Hair Salon Storefront
For Sale
$399,000
5637 MIDDLEBELT RD, Garden City, MI 48135
Well-maintained storefront currently operating as a hair salon with recent HVAC and water heater, plus on-site parking.
Property Size1,760 SF
Price / SF$226.70
Days on Market19
Property Features for 5637 MIDDLEBELT RD
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Industrial
Amenities
53218
Building Details
Year Built
19
Listing Agency:
RE/MAX Team 2000
(313) 912-5566
Listed By:
Michael Beydoun
(313) 912-5566
Source:
Xome
Added: Jul 22
Changed: Aug 8
Last Checked: Aug 9 at 5:03AM
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 RE/MAX Team 2000
Investment Insights
Based on property information with market context.
Located at 5637 Middlebelt Road (Unit SourceFi) in Garden City, this well-maintained storefront is currently operating as a hair salon. The property includes recent mechanical improvements, with a new HVAC system and water heater installed within the last three years.
The suite sits in downtown Garden City on Middlebelt Road, just north of Ford Road, within an established retail corridor. The property is described as offering visibility and accessibility, along with ample on-site parking.
While currently used as a hair salon, the space is presented as suitable for a variety of uses, including retail, office, medical, or service-oriented operations.
The suite sits in downtown Garden City on Middlebelt Road, just north of Ford Road, within an established retail corridor. The property is described as offering visibility and accessibility, along with ample on-site parking.
While currently used as a hair salon, the space is presented as suitable for a variety of uses, including retail, office, medical, or service-oriented operations.
Key Highlights
- Currently operating as a hair salon storefront in Downtown Garden City on Middlebelt Road, just north of Ford Road
- New HVAC system and new water heater installed within the last three years
- On‑site parking available
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
$16,676
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
4.18%
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%
$333,520
$333.5K
Cap Rate 7%
$238,229
$238.2K
Cap Rate 9%
$185,289
$185.3K
Market Conditions
NOI Build-Up for 1,760 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
$25.3K $14.40/SF
− Vacancy
−$1.5K −$0.86/SF
EGI
$23.8K $13.54/SF
− OpEx
−$7.1K −$4.06/SF
NOI
$16.7K $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%
$333,520
Cap Rate 7%
$238,229
Cap Rate 9%
$185,289
Alternative Uses
Best Use
Retail
$238.2K
$208.5K – $277.9K
NOI $16,676 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$325.9K
$285.1K – $380.2K
NOI $22,810 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
109k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 38%
Apparel 5%
Groceries 2%
McDonald's
Dining
32,019 visits/mo
0.5 miles
Dollar Tree
Shops & Services
16,471 visits/mo
0.2 miles
Chase Bank
Shops & Services
15,193 visits/mo
0.5 miles
Family Dollar
Shops & Services
9,443 visits/mo
0.3 miles
Taco Bell
Dining
7,649 visits/mo
0.5 miles
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
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.
Similar Off Market Nearby
- Boland Florist — 29517 Ford Rd, Garden City, MI 48135
- The Wild Iris Floral Boutique — 6205 Middlebelt Rd, Garden City, MI 48135
Frequently Asked Questions
What type of property is this?
Storefront property - Well-maintained storefront currently operating as a hair salon with recent HVAC and water heater, plus on-site parking.
Where is this storefront property located?
The property is located at 5637 MIDDLEBELT RD Garden City, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Currently operating as a hair salon storefront in Downtown Garden City on Middlebelt Road, just north of Ford Road; New HVAC system and new water heater installed within the last three years; On‑site parking available
