Warehouse and Office with
1021 E State Fair Detroit, MI 48203
For Sale
$249,900
Flexible commercial space with warehouse and office, conveniently located.
Property Size2,000 SF
Price / SF$124.95
Days on Market94
Property Features for 1021 E State Fair
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1924
Listing Agency:
Keller Williams Legacy
(313) 502-0419
Listed By:
Haitham Garallah
(313) 502-0419
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 26 at 5:05AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
Two parcels are offered together, featuring a 2,000 square foot warehouse connected to a 967 square foot office with a basement. The property is located just off the highway, providing accessibility and logistical convenience. Significant improvements have been made, including new windows, upgraded electrical systems, new bathrooms, refreshed flooring, and modern lighting. The space is delivered as a clean white box, allowing for customized design and build-out. The property is suitable for a range of commercial uses and presents potential for investors and owner-occupants. The location has a bike score of 46, indicating it is somewhat bikeable, and a walk score of 55, indicating it is somewhat walkable.
Key Highlights
- Prime location just off the highway offering excellent accessibility and logistical convenience.
- 2000 sq ft warehouse connected to a 967 sq ft office plus basement provides a flexible commercial space.
- Significant recent improvements including new windows, upgraded electrical, brand new bathrooms, refreshed flooring, and modern lighting.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.0k | $17.52 |
| − Vacancy | −$8.0k | −$4.01 |
| EGI | $27.0k | $13.51 |
| − OpEx | −$6.8k | −$3.38 |
| NOI | $20.3k | $10.13 |
2,000 SF · lease $17.52/SF/yr · vacancy 22.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$289.5K
$253.3K – $337.7K
NOI $20,262 @ 7.0% cap · market cap 8.11%
Second Best
Flex RnD
$205.0K
$179.4K – $239.2K
NOI $14,352 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$441.2K
$386.1K – $514.8K
NOI $30,885 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
Similar Off Market Nearby
- House of Mac — 711 Eight Mile Rd, Ferndale, MI 48220
FAQs
What type of property is this?
Flex space - Flexible commercial space with warehouse and office, conveniently located.
Where is this flex space located?
The property is located at 1021 E State Fair Detroit, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Prime location just off the highway offering excellent accessibility and logistical convenience.; **2000 sq ft warehouse connected to a 967 sq ft office plus basement** provides a flexible commercial space.; **Significant recent improvements including new windows, upgraded electrical, brand new bathrooms, refreshed flooring, and modern lighting.**
