Vacant QSR Retail
For Sale
Contact for pricing
Pending
20240 Plymouth Rd, Detroit, MI 48228
Vacant 2,413 SF QSR for sale in Detroit.
Property Size2,413 SF
Days on Market1021
Property Features for 20240 Plymouth Rd
General Information
Standard status
Pending
Size
2,413 SF
Total Parking Spaces
36
Property subtype
Retail
Zoning
B-4 General Business
Building Details
Year Built
1992
Listing Agency:
SRS Real Estate Partners Newport Beach
Listed By:
Michael Carter · License #MI 6501369793
(248) 688-0630
Source:
Crexi
Added: Nov 21, 2023
Changed: Aug 14
Last Checked: Sep 2 at 2:47AM
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 2,413 square foot commercial property is available for sale. It presents an opportunity for an owner-user or redevelopment. The property is suitable for retail use and was formerly a quick-service restaurant (QSR).
Key Highlights
- Vacant QSR (Quick Service Restaurant)
- Owner‑User or Redevelopment Opportunity
- Retail Property
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
$33,010
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
8.57%
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%
$660,200
$660.2K
Cap Rate 7%
$471,571
$471.6K
Cap Rate 9%
$366,778
$366.8K
Market Conditions
NOI Build-Up for 2,413 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
$46.3K $19.20/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$44.0K $18.24/SF
− OpEx
−$11.0K −$4.56/SF
NOI
$33.0K $13.68/SF
Area
ZIP 48228
Vacancy
5.00%
Lease Rate
$19.20 /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%
$660,200
Cap Rate 7%
$471,571
Cap Rate 9%
$366,778
Alternative Uses
Best Use
Specialty Retail
$471.6K
$412.6K – $550.2K
NOI $33,010 @ 7.0% cap · market cap 8.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$495.6K
$433.7K – $578.2K
NOI $34,693 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 96%
Dining 4%
Family Dollar
Shops & Services
7,169 visits/mo
0.2 miles
Citgo
Shops & Services
5,146 visits/mo
0.3 miles
Comerica Bank
Shops & Services
4,716 visits/mo
0.1 miles
Mobil
Shops & Services
4,706 visits/mo
0.3 miles
SUBWAY
Dining
975 visits/mo
0.3 miles
Demographics for 48228, MI
53,893
Population
22,620
Households
2.4
Avg Household Size
31
Median Age
11%
College-Educated
78%
High-School Grad
8.9 sq mi
ZIP Area
6,055
Density / Sq Mi
$31,485
Median Household Income
$27,533
Median Earnings
$1,086
Median Rent
$55,100
Median Home Value
Market
Vacancy Rate% for Retail in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Vacant 2,413 SF QSR for sale in Detroit.
Where is this drive through restaurant located?
The property is located at 20240 Plymouth Rd Detroit, MI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Vacant QSR (Quick Service Restaurant); Owner‑User or Redevelopment Opportunity; Retail Property
