Flex Space with Two-Unit
For Sale
$599,000
28550 Joy Road, Livonia, MI 48150
COMMERCIAL - Livonia, MI
Property Size5,000 SF
Lot Size0.47 Acres
Price / SF$119.80
Days on Market8
Property Features for 28550 Joy Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 3
Elementary school district
Livonia
Middle school district
Livonia
High school district
Livonia
Directions
Middlebelt rd to East on Joy rd to building on the left (1/2 mile)
Standard status
Active
APN
46-143-99-0011-000
Size
5,000 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
36G2A--THE S 300.0 FT OF THE E 2.50 AC OF THE W 5.0 AC OF THE E 12 AC OF THE S 1/2 OF THE SW 1/4 OF SEC 36 EXC THE S 60.
Tax Annual Amount
10119
Legal Description
36G2A--THE S 300.0 FT OF THE E 2.50 AC OF THE W 5.0 AC OF THE E 12 AC OF THE S 1/2 OF THE SW 1/4 OF SEC 36 EXC THE S 60.
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1986
Floors in Building
1
Number of units
2
Building materials
Block, Brick
Roof type
Rubber
Listing Agency:
North Shores Properties, LLC.
(313) 724-7200
Listed By:
Robin Massey
(313) 701-5503
Added: Aug 14
Last Checked: Aug 21 at 12:06AM
MLS# 26042789
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 5,000-square-foot flex building was constructed in 1986 and provides a practical mix of open commercial space and supporting improvements. A dividing wall, front and rear entrances, four bathrooms, two multi-ton furnaces, and two air conditioners create the physical setup for two separate units. Block and brick construction, a rubber roof, forced-air heating, and central air conditioning are also in place.
The property includes more than 20 parking spaces positioned at the front and rear of the building. The building occupies a parcel addressed at 28550 Joy Road in Livonia, Michigan, and the space is available for immediate occupancy.
The property includes more than 20 parking spaces positioned at the front and rear of the building. The building occupies a parcel addressed at 28550 Joy Road in Livonia, Michigan, and the space is available for immediate occupancy.
Key Highlights
- 5,000 SF flex building constructed in 1986
- Dividing wall and front/rear entrances support two separate units
- More than 20 parking spaces at the front and rear
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
$31,548
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
5.27%
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%
$630,960
$631.0K
Cap Rate 7%
$450,686
$450.7K
Cap Rate 9%
$350,533
$350.5K
Market Conditions
NOI Build-Up for 5,000 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
$50.4K $10.08/SF
− Vacancy
−$1.9K −$0.37/SF
EGI
$48.5K $9.71/SF
− OpEx
−$17.0K −$3.40/SF
NOI
$31.5K $6.31/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$10.08 /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%
$630,960
Cap Rate 7%
$450,686
Cap Rate 9%
$350,533
Alternative Uses
Best Use
Flex RnD
$450.7K
$394.4K – $525.8K
NOI $31,548 @ 7.0% cap · market cap 5.27%
Second Best
Industrial
$369.8K
$323.6K – $431.4K
NOI $25,885 @ 7.0% cap · market cap 4.32%
Theoretical Best
Specialty Retail
$925.7K
$810.0K – $1.08M
NOI $64,800 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48150, MI
26,573
Population
10,724
Households
2.5
Avg Household Size
42
Median Age
36%
College-Educated
96%
High-School Grad
12.1 sq mi
ZIP Area
2,196
Density / Sq Mi
$94,058
Median Household Income
$50,779
Median Earnings
$1,328
Median Rent
$228,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Joy Manor - Banquet & Event Center — 28999 Joy Rd, Westland, MI 48185
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building with separate access points, multiple restrooms, and on-site parking.
Where is this flex space located?
The property is located at 28550 Joy Road Livonia, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 5,000 SF flex building constructed in 1986; Dividing wall and front/rear entrances support two separate units; More than 20 parking spaces at the front and rear
