Former Restaurant Ready for
33785 Van Dyke Fwy, Sterling Heights, MI 48314
Former restaurant with high traffic, ready for improvements.
Type:Retail
Property size:
4,997 SFPrice / SF:
$190/SF- Added:
- Jan 3, 2023
- Days on Market:
- 1229
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 33785 Van Dyke Fwy
General Information
- Standard status
- Active
- Size
- 4,997 SF
- Property subtype
- Retail
Listing agent Charles Howard License #MI 6506044836
Listing office Transwestern Detroit
Listing date Jan 3, 2023
Source Crexi
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 Transwestern Detroit
HighLights
- High traffic location: 50,000 cars per day.
- Former IHOP Restaurant: Established restaurant location.
- Gutted Seating Area: Ready for customized improvements.
- Restaurant Ready: Suited for restaurant business.
- High visibility: Benefits from significant daily traffic.
- Improvement Ready: Opportunity to design the seating area.
Overview
This property, formerly an IHOP restaurant, presents a commercial real estate opportunity. The seating area has been gutted, making it ready for improvements. The location benefits from high traffic, with approximately 50,000 cars passing by daily. The property size is 4,997 square feet.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$714.9K
NOI $64,341 @ 9.00% cap · cautious / downside scenario
Moderate
$919.2K
NOI $64,341 @ 7.00% cap · market / base-case scenario
Aggressive
$1.29M
NOI $64,341 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $92.9k | $18.60 |
| − Vacancy | −$7.2k | −$1.43 |
| EGI | $85.8k | $17.17 |
| − OpEx | −$21.4k | −$4.29 |
| NOI | $64.3k | $12.88 |
4,997 SF · lease $18.60/SF/yr · vacancy 7.70% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$919.2K
$804.3K – $1.07M
NOI $64,341 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$964.6K – $1.29M
NOI $77,165 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Conventional restaurants
Map
- City
- Sterling Heights
- County
- Macomb
- State
- Michigan
- Longitude
- -83.0539
- Latitude
- 42.6091
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - Former restaurant with high traffic, ready for improvements.
Where is this conventional restaurant located?
The property is located at 33785 Van Dyke Fwy Sterling Heights, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: High traffic location: 50,000 cars per day.; Former IHOP Restaurant: Established restaurant location.; Gutted Seating Area: Ready for customized improvements.
