Move-In Ready Cafe9 Restaurant
For Sale
$179,900
5838 SCHAEFER RD, Dearborn, MI 48126
Fully built-out cafe/restaurant with a commercial hood system and included equipment, ready for immediate operation.
Property Size1,000 SF
Price / SF$179.90
Days on Market135
Property Features for 5838 SCHAEFER RD
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Industrial
Additional Details
Commercial Hood
Yes
Amenities
3
20120
Building Details
Year Built
20
Listing Agency:
(313) 770-1175
Listed By:
Keller Williams Legacy
(313) 770-1175
Source:
Xome
Added: Apr 8
Changed: Aug 19
Last Checked: Aug 20 at 4:05AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This fully built-out, move-in ready cafe/restaurant space is designed for immediate use. The layout includes a commercial hood system, quality fixtures, and a full lineup of equipment included with the sale. The offering is for the physical space, buildout, and equipment, not for the business name or brand.
The space is located at 5838 Schaefer Road in Dearborn, MI 48126. It is currently operating as Cheat Treats Cafe9 and has been in operation since 2017.
For an owner-operator or concept operator, this configuration provides an established restaurant setup with key operational components already in place, supporting a streamlined transition to a new operator.
The space is located at 5838 Schaefer Road in Dearborn, MI 48126. It is currently operating as Cheat Treats Cafe9 and has been in operation since 2017.
For an owner-operator or concept operator, this configuration provides an established restaurant setup with key operational components already in place, supporting a streamlined transition to a new operator.
Key Highlights
- Fully built‑out cafe/restaurant space with a professionally designed layout and commercial hood system
- Included equipment and fixtures are part of the sale (physical space and buildout included)
- Currently operating as Cheat Treats Cafe since 2017
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
$13,680
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
7.60%
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%
$273,600
$273.6K
Cap Rate 7%
$195,429
$195.4K
Cap Rate 9%
$152,000
$152.0K
Market Conditions
NOI Build-Up for 1,000 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
$19.2K $19.20/SF
− Vacancy
−$960 −$0.96/SF
EGI
$18.2K $18.24/SF
− OpEx
−$4.6K −$4.56/SF
NOI
$13.7K $13.68/SF
Area
Dearborn, MI
Vacancy
5.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$273,600
Cap Rate 7%
$195,429
Cap Rate 9%
$152,000
Alternative Uses
Best Use
Specialty Retail
$195.4K
$171.0K – $228.0K
NOI $13,680 @ 7.0% cap · market cap 7.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$220.6K
$193.0K – $257.4K
NOI $15,442 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
97k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 40%
McDonald's
Dining
20,883 visits/mo
0.3 miles
Dollar Tree
Shops & Services
15,469 visits/mo
0.2 miles
Exxon
Shops & Services
11,244 visits/mo
0.5 miles
SUBWAY
Dining
9,910 visits/mo
0.1 miles
Shell
Shops & Services
8,472 visits/mo
0.2 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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully built-out cafe/restaurant with a commercial hood system and included equipment, ready for immediate operation.
Where is this conventional restaurant located?
The property is located at 5838 SCHAEFER RD Dearborn, MI.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Fully built‑out cafe/restaurant space with a professionally designed layout and commercial hood system; Included equipment and fixtures are part of the sale (physical space and buildout included); Currently operating as Cheat Treats Cafe since 2017
