Livonia Retail Redevelopment
For Sale
Contact for pricing
Pending
28203 Plymouth Rd, Livonia, MI 48150
Vacant 2,494 SF retail building suitable for redevelopment.
Property Size2,494 SF
Days on Market1013
Property Features for 28203 Plymouth Rd
General Information
Standard status
Pending
Size
2,494 SF
Total Parking Spaces
49
Property subtype
Retail
Zoning
C-2 General Business
Building Details
Year Built
1968
Listing Agency:
SRS Real Estate Partners Newport Beach
(248) 688-0630
Listed By:
Michael Carter · License #MI 6501369793
Source:
Crexi
Added: Nov 21, 2023
Changed: Aug 21
Last Checked: Aug 29 at 9:22PM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This 2,494 square-foot retail property in Livonia presents an opportunity for an owner-user or redevelopment. The property is currently a vacant quick-service restaurant (QSR).
Key Highlights
- Vacant QSR - Ready for immediate occupancy or repurposing.
- Owner‑User Opportunity - Ideal for business owners.
- Redevelopment Opportunity - Potential to renovate or rebuild.
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
$32,322
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
3.40%
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%
$646,440
$646.4K
Cap Rate 7%
$461,743
$461.7K
Cap Rate 9%
$359,133
$359.1K
Market Conditions
NOI Build-Up for 2,494 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
$44.9K $18.00/SF
− Vacancy
−$1.8K −$0.72/SF
EGI
$43.1K $17.28/SF
− OpEx
−$10.8K −$4.32/SF
NOI
$32.3K $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%
$646,440
Cap Rate 7%
$461,743
Cap Rate 9%
$359,133
Alternative Uses
Best Use
Specialty Retail
$461.7K
$404.0K – $538.7K
NOI $32,322 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
46k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Marathon Petroleum
Shops & Services
10,180 visits/mo
0.4 miles
Exxon
Shops & Services
6,602 visits/mo
0.3 miles
Mobil
Shops & Services
6,215 visits/mo
0.4 miles
BP
Shops & Services
6,180 visits/mo
0.4 miles
Checkers
Dining
5,805 visits/mo
0.4 miles
Demographics for 48150, MI
26,573
Population
10,724
Households
2.5
Avg Household Size
42
Median Age
36%
College-Educated
96%
High-School Grad
12.1 sq mi
ZIP Area
2,196
Density / Sq Mi
$94,058
Median Household Income
$50,779
Median Earnings
$1,328
Median Rent
$228,600
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?
Drive through restaurant - Vacant 2,494 SF retail building suitable for redevelopment.
Where is this drive through restaurant located?
The property is located at 28203 Plymouth Rd Livonia, 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: Vacant QSR - Ready for immediate occupancy or repurposing.; Owner‑User Opportunity - Ideal for business owners.; Redevelopment Opportunity - Potential to renovate or rebuild.
