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    43761 Schoenherr Rd Sterling Heights, MI 48313
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    Property profile & analytics

    43761 Schoenherr Rd, Sterling Heights, MI 48313

    View on Map
    • Drive through restaurants
    • 6,122 SF
    • 1.01 lot acres
    For Lease
    $35 SF/Yr
    View Listing →
    Retail Space with Drive-Thru For Lease
    $35 SF/Yr

    Retail Space with Drive-Thru

    Retail spaces with drive-thru located on Kroger shopping center pad.

    43761 Schoenherr Rd, Sterling Heights, MI 48313
    View Listing
    Property ID
    US43-1346725
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Drive through restaurants

    Property Details for 43761 Schoenherr Rd

    Year built
    2004
    Lot size
    1.01 lot acres
    Zone code
    C-2
    Property type
    Drive through restaurants
    APN
    10-10-02-431-002
    APU
    101002431002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 2, 2023 — Nottingham Commercial LLC — Deed · related $12M · Nationwide Life And Annuity Insurance Co
    — — Nottingham Commercial LLC — Deed Of Trust · related $12.8M · Allstate Life Insurance Co

    Description

    This exceptional retail or restaurant opportunity is located at 43761 Schoenherr Road in Sterling Heights, Michigan, within a thriving Kroger-anchored shopping center. The property offers a total of 6,375 square feet of space, currently entirely vacant and available for lease. Two spaces are available, each ranging from 3,125 to 3,250 contiguous square feet, providing flexibility for various business needs. The maximum contiguous space available is 3,250 square feet. The property is ideally situated in a high-traffic area surrounded by established national retailers and restaurants, ensuring excellent visibility and customer access. Ample parking is provided with 21 spaces available for patrons and employees. The property's location in Macomb County, Michigan, zip code 48313, offers easy access to major roadways and a dense residential population. This is a rare opportunity to establish a business in a prime retail location with a drive-thru option, perfect for restaurants or businesses requiring convenient customer access. The property is part of a two-tenant retail strip, offering a strong co-tenancy advantage. Interested parties should inquire for lease terms and conditions. The property is classified as commercial and restaurant space, suitable for multiple tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,442,000
      Market price range: $531k - $1.44M
      AI Estimate
      $1,442,000
      Market price range: $531k - $1.44M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $870,000
      Current use
      COMMERCIAL (GENERAL)
      $1,155,000
      Change: +33% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Sterling Heights
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9933
    Latitude
    42.6167
    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
    2022
    $23,489
    $0.00
    $0.00
    $959,700
    -
    $0.00
    $0.00
    $1,919,400

    Comparable in this City

    • Value Estimation
      $1,190,000
      5,052 SF

      13640 Southcove Dr

      DRIVE-THRU RESTAURANT, FAST FOOD
      13640 Southcove Dr, Sterling Heights, MI 48313-1334
      View Details
    • Value Estimation
      $745,000
      3,159 SF

      44685 Schoenherr Rd

      DRIVE-THRU RESTAURANT, FAST FOOD
      44685 Schoenherr Rd, Sterling Heights, MI 48313-1135
      View Details
    • Value Estimation
      $620,000
      3,369 SF

      40058 Van Dyke Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      40058 Van Dyke Ave, Sterling Heights, MI 48313-4632
      View Details
    • Value Estimation
      $520,000
      2,200 SF

      39540 Van Dyke Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      39540 Van Dyke Ave, Sterling Heights, MI 48313-4623
      View Details
    • Value Estimation
      $935,000
      2,608 SF

      39099 Van Dyke Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      39099 Van Dyke Ave, Sterling Heights, MI 48313-4614
      View Details
    • Value Estimation
      $1,055,000
      4,488 SF

      40422 Van Dyke Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      40422 Van Dyke Ave, Sterling Heights, MI 48313-3735
      View Details

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      Fully occupied medical office building on a high-volume retail intersection in Metro Detroit.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space with Drive-Thru

      Retail spaces with drive-thru located on Kroger shopping center pad.
      43761 Schoenherr Rd, Sterling Heights, MI 48313
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Sterling Heights, Michigan.
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      Sterling Heights Commercial Space Available

      Retail and office spaces for lease in Sterling Heights.
      44725-44955 Schoenherr Rd, Sterling Heights, MI 48313
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      Retail Space For Lease

      Retail space available for lease in Sterling Heights, Michigan.
      13620 Northbay Dr, Sterling Heights, MI 48313
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      Retail Space Near Lakeside Mall

      Retail spaces available in Sterling Heights near Lakeside Mall.
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      Retail Space For Lease

      Retail space available for lease in Sterling Heights, Michigan.
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    View Listing
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    Sterling Heights, MI 48313
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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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