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    16301 Eight Mile Rd Detroit, MI 48235

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    For Sale
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    Vacant 3,781 SF Auto Shop/Storefront

    Property size:
    3,781 SF

    Property Features for 16301 Eight Mile Rd

    General Information

    Property type
    Retail space
    Square Feet
    3,781 SF
    Lot Size
    23,522 SF

    Building Details

    Year Built
    1960
    Buildings
    1
    Units
    1

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    Listing Contact
    Actavia Kattula
    Actavia Kattula

    Listing Agency: Odessa Properties Listing Agent: Actavia Kattula

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 3,781 square foot retail property, located at 16301 W 8 Mile Road in Detroit, Michigan, presents a lucrative investment opportunity. Situated in a high-traffic area with over 145,000 vehicles passing daily, this vacant building offers unparalleled visibility and accessibility. The property boasts a convenient 0.54-acre lot, providing ample parking for customers. Built in 1960, the single-building structure is zoned B4-General Business District, making it suitable for a variety of retail uses, particularly auto-related businesses given its previous use as an auto shop and storefront. The asking price is $574,000, translating to $151.81 per square foot. This represents a strong value proposition in a prime Detroit location. The seller is open to considering a land contract, offering flexible financing options for potential buyers. This property's high visibility, ample parking, and flexible financing options make it an ideal investment for entrepreneurs seeking a thriving retail location on one of Detroit's busiest thoroughfares. The property is currently vacant, allowing for immediate occupancy and customization to suit the buyer's specific needs. This is a rare opportunity to acquire a well-located, sizable retail space in a high-demand area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2096545
    Latitude
    42.4442322

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    FAQs

    What type of property is this?
    Retail space - Vacant 3,781 SF Auto Shop/Storefront
    Where is this retail space located?
    The property is located at 16301 Eight Mile Rd Detroit, MI.
    What is the asking price?
    The asking price for this property is $574,000.
    What are key features of this property?
    This property features: 3,781 SF retail building at 16301 W 8 Mile Road, Detroit, MI.; High-traffic location with over 145,000 vehicles daily, offering excellent visibility.; 0.54-acre lot with ample parking.
    (586) 337-6800 Call to check price and availability
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    16301 Eight Mile Rd Detroit, MI 48235
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    Detroit, MI 48235
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16301 Eight Mile Rd Detroit, MI 48235
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Actavia Kattula
    Actavia Kattula
    Real Estate License ID: MI6​5​0​2​4​3​1​7​8​4
    (586) 337-6800
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