Warehouse with Multiple Overhead
For Sale
$1,125,000
10709 Capital St, Oak Park, MI 48237
Industrial warehouse offering separate front and rear areas, natural light, and LI zoning for production or distribution operations.
Property Size16,013 SF
Price / SF$70.26
Days on Market10
Property Features for 10709 Capital St
General Information
Standard status
Active
Size
16,013 SF
Property subtype
Industrial
Zoning
LI
Building Details
Building Size
16,013 SF
Buildings
2
Listing Agency:
NAI Farbman
Listed By:
Dan McCleary
(248) 351-4384
Source:
Cpix.resimplifi
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 24 at 6:46AM
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 NAI Farbman
Investment Insights
Based on property information with market context.
This 16,013-square-foot warehouse is arranged in front and rear sections suited to production, storage, and distribution functions. The 9,468-square-foot front area includes two 12-foot by 14-foot overhead doors and one 12-foot by 12-foot overhead door, with clear heights ranging from 12 to 15 feet. The 6,545-square-foot rear area provides one 10-foot by 10-foot door and one 12-foot by 12-foot door, with 10- to 14-foot clear heights. Natural light reaches the production areas.
The property is located at 10709 Capital St in Oak Park, Michigan, and carries LI zoning. Its central setting and transportation access support logistics and distribution operations serving the surrounding area.
The property is located at 10709 Capital St in Oak Park, Michigan, and carries LI zoning. Its central setting and transportation access support logistics and distribution operations serving the surrounding area.
Key Highlights
- 16,013 SF total warehouse building
- 9,468 SF front section with 3 overhead doors and 12'–15' clear height
- 6,545 SF rear section with 2 overhead doors and 10'–14' clear height
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
$96,340
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
8.56%
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%
$1,926,800
$1.9M
Cap Rate 7%
$1,376,286
$1.4M
Cap Rate 9%
$1,070,444
$1.1M
Market Conditions
NOI Build-Up for 16,013 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
$117.7K $7.35/SF
− Vacancy
−$4.4K −$0.27/SF
EGI
$113.3K $7.08/SF
− OpEx
−$17.0K −$1.06/SF
NOI
$96.3K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
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%
$1,926,800
Cap Rate 7%
$1,376,286
Cap Rate 9%
$1,070,444
Alternative Uses
Best Use
Warehouse
$1.38M
$1.20M – $1.61M
NOI $96,340 @ 7.0% cap · market cap 8.56%
Second Best
Industrial
$1.13M
$991.7K – $1.32M
NOI $79,339 @ 7.0% cap · market cap 7.05%
Theoretical Best
Specialty Retail
$3.45M
$3.02M – $4.03M
NOI $241,771 @ 7.0% cap · market cap 21.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48237, MI
29,560
Population
13,036
Households
2.3
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
5,796
Density / Sq Mi
$65,882
Median Household Income
$44,992
Median Earnings
$1,354
Median Rent
$198,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- All My Sons Moving & Storage — 13220 Cloverdale St Suite B, Oak Park, MI 48237
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial warehouse offering separate front and rear areas, natural light, and LI zoning for production or distribution operations.
Where is this warehouse located?
The property is located at 10709 Capital St Oak Park, MI.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 16,013 SF total warehouse building; 9,468 SF front section with 3 overhead doors and 12'–15' clear height; 6,545 SF rear section with 2 overhead doors and 10'–14' clear height
