23 Mile Road and Shelby Road in Shelby Township. Traffic on 23 Mile Road is 15,403 vehicles per day. Within 3 miles, the population exceeds 64,300 and average household income is more than $114,500.
The center sits at the southeast corner of 23 Mile Road and Shelby Road in Shelby Township. Traffic on 23 Mile Road is 15,403 vehicles per day. Within 3 miles, the population exceeds 64,300 and average household income is more than $114,500.
Key Highlights
- 26,800 SF retail center on 4.04 acres
- Fully occupied by 10 tenants
- Dollar Tree occupies 11,000 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$198,106
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,962,120
$4.0M
Cap Rate 7%
$2,830,086
$2.8M
Cap Rate 9%
$2,201,178
$2.2M
Market Conditions
NOI Build-Up for 26,800 SF
Gross rent
$321.6K $12.00/SF
− Vacancy
−$38.6K −$1.44/SF
EGI
$283.0K $10.56/SF
− OpEx
−$84.9K −$3.17/SF
NOI
$198.1K $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 Rate 5%
$3,962,120
Cap Rate 7%
$2,830,086
Cap Rate 9%
$2,201,178
Alternative Uses
Best Use
Retail
$2.83M
$2.48M – $3.30M
NOI $198,106 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.02M
$4.39M – $5.85M
NOI $351,217 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
15,403 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
22k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar Tree
Shops & Services
9,776 visits/mo
0.1 miles
7-Eleven
Shops & Services
7,001 visits/mo
0.1 miles
BP
Shops & Services
3,538 visits/mo
0.1 miles
Comerica Bank
Shops & Services
1,717 visits/mo
0.5 miles
Demographics for 48316, MI
28,192
Population
11,951
Households
2.4
Avg Household Size
44
Median Age
45%
College-Educated
95%
High-School Grad
11.2 sq mi
ZIP Area
2,517
Density / Sq Mi
$101,232
Median Household Income
$49,882
Median Earnings
$1,380
Median Rent
$362,100
Median Home Value
Market
Properties on Market for Shopping centers in Macomb County
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Shopping center - The fully leased center combines a national retail anchor with restaurant, service, and fitness tenants.
Where is this shopping center located?
The property is located at 50840-50984 Shelby Road Shelby Township, MI.
What is the asking price?
The asking price for this property is $4,126,000.
What are key features of this property?
This property features: 26,800 SF retail center on 4.04 acres; Fully occupied by 10 tenants; Dollar Tree occupies 11,000 SF
