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    Property profile & analytics

    2300 S Schaefer Hwy Detroit, MI 48217

    • Strip malls
    • 6,600 SF
    • 0.54 lot acres
    For Sale
    View listing
    $499,900
    Last Sale
    Apr 10, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1361357
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Boost Mobile / Mobile Phone Store / Electronics & Wireless Store
    • King and Queen Event Planning/KQ Event Studio / Event Planning / Wedding Service
    • KQ Event Studio / Hotel & Motel / Resort
    • Back2Life Deliverance Cemter / High School
    • Wawie Apparel Store / Clothing & Fashion Store

    Property Details for 2300 S Schaefer Hwy

    Year built
    2002
    Lot size
    0.54 lot acres
    Property size
    6,600 SF
    Zone code
    B4
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    20018097-104
    APU
    20018097104

    Description

    This exceptional 6,600 square foot retail center, located at 2300 S Schaefer Hwy in Detroit, Michigan, presents a compelling investment opportunity. Currently boasting 100% occupancy, this property offers a strong 12.50% capitalization rate, making it an attractive addition to any portfolio. The asking price is $575,000, translating to $87.12 per square foot. The single-building property features ample parking with 32 spaces available for tenants and customers. Its convenient location provides easy access to the I-75 expressway, ensuring high visibility and accessibility for businesses and patrons alike. Situated in Wayne County, Michigan, zip code 48217, this retail strip center is a turnkey operation ready for immediate income generation. The property's strong performance and prime location make it an ideal investment for those seeking a stable, high-return asset in the thriving Detroit market. This is a rare opportunity to acquire a fully occupied, high-performing retail property with significant upside potential. Don't miss out on this chance to secure a valuable piece of Detroit's commercial real estate landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1503
    Latitude
    42.2746
    CBSA code
    19820
    CBSA name
    DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $6,805
    $0.00
    $0.00
    $256,700
    -
    $0.00
    $0.00
    $513,400

    Comparable in this City

    • Value Estimation by Request
      1,332 SF

      420 Oakwood

      RETAIL STORES (PERSONAL SERVICES) • 1,332 SF
      420 Oakwood, Detroit, MI 48217-1484
      View Details
    • Value Estimation by Request
      2,000 SF

      633 Dix St

      AUTO REPAIR, GARAGE • 2,000 SF
      633 Dix St, Detroit, MI 48217-1312
      View Details
    • Value Estimation by Request
      14,549 SF

      1041 Major St

      AUTO REPAIR, GARAGE • 14,549 SF
      1041 Major St, Detroit, MI 48217-1339
      View Details
    • Value Estimation by Request
      2,087 SF

      360 Ft St

      AUTO REPAIR, GARAGE • 2,087 SF
      360 Ft St, Detroit, MI 48217-1474
      View Details
    • Value Estimation by Request
      1,200 SF

      2747 Ft St

      RETAIL STORES (PERSONAL SERVICES) • 1,200 SF
      2747 Ft St, Detroit, MI 48217-1092
      View Details
    • Value Estimation by Request
      648 SF

      2537 Ft St

      RETAIL STORES (PERSONAL SERVICES) • 648 SF
      2537 Ft St, Detroit, MI 48217-1071
      View Details

    Similar Nearby for Sale

    • $499,900
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      Retail Strip Mall For Sale

      6,600 SF retail strip mall on corner lot.
      2300 S Schaefer Hwy, Detroit, MI 48217
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    • $595,000

      Gas Station/C-Store For Sale

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      Dollar Tree Retail Investment

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      Detroit Commercial Property For Sale

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    • $650,000

      Detroit Industrial Property For Sale

      Large industrial property with M-4 zoning and freeway access.
      12501 Sanders St, Detroit, MI 48217
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    • $2,000,000

      Commercial Land For Sale

      Commercial land available for sale.
      303 S Dix St, Detroit, MI 48217
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    Similar Nearby for Lease

    • $1,500 /Mo

      Retail/Office Space For Lease

      Two commercial units available for lease in high-traffic area.
      465 S Schaefer Hwy, Detroit, MI 48217
      View Details
    • $17 SF/Yr
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      Detroit Retail Space - Fort Street

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      View Details
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    Detroit, MI 48217
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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
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