Flex Space with
New
For Sale
$249,900
1021 E State Fair, Detroit, MI 48203
An attached office and basement extend the warehouse layout, alongside updated building systems and interior finishes.
Property Size2,000 SF
Days on Market1
Property Features for 1021 E State Fair
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
2,000 SF
Office Build-Out
967 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,625
Building Details
Building Size
2,000 SF
Year Built
1924
Listing Agency:
Keller Williams Legacy
Listed By:
Haitham Garallah
(313) 502-0419
Source:
Elliman
Added: Oct 19
Last Checked: Oct 19 at 2:14PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The offering combines two parcels at 1015 and 1021 E State Fair. The building includes a 2,000-square-foot warehouse connected to a 967-square-foot office, plus a basement. Built in 1924, it has new windows, upgraded electrical, new bathrooms, updated flooring, and modern lighting. The interior is presented as a white box for buyer or tenant buildout.
The property is just off the highway in Detroit. BikeScore is 47 and WalkScore is 53.
The property is just off the highway in Detroit. BikeScore is 47 and WalkScore is 53.
Key Highlights
- 2,000‑square‑foot warehouse connected to a 967‑square‑foot office, plus basement
- Two parcels offered together at 1015 and 1021 E State Fair
- New windows, upgraded electrical, new bathrooms, refreshed flooring, and modern lighting
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,352
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,040
$287.0K
Cap Rate 7%
$205,029
$205.0K
Cap Rate 9%
$159,467
$159.5K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$24.0K $12.00/SF
− Vacancy
−$1.9K −$0.96/SF
EGI
$22.1K $11.04/SF
− OpEx
−$7.7K −$3.86/SF
NOI
$14.4K $7.18/SF
Area
Detroit, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,040
Cap Rate 7%
$205,029
Cap Rate 9%
$159,467
Alternative Uses
Best Use
Flex RnD
$205.0K
$179.4K – $239.2K
NOI $14,352 @ 7.0% cap · market cap 5.74%
Second Best
Warehouse
$203.6K
$178.2K – $237.5K
NOI $14,252 @ 7.0% cap · market cap 5.70%
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 authorities.
How Realmo checks its estimates
Property Analytics
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 Industrial in Detroit, MI
Similar Off Market Nearby
- House of Mac — 711 Eight Mile Rd, Ferndale, MI 48220
Frequently Asked Questions
What type of property is this?
Flex space - An attached office and basement extend the warehouse layout, alongside updated building systems and interior finishes.
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: 2,000‑square‑foot warehouse connected to a 967‑square‑foot office, plus basement; Two parcels offered together at 1015 and 1021 E State Fair; New windows, upgraded electrical, new bathrooms, refreshed flooring, and modern lighting
