Oxford Flex Space with
For Sale
Contact for pricing
588 S Lapeer Rd, Oxford, MI 48371
6,054 SF flex building with fenced yard for sale.
Property Size6,054 SF
Lot Size0.64 Acres
Price / SF$296.99
Days on Market590
Property Features for 588 S Lapeer Rd
General Information
Standard status
Active
Size
6,054 SF
Lot size
0.64 Acres
Property subtype
Industrial, Mixed Use
Zoning
C-1
Building Details
Year Built
1985
Listing Agency:
Cyrowski Real Estate, LLC
Listed By:
Carl Cyrowski · License #MI 6504086493
Source:
Crexi
Added: Jan 22, 2025
Changed: Aug 24
Last Checked: Aug 14 at 6:00AM
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 Cyrowski Real Estate, LLC
Investment Insights
Based on property information with market context.
This 6,054 square foot building is situated on 0.64 acres. The property includes approximately 500 square feet of office space. The rear of the building features 15-foot ceilings and one 14-foot overhead door located on the side. The front of the building, which faces Lapeer Road, is equipped with three overhead doors. Two of these front doors are 14 feet tall, while the third measures 8 feet in height. Although functional, two of the front overhead doors are positioned in front of the interior offices. The property also benefits from a fenced-in rear yard.
Key Highlights
- 6054 Sq Ft Building on 0.64 AC
- Fenced in Rear Yard
- 14 Ft Overhead Door on Side of Building with 15 Foot Tall Ceilings in 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
$62,615
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
3.48%
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%
$1,252,300
$1.3M
Cap Rate 7%
$894,500
$894.5K
Cap Rate 9%
$695,722
$695.7K
Market Conditions
NOI Build-Up for 6,054 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
$109.0K $18.00/SF
− Vacancy
−$12.6K −$2.09/SF
EGI
$96.3K $15.91/SF
− OpEx
−$33.7K −$5.57/SF
NOI
$62.6K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /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%
$1,252,300
Cap Rate 7%
$894,500
Cap Rate 9%
$695,722
Alternative Uses
Best Use
Flex RnD
$894.5K
$782.7K – $1.04M
NOI $62,615 @ 7.0% cap · market cap 3.48%
Second Best
Industrial
$428.5K
$374.9K – $499.9K
NOI $29,995 @ 7.0% cap · market cap 1.67%
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,406 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48371, MI
25,272
Population
9,928
Households
2.5
Avg Household Size
41
Median Age
42%
College-Educated
96%
High-School Grad
46.2 sq mi
ZIP Area
547
Density / Sq Mi
$108,983
Median Household Income
$52,606
Median Earnings
$1,244
Median Rent
$352,500
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 - 6,054 SF flex building with fenced yard for sale.
Where is this flex space located?
The property is located at 588 S Lapeer Rd Oxford, MI.
What is the asking price?
The asking price for this property is $1,798,000.
What are key features of this property?
This property features: 6054 Sq Ft Building on 0.64 AC; Fenced in Rear Yard; 14 Ft Overhead Door on Side of Building with 15 Foot Tall Ceilings in Rear**
