15479 S Telegraph Rd
Monroe, MI 48161
Telegraph Shops · Retail Property For Sale

Passov Group is pleased to present the opportunity to purchase Telegraph Shops in Monroe, MI, comprising a 100% occupied, three-tenant neighborhood strip center leased to Northwestern Mutual, First American Title and Delaney’s Counseling Services. The ±4,604 SF property is situated on approximately ±1.2 acres along South Telegraph Road (11,395 VPD) within the greater Detroit-Toledo regional corridor and is offered fee simple and free and clear.
The property is offered at $540,000 (7.69% cap rate), reflecting an attractive basis of approximately $117 PSF. Constructed in 1998, the center features a durable brick exterior, individually metered utilities, rear-positioned ground-mounted HVAC systems, 40 surface parking spaces and one point of two-way ingress and egress. The property is well maintained, with no near-term capital improvements anticipated.
The rent roll is anchored by Northwestern Mutual, a nationally recognized financial services firm occupying approximately 52% of the center, alongside First American Title, a subsidiary of a publicly traded national title insurance provider and Delaney’s Counseling Services, a locally rooted mental health counseling practice. Each tenant operates an appointment-driven, service-based business supported by recurring client demand and limited exposure to e-commerce disruption.
The center has a current weighted average lease term of approximately 3.2 years. This structure provides investors with stable near-term cash flow while preserving the opportunity to increase income as leases roll. The combination of established tenancy, recurring service demand and staggered lease expirations helps reduce near-term operating risk while creating multiple paths for future NOI growth.
In-place rents remain materially below prevailing market levels on an adjusted basis. Northwestern Mutual is effectively paying approximately $5.00 PSF on a comparable NNN basis, well below recent NNN leasing activity in the immediate trade area, where neighborhood-oriented and service-based tenants have executed leases averaging approximately $14.40 to $15.00 PSF NNN. Delaney’s Counseling Services is similarly leased below prevailing NNN market levels after adjustment, while First American Title is closer to market but has no contractual rent escalations.
This rent positioning creates clear mark-to-market upside through future lease renewals, rollover and the potential conversion of modified gross leases to NNN structures. Because the opportunity is supported by observable leasing activity rather than aggressive assumptions, an investor can acquire the property at a strong going-in yield while retaining meaningful long-term income growth potential as rents are gradually aligned with market levels.
Telegraph Shops is located within an established Monroe trade area supported by solid household incomes, stable population trends and a diverse employment base anchored by manufacturing, logistics, healthcare and public-sector employment. Limited new retail construction and sub-4% market vacancy further support demand for well-located neighborhood retail space. Combined with its durable service-based tenancy, below-market rents and attractive acquisition basis, Telegraph Shops offers investors defensive in-place cash flow, embedded rent growth and long-term NOI expansion potential.
Monroe, Michigan is an established regional city in southeastern Michigan along the western shore of Lake Erie, approximately 30 minutes south of Detroit and 40 minutes north of Downtown Toledo. The city benefits from direct access to Interstate 75, a primary north-south corridor connecting Detroit, Toledo, and major Midwest logistics markets. Monroe functions as the commercial and employment hub for Monroe County, drawing retail traffic from surrounding suburban and rural communities while maintaining a stable residential base.
Retail demand in Monroe is supported by a diversified local economy anchored by manufacturing, automotive supply chain, logistics, healthcare, and public-sector employment, with additional influence from regional employers along the I-75 corridor. This broad employment base supports stable household incomes and consistent consumer spending patterns. The city serves as a daily-needs and service-oriented retail destination for both residents and commuters, reinforced by established retail corridors and limited competing nodes within the immediate trade area.
The Detroit–Toledo regional corridor continues to benefit from sustained investment driven by logistics infrastructure, advanced manufacturing, and healthcare expansion. Within Monroe County, retail development has remained measured, with limited new construction relative to historical averages. This disciplined supply environment has contributed to sub-4% vacancy, stable occupancy, and balanced supply-demand dynamics for existing neighborhood and strip retail centers.
- Ongoing logistics and manufacturing investment along the I-75 corridor.
- Continued healthcare system expansion serving Monroe County and surrounding markets.
- Infrastructure investment supporting Detroit–Toledo commuter and freight movement.
- Stable residential development and reinvestment across Monroe and Frenchtown Township.
- Limited new retail construction, preserving competitive positioning for existing centers.
These fundamentals position Monroe as a stable, low-volatility retail submarket within the greater Detroit–Toledo regional economy. A diversified employment base, consistent residential demand, and limited competitive retail supply support sustained tenant demand for essential and service-oriented uses. Well-located neighborhood centers benefit from durable in-place cash flow, embedded rent growth potential, and long-term NOI stability driven by fundamental market characteristics rather than speculative growth.
The Monroe County retail submarket has a vacancy rate of 3.9% as of the second quarter of 2026. Over the past year, the submarket’s vacancy rate has changed by 0.8%, a result of 16,000 SF of net delivered space and -43,000 SF of net absorption. Monroe County’s vacancy rate of 3.9% compares to the submarket’s five-year average of 3.7% and the 10-year average of 4.9%. Among the retail subtypes, neighborhood center vacancy stands at 13.2%, power center vacancy is 7.8%, strip center vacancy is 6.4%,
mall space has no vacancy, and general retail vacancy is 1.9%. The Monroe County retail submarket has roughly 480,000 SF of space listed as available, for an availability rate of 6.4%. As of the first quarter of 2026, there is 9,100 SF of retail space under construction in Monroe County.