Convenience Store on Major
New
For Sale
$249,900
8457 Park Avenue, Allen Park, MI 48101
Established retail operation with on-site parking and straightforward access for surrounding residential customers.
Property Size1,140 SF
Days on Market2
Property Features for 8457 Park Avenue
General Information
Standard status
Active
Size
1,140 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,916
Building Details
Building Size
1,140 SF
Year Built
1955
Listing Agency:
Keller Williams Legacy
(313) 918-4991
Listed By:
Almokdad Abdo · License #6501439820
Source:
Thebrokeragehouse
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 5:02AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This commercial property contains an operating convenience-store business with on-site parking and access from a major road. The building dates to 1955 and is identified for Commercial zoning.
Situated at 8457 Park Avenue in Allen Park, Michigan, the property is near established residential neighborhoods. Its roadside setting supports customer access and retail visibility, while the existing store configuration provides a foundation for continued convenience retail use.
Situated at 8457 Park Avenue in Allen Park, Michigan, the property is near established residential neighborhoods. Its roadside setting supports customer access and retail visibility, while the existing store configuration provides a foundation for continued convenience retail use.
Key Highlights
- Operating convenience‑store business
- Commercial zoning
- Major‑road location with roadside visibility and access
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
$14,774
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
5.91%
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%
$295,480
$295.5K
Cap Rate 7%
$211,057
$211.1K
Cap Rate 9%
$164,156
$164.2K
Market Conditions
NOI Build-Up for 1,140 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
$20.5K $18.00/SF
− Vacancy
−$821 −$0.72/SF
EGI
$19.7K $17.28/SF
− OpEx
−$4.9K −$4.32/SF
NOI
$14.8K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /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%
$295,480
Cap Rate 7%
$211,057
Cap Rate 9%
$164,156
Alternative Uses
Best Use
Specialty Retail
$211.1K
$184.7K – $246.2K
NOI $14,774 @ 7.0% cap · market cap 5.91%
Second Best
Retail
$154.3K
$135.0K – $180.0K
NOI $10,802 @ 7.0% cap · market cap 4.32%
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
Paved road access
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
18k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Dining 6%
Marathon Petroleum
Shops & Services
8,057 visits/mo
0.5 miles
Hallmark
Shops & Services
4,314 visits/mo
0.1 miles
Sunoco
Shops & Services
3,381 visits/mo
0.4 miles
Papa Romano's
Dining
1,033 visits/mo
0.4 miles
PostNet
Shops & Services
998 visits/mo
0.4 miles
Demographics for 48101, MI
28,664
Population
12,413
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
7.0 sq mi
ZIP Area
4,095
Density / Sq Mi
$80,045
Median Household Income
$51,658
Median Earnings
$1,181
Median Rent
$174,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Established retail operation with on-site parking and straightforward access for surrounding residential customers.
Where is this grocery and convenience store located?
The property is located at 8457 Park Avenue Allen Park, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Operating convenience‑store business; Commercial zoning; Major‑road location with roadside visibility and access
