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Royal Plaza 16005 W Mcnichols Rd 647 SF Retail Building Detroit, MI 48235 $550,000 ($850.08/SF) 9.06% Cap Rate
Investment Highlights
- Pricing and returns: Purchase price $550,000. Current NOI $51,850 with a 9.06% cap rate. Pro forma NOI $68,444.9 with a 12.44% cap rate.
- Recent capital program (2022–2024): New roof in 2022 with full tear-off and all new metal decking; new plumbing in 2024; new electrical in 2024.
- Location and access: Prominent frontage on West McNichols within an established neighborhood commercial corridor, strong daily traffic.
- Low basis: 5,169 SF at $106 per SF, providing an attractive entry point for Detroit infill retail.
- Functional layout: Single-story strip with multiple entrances, supporting flexible multi-tenant configurations and straightforward demising.
- Demographics: Dense trade area with approximately 21,549 residents within 1 mile, 155,615 within 3 miles, and 392,525 within 5 miles; solid household.
Executive Summary
Pricing and returns: Purchase price $550,000. Current NOI $51,850 with a 9.06% cap rate. Pro forma NOI $68,444.9 with a 12.44% cap rate
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Fast Food
Building Size
647 SF
Building Class
C
Year Built
1946
Price
$550,000
Price Per SF
$850.08
Cap Rate
9.06%
NOI
$49,850
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.19 AC
Zoning
B2
Frontage
81’ on McNichols Rd
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $138,700 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$138,700
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Royal Plaza | 16005 W Mcnichols Rd
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