Office Space on Spencer
For Sale
Contact for pricing
10087 Spencer Rd, Brighton, MI 48114
Office space with frontage near US-23 and I-96.
Property Size3,823 SF
Lot Size2.30 Acres
Price / SF$117.71
Days on Market358
Property Features for 10087 Spencer Rd
General Information
Standard status
Active
Size
3,823 SF
Class
B
Total Parking Spaces
10
Lot size
2.30 Acres
Property subtype
Office, Land
Zoning
Zoned Commercial/Light Industrial
Building Details
Year Built
1907
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Signature Associates
(248) 359-0647
Listed By:
Marvin Petrous · License #6501386692
Source:
Crexi
Added: Aug 20, 2025
Changed: Aug 8
Last Checked: Aug 10 at 2:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Signature Associates
Investment Insights
Based on property information with market context.
This property features frontage on Spencer Road and is located close to the intersection of US-23 and I-96, offering an ideal location between Lansing and Detroit. The property includes two parcels totaling approximately 2.3 acres. A 3,400 sq. ft. house is situated on the land and was previously utilized as office space.
Key Highlights
- Ideal location between Lansing and Detroit.
- Close to intersection of US‑23 and I‑96.
- Two parcels totaling approximately 2.3 acres.
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
$13,161
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
2.92%
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%
$263,220
$263.2K
Cap Rate 7%
$188,014
$188.0K
Cap Rate 9%
$146,233
$146.2K
Market Conditions
NOI Build-Up for 3,823 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
$22.9K $6.00/SF
− Vacancy
−$5.4K −$1.41/SF
EGI
$17.5K $4.59/SF
− OpEx
−$4.4K −$1.15/SF
NOI
$13.2K $3.44/SF
Area
Livingston County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$263,220
Cap Rate 7%
$188,014
Cap Rate 9%
$146,233
Alternative Uses
Best Use
Office B
$188.0K
$164.5K – $219.4K
NOI $13,161 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$608.9K
$532.8K – $710.4K
NOI $42,626 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 48114, MI
21,222
Population
8,223
Households
2.6
Avg Household Size
45
Median Age
47%
College-Educated
97%
High-School Grad
29.0 sq mi
ZIP Area
732
Density / Sq Mi
$118,581
Median Household Income
$55,946
Median Earnings
$1,333
Median Rent
$384,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office space with frontage near US-23 and I-96.
Where is this office units located?
The property is located at 10087 Spencer Rd Brighton, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Ideal location between Lansing and Detroit.; Close to intersection of US‑23 and I‑96.; Two parcels totaling approximately 2.3 acres.
