Flex Space with Detached
For Sale
$799,000
10118 Eagle Street, Dearborn, MI 48120
I-A (Light Industrial District) zoning accommodates industrial, warehouse, office, and utility uses.
Property Size4,336 SF
Lot Size0.57 Acres
Price / SF$184.27
Days on Market8
Property Features for 10118 Eagle Street
General Information
Standard status
Active
Size
4,336 SF
Lot size
0.57 Acres
Property subtype
Commercial
Zoning
I-A
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,467
Building Details
Building Size
4,336 SF
Year Built
1930
Buildings
3
Stories
1
Units
3
Listing Agency:
KW Advantage
(734) 673-0385
Listed By:
Adam Rich
Source:
Erareardonrealty
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 11:58AM
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 KW Advantage
Investment Insights
Based on property information with market context.
This flex-space property includes 4,336 SQFT of interior area, with a 1,700sqft main room, men's bathroom stalls, one women's bathroom, kitchenette space, and plumbing for two additional bathrooms. An 1,800 sqft lower level adds office or flex-space capability. Recent improvements include newer flooring, replacement joists in the main area, and spray foam insulation.
The site encompasses 0.57 acres across three parcels and nine city lots. Two detached, heated garages provide two-car bays and a combined 1,550 SQFT of additional space. Parking includes 30+ on-site spaces and 10+ adjacent spaces. Located off Wyoming Ave at an average daily traffic count of 11,110, the property is zoned I-A (Light Industrial District), with listed uses including research and technology, clean or light manufacturing, warehousing and distribution, industrial support offices, and utility facilities. The property address is 10118 Eagle Street, Dearborn, MI 48120.
The site encompasses 0.57 acres across three parcels and nine city lots. Two detached, heated garages provide two-car bays and a combined 1,550 SQFT of additional space. Parking includes 30+ on-site spaces and 10+ adjacent spaces. Located off Wyoming Ave at an average daily traffic count of 11,110, the property is zoned I-A (Light Industrial District), with listed uses including research and technology, clean or light manufacturing, warehousing and distribution, industrial support offices, and utility facilities. The property address is 10118 Eagle Street, Dearborn, MI 48120.
Key Highlights
- 0.57‑acre site spanning three parcels and 9 city lots
- 4,336 SQFT interior with a 1,700sqft main room and 1,800 sqft lower level
- Two detached heated garages provide a combined 1,550 SQFT
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
Warehouse
$387.4K
$339.0K – $452.0K
NOI $27,117 @ 7.0% cap · market cap 3.39%
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 (Light Industrial District) zoning accommodates industrial, warehouse, office, and utility uses.
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‑acre site spanning three parcels and 9 city lots; 4,336 SQFT interior with a 1,700sqft main room and 1,800 sqft lower level; Two detached heated garages provide a combined 1,550 SQFT
