Retail Space for
For Sale
$320,000
7021 N Merriman, Garden City, MI 48135
For sale retail space offering 1,276 sq ft at 7021 Merriman Rd in Garden City, MI.
Property Size1,276 SF
Days on Market147
Property Features for 7021 N Merriman
General Information
Standard status
Active
Size
1,276 SF
Property subtype
Retail
Building Details
Building Size
1,276 SF
Year Built
1959
Listing Agency:
Thomas A. Duke Company
Listed By:
Frank Rakipi
(248) 476-8876
Source:
Thomasduke
Added: Apr 10
Changed: Sep 2
Last Checked: Sep 2 at 2:30PM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This listing offers a retail space for sale with approximately 1,276 square feet of available area. The property is presented as retail, making it suitable for businesses looking for an existing commercial storefront format.
The asset is located at 7021 Merriman Rd in Garden City, Michigan. Details beyond the size and retail use are not provided with this listing, so interested parties are encouraged to inquire for additional information on the unit’s layout and condition prior to scheduling a showing.
The asset is located at 7021 Merriman Rd in Garden City, Michigan. Details beyond the size and retail use are not provided with this listing, so interested parties are encouraged to inquire for additional information on the unit’s layout and condition prior to scheduling a showing.
Key Highlights
- Retail space for sale with 1,276 sq ft
- Located at 7021 Merriman Rd in Garden City, MI
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
$12,090
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
3.78%
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%
$241,800
$241.8K
Cap Rate 7%
$172,714
$172.7K
Cap Rate 9%
$134,333
$134.3K
Market Conditions
NOI Build-Up for 1,276 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
$18.4K $14.40/SF
− Vacancy
−$1.1K −$0.86/SF
EGI
$17.3K $13.54/SF
− OpEx
−$5.2K −$4.06/SF
NOI
$12.1K $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%
$241,800
Cap Rate 7%
$172,714
Cap Rate 9%
$134,333
Alternative Uses
Best Use
Retail
$172.7K
$151.1K – $201.5K
NOI $12,090 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$236.2K
$206.7K – $275.6K
NOI $16,537 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
216
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
7,812 visits/mo
0.2 miles
DFCU Financial
Shops & Services
7,711 visits/mo
0.1 miles
Muffler Man
Shops & Services
848 visits/mo
0.1 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
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Frequently Asked Questions
What type of property is this?
Retail space - For sale retail space offering 1,276 sq ft at 7021 Merriman Rd in Garden City, MI.
Where is this retail space located?
The property is located at 7021 N Merriman Garden City, MI.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Retail space for sale with 1,276 sq ft; Located at 7021 Merriman Rd in Garden City, MI
