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    Property profile & analytics

    3431 Joy Rd Detroit, MI 48206

    • Grocery and convenience stores
    • 12,112 SF
    • 0.81 lot acres
    For Lease
    View listing
    $9 SF/Yr
    Last Sale
    Apr 09, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1827361
    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

    • Dollar General / Grocery & Convenience Store
    • Steinmetz Flooring Company / General Contractor / Carpet & Flooring Store

    Property Details for 3431 Joy Rd

    Year built
    1954
    Lot size
    0.81 lot acres
    Property size
    12,112 SF
    Zone code
    B4
    Property type
    Grocery and convenience stores
    APN
    12002705-16
    APU
    1200270516

    Description

    This exceptional retail investment opportunity presents a 12,198 square foot Dollar General store in Detroit, Michigan. Boasting a 9.00% cap rate and a substantial net operating income (NOI) of $94,000, this property offers a compelling return on investment. The building, situated on a 0.81-acre lot with 60 parking spaces, underwent a complete "retrofit to suit" renovation in 2022, leaving only the exterior walls and trusses from the original 1954 construction. The property benefits from a double net (NN) lease with Dollar General, the nation's largest discount retailer, featuring approximately 17.5 years remaining until lease expiration, plus four five-year renewal options with built-in rental increases. The property is zoned B4 and features a low rent per square foot, significantly below replacement cost. This strong credit asset is located in a densely populated area with favorable demographics for dollar stores, making it an ideal addition to any investment portfolio. The property's history as a supermarket from 1974 to 2020 further underscores its enduring appeal as a community shopping mainstay. The asking price is $1,044,444, with a price per square foot of $96.33. The property's address is 3431 Joy Rd, Detroit, MI 48206, and its APN is W12I002705C16.

    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
    -83.1162
    Latitude
    42.3705
    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
    $8,793
    $0.00
    $0.00
    $105,000
    -
    $0.00
    $0.00
    $210,000

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation
      $560,000
      2,596 SF

      9801 Linwood St

      CONVENIENCE STORE • 2,596 SF
      9801 Linwood St, Detroit, MI 48206-1721
      View Details
    • Value Estimation by Request
      2,273 SF

      11301 Dexter Ave

      CONVENIENCE STORE • 2,273 SF
      11301 Dexter Ave, Detroit, MI 48206-1422
      View Details
    • Value Estimation by Request
      1,500 SF

      9219 Dexter Ave

      CONVENIENCE STORE • 1,500 SF
      9219 Dexter Ave, Detroit, MI 48206-1807
      View Details
    • Value Estimation
      $1,060,000
      12,457 SF

      11520 Dexter Ave

      GROCERY, SUPERMARKET • 12,457 SF
      11520 Dexter Ave, Detroit, MI 48206-1438
      View Details
    • Value Estimation by Request
      1,020 SF

      12340 Dexter Ave

      CONVENIENCE STORE • 1,020 SF
      12340 Dexter Ave, Detroit, MI 48206-1016
      View Details

    Similar Nearby for Sale

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    • $150,000
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    Similar Nearby for Lease

    • $9 SF/Yr
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      Retail Space on Joy Road

      Available retail space with open layout and strong visibility.
      3431 Joy Rd, Detroit, MI 48206
      View Details
    • $14 SF/Yr
      947 SF

      Retail Space on Dexter Avenue

      Retail space available for lease in Detroit, Michigan.
      9200-9224 Dexter Ave, Detroit, MI 48206
      View Details
    • $16 SF/Yr
      6,902 SF

      Detroit Retail Space: 3 Units Available

      Flexible Retail Space, 6902 sq ft, Detroit, MI
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    Detroit, MI 48206
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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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