Remodeled Conventional Restaurant
For Sale
$549,900
74 N Washington St, Oxford, MI 48371
Restaurant-configured property with commercial hood, security systems, and rear cement parking.
Property Size1,967 SF
Price / SF$279.56
Days on Market42
Property Features for 74 N Washington St
General Information
Standard status
Active
Size
1,967 SF
Restaurant
Commercial Hood
Yes
Equipment Included
No
Amenities
security system
flagpole
awnings
Building Details
Year Built
2001
Buildings
1
Stories
2
Listing Agency:
DRC of Michigan Realty, LLC
(517) 404-6808
Listed By:
Dave Chopp · License #6501351378
Source:
Katie-k
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:10PM
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 DRC of Michigan Realty, LLC
Investment Insights
Based on property information with market context.
This conventional restaurant property at 74 N Washington Street has been remodeled and updated within the past two years. The building provides 2,000 SF on the main level plus 1,560 sq-ft upstairs, for a total of 3,560 sq-ft. The ground floor features an open layout, while the upper level includes a private office and separate storage area. Restaurant improvements include a 20ft cooking hood, commercial stainless-steel sinks, LED lighting, fresh paint, and updated finishes. Equipment is excluded from the sale but may be negotiable.
Exterior improvements include a Duro-Last roof, new gutters and downspouts, fresh paint, and awnings at the front and rear. A cement parking lot occupies the rear of the property. Security features include monitored alarm service, building surveillance, interior and exterior cameras, panic buttons, and fobs. A flagpole is also located on the property.
Exterior improvements include a Duro-Last roof, new gutters and downspouts, fresh paint, and awnings at the front and rear. A cement parking lot occupies the rear of the property. Security features include monitored alarm service, building surveillance, interior and exterior cameras, panic buttons, and fobs. A flagpole is also located on the property.
Key Highlights
- 2,000 SF main level plus 1,560 sq‑ft upstairs; total building area of 3,560 sq‑ft
- Remodeled and updated within the past two years for restaurant use
- 20ft cooking hood and commercial stainless‑steel sinks
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
$29,699
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
5.40%
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%
$593,980
$594.0K
Cap Rate 7%
$424,271
$424.3K
Cap Rate 9%
$329,989
$330.0K
Market Conditions
NOI Build-Up for 1,967 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
$42.5K $21.60/SF
− Vacancy
−$2.9K −$1.47/SF
EGI
$39.6K $20.13/SF
− OpEx
−$9.9K −$5.03/SF
NOI
$29.7K $15.10/SF
Area
Oakland County, MI
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$593,980
Cap Rate 7%
$424,271
Cap Rate 9%
$329,989
Alternative Uses
Best Use
Specialty Retail
$424.3K
$371.2K – $495.0K
NOI $29,699 @ 7.0% cap · market cap 5.40%
Second Best
Industrial
$139.2K
$121.8K – $162.4K
NOI $9,746 @ 7.0% cap · market cap 1.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48371, MI
25,272
Population
9,928
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
46.2 sq mi
ZIP Area
547
Density / Sq Mi
$108,983
Median Household Income
$52,606
Median Earnings
$1,244
Median Rent
$352,500
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?
Conventional restaurant - Restaurant-configured property with commercial hood, security systems, and rear cement parking.
Where is this conventional restaurant located?
The property is located at 74 N Washington St Oxford, MI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2,000 SF main level plus 1,560 sq‑ft upstairs; total building area of 3,560 sq‑ft; Remodeled and updated within the past two years for restaurant use; 20ft cooking hood and commercial stainless‑steel sinks
