Renovated Storefront with Salon
New
For Sale
Contact for pricing
677 Goddard Street, Wyandotte, MI 48192
Vacant one-story commercial space with municipal utilities and salon-style sinks in place.
Property Size1,000 SF
Price / SF$125
Days on Market7
Property Features for 677 Goddard Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Special Purpose
Additional Details
Utilities to Site
Yes
Amenities
salon-style sinks
forced-air heating
Building Details
Buildings
1
Stories
1
Construction
block
Listing Agency:
Century 21 Curran & Oberski
Listed By:
Jessica Tremonti · License #6501364166
(313) 478-0819
Source:
Crexi
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 19 at 8:00AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
Located at 677 Goddard Street in Wyandotte, this fully renovated storefront property provides approximately 1,000 square feet in a one-story commercial building. The structure has a block exterior, slab foundation, forced-air heating, municipal water, and sanitary sewer service.
Salon-style sinks are already installed, supporting salon, barber, beauty, or similar uses, subject to buyer verification with the City of Wyandotte. The property is currently vacant and occupies a 20' x 100' lot. Potential rezoning may be available, also subject to city review. Buyer is responsible for assuming city repairs.
Salon-style sinks are already installed, supporting salon, barber, beauty, or similar uses, subject to buyer verification with the City of Wyandotte. The property is currently vacant and occupies a 20' x 100' lot. Potential rezoning may be available, also subject to city review. Buyer is responsible for assuming city repairs.
Key Highlights
- Approximately 1,000 square feet in a fully renovated one‑story building
- Salon‑style sinks already installed
- 20' x 100' lot
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
$9,475
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
7.58%
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%
$189,500
$189.5K
Cap Rate 7%
$135,357
$135.4K
Cap Rate 9%
$105,278
$105.3K
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
$14.4K $14.40/SF
− Vacancy
−$864 −$0.86/SF
EGI
$13.5K $13.54/SF
− OpEx
−$4.1K −$4.06/SF
NOI
$9.5K $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%
$189,500
Cap Rate 7%
$135,357
Cap Rate 9%
$105,278
Alternative Uses
Best Use
Retail
$135.4K
$118.4K – $157.9K
NOI $9,475 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$185.1K
$162.0K – $216.0K
NOI $12,960 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
265k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Groceries 26%
Home Improvements & Furnishings 13%
Shops & Services 13%
Kroger
Groceries
69,382 visits/mo
0.4 miles
Lowe's
Home Improvements & Furnishings
34,238 visits/mo
0.3 miles
McDonald's
Dining
28,456 visits/mo
0.3 miles
SONIC Drive In
Dining
19,762 visits/mo
0.3 miles
Starbucks
Dining
16,942 visits/mo
0.4 miles
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Thrifty Florist — 2353 Eureka Rd, Wyandotte, MI 48192
Frequently Asked Questions
What type of property is this?
Storefront property - Vacant one-story commercial space with municipal utilities and salon-style sinks in place.
Where is this storefront property located?
The property is located at 677 Goddard Street Wyandotte, MI.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Approximately 1,000 square feet in a fully renovated one‑story building; Salon‑style sinks already installed; 20' x 100' lot
