Mixed-Use Retail and Residential
585 Southfield Road Unit SourceFi Lincoln Park, MI 48146
For Sale
$364,900
Well-maintained mixed-use building with a leased tobacco shop and three residential units generating $49,200 annual income.
Property Size3,450 SF
Price / SF$105.77
Days on Market150
Property Features for 585 Southfield Road Unit SourceFi
General Information
Standard status
Active
Size
3,450 SF
Property subtype
Industrial
Building Details
Year Built
19
Listing Agency:
Epique Realty
(313) 338-7652
Listed By:
Mohammed Almahdi
(313) 338-7652
Source:
Xome
Added: Mar 2
Changed: Jul 20
Last Checked: Jul 30 at 2:26AM
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 Epique Realty
Investment Insights
Based on property information with market context.
This well-maintained mixed-use building includes three residential rental units and a storefront that is currently leased to a tobacco shop, generating $49,200 in annual income. The upper residential units have been recently renovated with modern updates including new windows, updated kitchens and bathrooms, and split AC units.
The property also includes a balcony. Two of the units feature two bedrooms and one full bathroom, along with a spacious living room, dining room, and kitchen. The third unit offers one bedroom and one full bathroom, with a living room, dining room, and kitchen.
Overall, the building provides a mix of retail and residential income within a single asset.
The property also includes a balcony. Two of the units feature two bedrooms and one full bathroom, along with a spacious living room, dining room, and kitchen. The third unit offers one bedroom and one full bathroom, with a living room, dining room, and kitchen.
Overall, the building provides a mix of retail and residential income within a single asset.
Key Highlights
- Mixed‑use building with 3 residential rental units plus a storefront leased to a tobacco shop
- Currently generating $49,200 in annual income
- Two upper units have been recently renovated with new windows, updated kitchens and bathrooms, and split AC units
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.7k | $14.40 |
| − Vacancy | −$3.0k | −$0.86 |
| EGI | $46.7k | $13.54 |
| − OpEx | −$14.0k | −$4.06 |
| NOI | $32.7k | $9.48 |
3,450 SF · lease $14.40/SF/yr · vacancy 6.00% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$483.9K
$423.4K – $564.5K
NOI $33,870 @ 7.0% cap · market cap 9.28%
Second Best
Retail
$467.0K
$408.6K – $544.8K
NOI $32,689 @ 7.0% cap · market cap 8.96%
Theoretical Best
Specialty Retail
$638.7K
$558.9K – $745.2K
NOI $44,712 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained mixed-use building with a leased tobacco shop and three residential units generating $49,200 annual income.
Where is this triplex located?
The property is located at 585 Southfield Road Unit SourceFi Lincoln Park, MI.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Mixed‑use building with 3 residential rental units plus a storefront leased to a tobacco shop; Currently generating $49,200 in annual income; Two upper units have been recently renovated with new windows, updated kitchens and bathrooms, and split AC units
