Standalone Storefront Barber
For Sale
$350,000
7045 Cooley Lake Rd, West Bloomfield, MI 48324
Standalone retail building with accessible entry, multiple cutting stations, restroom, and parking at the front and rear.
Property Size1,120 SF
Price / SF$312.50
Days on Market42
Property Features for 7045 Cooley Lake Rd
General Information
Standard status
Active
Size
1,120 SF
Additional Details
Road Access
Yes
Amenities
handicap-accessible ramp
multiple cutting stations
restroom
updated flooring
new windows
new mechanicals
bright lighting
Building Details
Year Built
1944
Buildings
1
Listing Agency:
Casablanca Real Estate LLC
(248) 982-3360
Listed By:
Mark Krysiak · License #6501394175
Source:
Katie-k
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 4:57AM
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 Casablanca Real Estate LLC
Investment Insights
Based on property information with market context.
This standalone storefront is configured for barber shop use, with a welcoming entrance, handicap-accessible ramp, multiple cutting stations, and a restroom. The building has updated flooring, new windows and mechanicals, and bright interior lighting. Parking is available in both front and rear areas.
The property is located on Cooley Lake Road in West Bloomfield, surrounded by retail, restaurants, and residential neighborhoods. Built in 1944, the building offers an established small-service commercial configuration with existing barber shop improvements and visibility along the road.
The property is located on Cooley Lake Road in West Bloomfield, surrounded by retail, restaurants, and residential neighborhoods. Built in 1944, the building offers an established small-service commercial configuration with existing barber shop improvements and visibility along the road.
Key Highlights
- Standalone storefront building configured as a barber shop
- Handicap‑accessible entrance ramp
- Multiple cutting stations and restroom
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
$12,052
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
3.44%
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%
$241,040
$241.0K
Cap Rate 7%
$172,171
$172.2K
Cap Rate 9%
$133,911
$133.9K
Market Conditions
NOI Build-Up for 1,120 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
$18.8K $16.80/SF
− Vacancy
−$1.6K −$1.43/SF
EGI
$17.2K $15.37/SF
− OpEx
−$5.2K −$4.61/SF
NOI
$12.1K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /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%
$241,040
Cap Rate 7%
$172,171
Cap Rate 9%
$133,911
Alternative Uses
Best Use
Retail
$172.2K
$150.7K – $200.9K
NOI $12,052 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$241.6K
$211.4K – $281.8K
NOI $16,910 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
2,953 visits/mo
0.4 miles
BP
Shops & Services
2,716 visits/mo
0.1 miles
Demographics for 48324, MI
16,872
Population
6,637
Households
2.5
Avg Household Size
46
Median Age
57%
College-Educated
96%
High-School Grad
8.6 sq mi
ZIP Area
1,962
Density / Sq Mi
$148,750
Median Household Income
$64,277
Median Earnings
$1,448
Median Rent
$407,500
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?
Storefront property - Standalone retail building with accessible entry, multiple cutting stations, restroom, and parking at the front and rear.
Where is this storefront property located?
The property is located at 7045 Cooley Lake Rd West Bloomfield, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Standalone storefront building configured as a barber shop; Handicap‑accessible entrance ramp; Multiple cutting stations and restroom
