Truck Terminal with
For Sale
$1,600,000
24650 Sherwood Avenue, Center Line, MI 48015
COM/IND/BUS OPP, Center Line, MI
Property Size14,776 SF
Lot Size1.60 Acres
Price / SF$108.28
Days on Market704
Property Features for 24650 Sherwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Subdivision
Kemp & Pardeen Commerce Park
Standard status
Active
APN
01-13-28-202-006
Size
14,776 SF
Lot size
1.60 Acres
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1988
Listing Agency:
Pilot Property Group - Residential LLC
(586) 254-0900
Listed By:
Anthony Rubino · License #6502425251
(586) 873-5419
Added: Sep 23, 2024
Changed: Aug 19
Last Checked: Aug 27 at 11:06PM
MLS# 50156175
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This truck terminal includes a 14,776-square-foot building on a 1.6-acre parcel at 24650 Sherwood Avenue in Center Line, Michigan. Constructed in 1988, the property has forced-air heating and a parking lot that supports truck-oriented operations.
Public water serves the site. The property is located in Center Line, within Macomb County, and carries a commercial industrial classification as a truck terminal.
Public water serves the site. The property is located in Center Line, within Macomb County, and carries a commercial industrial classification as a truck terminal.
Key Highlights
- 14,776‑square‑foot building on a 1.6‑acre parcel
- Truck terminal classification
- Parking lot included
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
$96,747
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
6.05%
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%
$1,934,940
$1.9M
Cap Rate 7%
$1,382,100
$1.4M
Cap Rate 9%
$1,074,967
$1.1M
Market Conditions
NOI Build-Up for 14,776 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
$120.6K $8.16/SF
− Vacancy
−$6.8K −$0.46/SF
EGI
$113.8K $7.70/SF
− OpEx
−$17.1K −$1.16/SF
NOI
$96.7K $6.55/SF
Area
Macomb County, MI
Vacancy
5.60%
Lease Rate
$8.16 /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%
$1,934,940
Cap Rate 7%
$1,382,100
Cap Rate 9%
$1,074,967
Alternative Uses
Best Use
Warehouse
$1.38M
$1.21M – $1.61M
NOI $96,747 @ 7.0% cap · market cap 6.05%
Second Best
Industrial
$1.14M
$995.9K – $1.33M
NOI $79,674 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$2.77M
$2.42M – $3.23M
NOI $193,641 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
625
Businesses Nearby
Explore this area
Business Placement
Demographics for 48015, MI
8,552
Population
3,789
Households
2.3
Avg Household Size
42
Median Age
19%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
4,751
Density / Sq Mi
$52,857
Median Household Income
$45,326
Median Earnings
$627
Median Rent
$145,300
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?
Truck terminal - Truck terminal featuring a dedicated parking lot, forced-air heating, and public water service.
Where is this truck terminal located?
The property is located at 24650 Sherwood Avenue Center Line, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 14,776‑square‑foot building on a 1.6‑acre parcel; Truck terminal classification; Parking lot included
