Building Details

Year Built 1961

Year Renovated 2015

Buildings 1

Stories 1

Units 1

Tenancy Single

Listing Agency: Pilot Property Group

Listed By: Tony Cavataio · License #MI Show Phone

Source: Crexi

Added: Mar 1, 2024 Changed: Sep 21 Last Checked: Oct 5 at 4:45PM

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Investment Insights

Based on property information with market context.

Key Highlights

• Turn‑key business opportunity
• Event venue and small gathering hall
• Located north of downtown Romeo

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$8,449

Cap Rate

3.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$168,980 $169.0K

Cap Rate 7%

$120,700 $120.7K

Cap Rate 9%

$93,878 $93.9K

Market Conditions

NOI Build-Up for 1,143 SF

Gross rent

$13.7K $12.00/SF

− Vacancy

−$1.6K −$1.44/SF

EGI

$12.1K $10.56/SF

− OpEx

−$3.6K −$3.17/SF

NOI

$8.4K $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 Rate 5%

$168,980

Cap Rate 7%

$120,700

Cap Rate 9%

$93,878

Alternative Uses

Best Use

Retail

$120.7K

$105.6K – $140.8K (±1% cap)

NOI $8,449 @ 7.0% cap · market cap 3.93%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$214.0K

$187.2K – $249.7K (±1% cap)

NOI $14,979 @ 7.0% cap · market cap 6.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Auto Repair Shop Law Firm Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Explore this area Business Placement

Demographics for 48065, MI

11,228

Population

4,672

Households

2.4

Avg Household Size

44

Median Age

34%

College-Educated

91%

High-School Grad

37.4 sq mi

ZIP Area

300

Density / Sq Mi

$104,348

Median Household Income

$47,892

Median Earnings

$1,047

Median Rent

$341,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

Where is this retail space located?

The property is located at 70941 Van Dyke Rd Bruce Township, MI.

What is the asking price?

The asking price for this property is $215,000.

What are key features of this property?

This property features: Turn‑key business opportunity; Event venue and small gathering hall; Located north of downtown Romeo