Royal Plaza
Multi-Tenant Retail Center for Sale
Marketing description
Introducing ROYAL PLAZA, a prime Multi-Tenant Retail Center located at 16005 W Mcnichols Rd, Detroit, MI 48235. Priced at $550,000, this property boasts a current NOI of $51,850 with a 9.06% cap rate and a pro forma NOI of $68,444.9 with a 12.44% cap rate. The 5,169 SF building sits on 0.2 acres with recent capital improvements, including a new roof, plumbing, electrical, and HVAC units. With a functional layout and convenient access on West McNichols, this property presents an excellent investment opportunity. The B2 zoning allows for a variety of commercial uses with potential for lease-up and rent growth. Demographics in the area show a dense population, making it an attractive location for retail businesses. Don't miss out on this chance to invest in a property with upside potential and a solid income stream at ROYAL PLAZA.
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
Low basis: 5,169 SF at $106 per SF, providing an attractive entry point for Detroit infill retail.
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; three new 5-ton N32 HVAC units in 2024; façade refreshed, full exterior painting, and parking lot redone. Minimal near-term capex.
Functional layout: Single-story strip with multiple entrances, supporting flexible multi-tenant configurations and straightforward demising.
Location and access: Prominent frontage on West McNichols within an established neighborhood commercial corridor, strong daily traffic, excellent visibility and signage, and on-site parking with convenient ingress/egress.
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 incomes in the wider rings.
Zoning and use: B2 zoning allows a broad range of commercial uses, supporting both owner-user and investor strategies.
Upside: Lease-up and rent growth potential supported by refreshed building systems and a low cost basis.
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