Auto Body Facility with Wash
For Sale
Contact for pricing
66629 Gratiot Ave, Richmond, MI 48062
Purpose-built automotive facility with upgraded building systems, specialized wash areas, and a modern office and reception component.
Property Size18,627 SF
Lot Size5.82 Acres
Price / SF$187.90
Days on Market148
Property Features for 66629 Gratiot Ave
General Information
Standard status
Active
Size
18,627 SF
Lot size
5.82 Acres
Property subtype
Industrial, Special Purpose
Investment Type
Owner/User
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Asking Price
$3,500,000
Amenities
16' clear height
seven overhead doors
800 amp 208V 3-phase power
Zurn drain systems
oil/water separator
specialized wash bays
climate-controlled shop areas
backup generator
pole-mounted cameras
LED lighting
modern office and reception area
Building Details
Year Renovated
2024
Buildings
1
Listing Agency:
GD Real Estate Services LLC
Listed By:
Gary David · License #MI 6502430398
Source:
Crexi
Added: Apr 6
Changed: Aug 30
Last Checked: Aug 30 at 8:03PM
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 GD Real Estate Services LLC
Investment Insights
Based on property information with market context.
Located at 66629 Gratiot Ave in Richmond, Michigan, this 18,627-square-foot automotive facility occupies 5.82 acres and is configured for body repair, vehicle service, fleet operations, and related industrial uses. The shop provides 16’ clear height, seven overhead doors reaching up to 14’ high, and 800 amp, 208V, 3-phase power. Interior improvements include climate-controlled work areas, specialized wash bays, Zurn drain systems, an oil/water separator, and a backup generator. A finished office and reception area supports administrative and customer-facing functions.
Recent site and building work includes a new roof and HVAC system completed in 2024, new underground utilities and storm systems, and a newly constructed parking lot completed in 2022. Pole-mounted cameras and LED lighting provide additional site infrastructure, while substantially all existing building improvements and operational equipment are included in the sale, excluding the frame bender.
Recent site and building work includes a new roof and HVAC system completed in 2024, new underground utilities and storm systems, and a newly constructed parking lot completed in 2022. Pole-mounted cameras and LED lighting provide additional site infrastructure, while substantially all existing building improvements and operational equipment are included in the sale, excluding the frame bender.
Key Highlights
- 18,627 SF automotive facility on 5.82 acres
- 16’ clear height in the shop with seven overhead doors up to 14’ high
- 800 amp, 208V, 3‑phase power
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
$137,691
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
3.93%
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%
$2,753,820
$2.8M
Cap Rate 7%
$1,967,014
$2.0M
Cap Rate 9%
$1,529,900
$1.5M
Market Conditions
NOI Build-Up for 18,627 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
$223.5K $12.00/SF
− Vacancy
−$26.8K −$1.44/SF
EGI
$196.7K $10.56/SF
− OpEx
−$59.0K −$3.17/SF
NOI
$137.7K $7.39/SF
Area
Macomb County, MI
Vacancy
12.00%
Lease Rate
$12.00 /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%
$2,753,820
Cap Rate 7%
$1,967,014
Cap Rate 9%
$1,529,900
Alternative Uses
Best Use
Retail
$1.97M
$1.72M – $2.29M
NOI $137,691 @ 7.0% cap · market cap 3.93%
Second Best
Industrial
$1.43M
$1.26M – $1.67M
NOI $100,439 @ 7.0% cap · market cap 2.87%
Theoretical Best
Specialty Retail
$3.49M
$3.05M – $4.07M
NOI $244,109 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
148k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 31%
Home Improvements & Furnishings 15%
Electronics 10%
McDonald's
Dining
21,701 visits/mo
0.4 miles
Tim Hortons
Dining
11,017 visits/mo
0.3 miles
Family Farm & Home
Home Improvements & Furnishings
10,923 visits/mo
0.0 miles
Tractor Supply Co.
Home Improvements & Furnishings
10,555 visits/mo
0.4 miles
Taco Bell
Dining
10,472 visits/mo
0.4 miles
Demographics for 48062, MI
9,375
Population
3,631
Households
2.6
Avg Household Size
43
Median Age
25%
College-Educated
86%
High-School Grad
39.5 sq mi
ZIP Area
237
Density / Sq Mi
$75,763
Median Household Income
$39,181
Median Earnings
$882
Median Rent
$249,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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- Pennzoil 10 Minute Oil Change Center — 67595 Main St, Richmond, MI 48062
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Frequently Asked Questions
What type of property is this?
Auto shop - Purpose-built automotive facility with upgraded building systems, specialized wash areas, and a modern office and reception component.
Where is this auto shop located?
The property is located at 66629 Gratiot Ave Richmond, MI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 18,627 SF automotive facility on 5.82 acres; 16’ clear height in the shop with seven overhead doors up to 14’ high; 800 amp, 208V, 3‑phase power
