Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Retail Strip Mall with Signage Title is generated by Realmo AI

    513-515 W 11 Mile Rd, Madison Heights, MI 48071

    View on Map
    Claim this Listing
    New
    For Lease
    $944 /Mo

    Multiple retail units with building signage and convenient access to I-75 for leasing and daily operations.

    Type:Commercial
    Added:
    Jun 3, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 4:43 am

    Property Features for 513-515 W 11 Mile Rd

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    Alexander Termini

    Listing agent Alexander Termini License #6501392648

    Listing office Pilot Property Group, Inc.

    Listing date Jun 3, 2026

    Source Elliman

    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, Inc.

    HighLights

    • Year built: 1961
    • Multiple retail units available, with building signage
    • Convenient access to I‑75 for leasing and daily operations
    • BikeScore: 50 (bikeable) and WalkScore: 69 (somewhat walkable)

    Overview

    This retail strip mall features multiple available units and on-building signage, giving tenants visibility for customers and passing traffic. The configuration is suited for a range of storefront-style retail uses that benefit from direct, street-facing presence.

    Located at 513-515 W 11 Mile Rd in Madison Heights, the property offers close and easy access to I-75. With building signage available, tenants can promote their businesses through an established commercial frontage.

    For prospective retailers, the combination of multiple unit opportunities, storefront format, and existing signage can simplify expansion or new occupancy planning. The practical highway access is also helpful for tenants serving drive-by customers and for day-to-day logistics. BikeScore and walkScore are noted as 50 and 69 respectively, supporting customer access by a mix of modes. Unit availability can accommodate different sizes and leasing needs within the same retail center.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison Heights
    County
    Oakland
    State
    Michigan
    Longitude
    -83.103
    Latitude
    42.508

    Nearby Similar for Lease

    • $2,800/Mo
      2,827 SF

      Madison Heights Stand Alone Building

      Stand alone building with John R road exposure in Madison Heights.
      26385 John R Road, Madison Heights, MI 48071
      View Details
    • $14,000/Mo
      5,932 SF

      Madison Heights Commercial Lease Opportunity

      Multi-tenant space ideal for restaurant, food hall, or mixed-use.
      1450 W 13 Mile Road, Madison Heights, MI 48071
      View Details
    • $3,500/Mo
      2,800 SF

      Retail Storefront on Main Road

      Freestanding storefront offers ample parking and signage on a main road near major interstate access.
      28009 John R Road, Madison Heights, MI 48071
      View Details
    • $71,000 SF/Yr
      6,996 SF

      Madison Heights Office Space Available

      Office building for lease in Madison Heights, Michigan.
      520 E 12 Mile Road, Madison Heights, MI 48071
      View Details
    • $2,500/Mo
      28,000 SF

      Madison Heights Commercial Space Available

      28,000 sq ft commercial space for lease in Madison Heights.
      30549 Stephenson Hwy, Madison Heights, MI 48071
      View Details
    • $14 SF/Yr
      5,000 SF

      Retail Center with Strong Road Visibility

      Available retail space in a high-visibility center with building signage and strong daily traffic exposure.
      27741-27757 Dequindre Road, Madison Heights, MI 48071
      View Details
    • $21 SF/Yr
      4,062 SF

      Endcap Retail-Office Suite

      Well-maintained endcap space with easy access to I-696/I-75, ideal for small retail or office users.
      100-160 W 13 Mile Rd, Madison Heights, MI 48071
      View Details
    • $20 SF/Yr
      46,332 SF

      Medical Office Former Surgical Center

      High-image medical office space with direct suite entry, ample parking, and prominent building and pylon signage.
      30675 Stephenson Hwy, Madison Heights, MI 48071
      View Details
    • $944/Mo
      850 SF

      Specialty Commercial Building with Signage

      Multi-unit specialty space with available signage and convenient access to I-75 in Madison Heights, MI.
      513-515 W 11 Mile Road, Madison Heights, MI 48071
      View Details
    • $2,800/Mo

      High Exposure Stand Alone Building

      Stand alone building with high exposure, ready for tenant design.
      26385 John R Rd, Madison Heights, MI 48071
      View Details
    • $71,000 SF/Yr
      4,750 SF

      Madison Heights Office Space Available

      Office space available for rent in Madison Heights, Michigan.
      520 E 12 Mile Rd, Madison Heights, MI
      View Details
    • $9 SF/Yr
      7,200 SF

      Madison Heights Warehouse with Truckwells

      7,200 SF warehouse featuring truckwells and air conditioning.
      32250 Howard Ave, Madison Heights, MI 48071
      View Details

    FAQs

    What type of property is this?
    Strip mall - Multiple retail units with building signage and convenient access to I-75 for leasing and daily operations.
    Where is this strip mall located?
    The property is located at 513-515 W 11 Mile Rd Madison Heights, MI.
    What is the lease rate?
    The lease rate is $944 /Mo.
    What are key features of this property?
    This property features: Year built: 1961; Multiple retail units available, with building signage; Convenient access to I‑75 for leasing and daily operations
    (586) 291-0499
    We can help!
    Listing Contact
    Alexander Termini
    Real Estate License ID: 6501392648
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    513-515 W 11 Mile Rd, Madison Heights, MI 48071
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!