Flex Space with Detached
For Sale
$799,000
10118 Eagle Street, Dearborn, MI 48120
Commercial Sale, Dearborn, MI
Property Size4,336 SF
Lot Size0.57 Acres
Price / SF$184.27
Days on Market149
Property Features for 10118 Eagle Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Parking
30
Interior features
Broadband
Subdivision
Fordson Loop Sub
Elementary school district
Dearborn
Middle school district
Dearborn
High school district
Dearborn
Directions
Wyoming Ave/ Eagle St
Standard status
Active
APN
32-10-211-02-010
Size
4,336 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 55 & 56 FORDSON LOOP SUB; LOT 57 FORDSON LOOP SUB; LOTS 186 TO 191 CLIPPERTS EAGLE AVE SUB
Tax Annual Amount
4467
Legal Description
LOTS 55 & 56 FORDSON LOOP SUB; LOT 57 FORDSON LOOP SUB; LOTS 186 TO 191 CLIPPERTS EAGLE AVE SUB
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1930
Floors in Building
1
Number of units
3
Building materials
Brick, Stone
Listing Agency:
KW Advantage
(248) 380-8800
Listed By:
Adam Rich
(734) 673-0385
Added: Mar 27
Changed: Aug 20
Last Checked: Aug 22 at 2:06PM
MLS# 26012864
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property includes 4,336 square feet of interior space on 0.57 acres across three parcels comprising nine city lots. The building features a 1,700-square-foot main room, an 1,800-square-foot lower level, kitchenette area, men’s bathroom stalls, one women’s bathroom, and plumbing for two additional bathrooms. Two detached, heated garages add a combined 1,550 square feet, while recent improvements include newer flooring, replacement joists in the main area, and spray foam insulation.
The property is located off Wyoming Ave in Dearborn and carries I-A Light Industrial District zoning. The site has an average daily traffic count of 11,110, with 30+ on-site parking spaces and 10+ additional adjacent spaces. Listed zoning-supported uses include research and technology, clean or light manufacturing, warehousing and distribution, industrial support offices, and utility facilities.
The property is located off Wyoming Ave in Dearborn and carries I-A Light Industrial District zoning. The site has an average daily traffic count of 11,110, with 30+ on-site parking spaces and 10+ additional adjacent spaces. Listed zoning-supported uses include research and technology, clean or light manufacturing, warehousing and distribution, industrial support offices, and utility facilities.
Key Highlights
- 0.57 acres across three parcels totaling 9 city lots
- 4,336 SQFT interior with a 1,700 sqft main room and 1,800 sqft lower level
- Two 2‑car garages provide a combined 1,550 SQFT of additional space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,150
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$763,000
$763.0K
Cap Rate 7%
$545,000
$545.0K
Cap Rate 9%
$423,889
$423.9K
Market Conditions
NOI Build-Up for 4,336 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$62.4K $14.40/SF
− Vacancy
−$3.7K −$0.86/SF
EGI
$58.7K $13.54/SF
− OpEx
−$20.5K −$4.74/SF
NOI
$38.1K $8.80/SF
Area
Dearborn, MI
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$763,000
Cap Rate 7%
$545,000
Cap Rate 9%
$423,889
Alternative Uses
Best Use
Flex RnD
$545.0K
$476.9K – $635.8K
NOI $38,150 @ 7.0% cap · market cap 4.77%
Second Best
Industrial
$363.5K
$318.1K – $424.1K
NOI $25,445 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$956.5K
$837.0K – $1.12M
NOI $66,958 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48120, MI
8,338
Population
2,910
Households
2.9
Avg Household Size
29
Median Age
37%
College-Educated
76%
High-School Grad
4.7 sq mi
ZIP Area
1,774
Density / Sq Mi
$66,667
Median Household Income
$48,170
Median Earnings
$1,407
Median Rent
$236,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - I-A-zoned property with adaptable interior areas and dedicated parking.
Where is this flex space located?
The property is located at 10118 Eagle Street Dearborn, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 0.57 acres across three parcels totaling 9 city lots; 4,336 SQFT interior with a 1,700 sqft main room and 1,800 sqft lower level; Two 2‑car garages provide a combined 1,550 SQFT of additional space
