Belleville Commercial Building on
For Sale
Contact for pricing
Pending
51391 Willis Rd, Belleville, MI 48111
Commercial building on 0.42 acre corner lot in Belleville.
Property Size2,646 SF
Lot Size0.42 Acres
Days on Market896
Property Features for 51391 Willis Rd
General Information
Standard status
Pending
Size
2,646 SF
Lot size
0.42 Acres
Property subtype
Retail
Zoning
Residential & Commercial
Building Details
Year Built
1925
Listing Agency:
Thomas Duke Company
(248) 476-3700
Listed By:
Steven Valli · License #MI 6501291516
Source:
Crexi
Added: Mar 8, 2024
Changed: Aug 16
Last Checked: Aug 20 at 8:56PM
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 Thomas Duke Company
Investment Insights
Based on property information with market context.
This commercial property features a 2,646 square foot building situated on a 0.42 acre corner lot in Belleville, Michigan.
Key Highlights
- 0.42 acre corner lot
- 2,646 SF commercial building
- Located in Belleville, Michigan
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
$25,071
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%
$501,420
$501.4K
Cap Rate 7%
$358,157
$358.2K
Cap Rate 9%
$278,567
$278.6K
Market Conditions
NOI Build-Up for 2,646 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
$38.1K $14.40/SF
− Vacancy
−$2.3K −$0.86/SF
EGI
$35.8K $13.54/SF
− OpEx
−$10.7K −$4.06/SF
NOI
$25.1K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /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%
$501,420
Cap Rate 7%
$358,157
Cap Rate 9%
$278,567
Alternative Uses
Best Use
Retail
$358.2K
$313.4K – $417.9K
NOI $25,071 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$489.9K
$428.7K – $571.5K
NOI $34,292 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
13k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
9,772 visits/mo
0.1 miles
Marathon Petroleum
Shops & Services
3,255 visits/mo
0.0 miles
Demographics for 48111, MI
44,055
Population
19,406
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
66.9 sq mi
ZIP Area
659
Density / Sq Mi
$74,125
Median Household Income
$42,194
Median Earnings
$1,162
Median Rent
$239,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building on 0.42 acre corner lot in Belleville.
Where is this storefront property located?
The property is located at 51391 Willis Rd Belleville, MI.
What is the asking price?
The asking price for this property is $433,000.
What are key features of this property?
This property features: 0.42 acre corner lot; 2,646 SF commercial building; Located in Belleville, Michigan
