Improved Flex Space With
New
For Sale
$249,900
1021 E State Fair, Detroit, MI 48203
Two-parcel commercial property combines warehouse and office components with updated building systems and a white-box interior.
Property Size967 SF
Price / SF$258.43
Days on Market7
Property Features for 1021 E State Fair
General Information
Standard status
Active
Size
967 SF
Warehouse & Industrial
Warehouse Space
2,000 SF
Office Build-Out
967 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Keller Williams Legacy
(313) 752-0000
Listed By:
Haitham Garallah
Source:
Premiermichiganhomesearch
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 9:17PM
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.
This flex-space property consists of two parcels and combines a 2,000-square-foot warehouse with a connected 967-square-foot office area and basement. The building is offered in clean white-box condition, allowing the interior to be configured for the intended operation. Recent work includes replacement windows, electrical upgrades, new bathrooms, refreshed flooring, and updated lighting.
The property is positioned just off the highway, providing convenient access for commercial operations. Constructed in 1924, the building offers a practical combination of industrial and office space for an owner-user or tenant seeking a customizable layout.
The property is positioned just off the highway, providing convenient access for commercial operations. Constructed in 1924, the building offers a practical combination of industrial and office space for an owner-user or tenant seeking a customizable layout.
Key Highlights
- Two parcels offered together at 1021 and 1015 E State Fair
- 2,000‑square‑foot warehouse connected to a 967‑square‑foot office and basement
- Clean white‑box delivery supports a customized interior buildout
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
$9,797
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
3.92%
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%
$195,940
$195.9K
Cap Rate 7%
$139,957
$140.0K
Cap Rate 9%
$108,856
$108.9K
Market Conditions
NOI Build-Up for 967 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
$16.9K $17.52/SF
− Vacancy
−$3.9K −$4.01/SF
EGI
$13.1K $13.51/SF
− OpEx
−$3.3K −$3.38/SF
NOI
$9.8K $10.13/SF
Area
Detroit, MI
Vacancy
22.90%
Lease Rate
$17.52 /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%
$195,940
Cap Rate 7%
$139,957
Cap Rate 9%
$108,856
Alternative Uses
Best Use
Office B
$140.0K
$122.5K – $163.3K
NOI $9,797 @ 7.0% cap · market cap 3.92%
Second Best
Flex RnD
$99.1K
$86.7K – $115.7K
NOI $6,939 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$213.3K
$186.7K – $248.9K
NOI $14,933 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-parcel commercial property combines warehouse and office components with updated building systems and a white-box interior.
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: Two parcels offered together at 1021 and 1015 E State Fair; 2,000‑square‑foot warehouse connected to a 967‑square‑foot office and basement; Clean white‑box delivery supports a customized interior buildout
