West End Hazel Park Flex
For Sale
$324,900
407 W 9 Mile Rd, Hazel Park, MI 48030
Flex space property with adjacent lot in West End.
Property Size2,550 SF
Lot Size0.19 Acres
Price / SF$144.34
Days on Market165
Property Features for 407 W 9 Mile Rd
General Information
Standard status
Active
Size
2,550 SF
Lot size
0.19 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,979
Building Details
Building Size
2,550 SF
Year Built
1951
Listing Agency:
KW Professionals
(734) 891-7085
Listed By:
Severin Faulhaber
(734) 891-7085
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 20 at 11:23AM
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 KW Professionals
Investment Insights
Based on property information with market context.
This flex space property, known as "West End Hazel Park", includes a building and an adjacent separate lot measuring 30x105. The front office area, which includes a bathroom, has approximate interior dimensions of 27'x27'. The shop area in the rear is roughly 28'x55' and features a rear door with a height of 10'. The shop area contains the main circuit breaker panel, as well as a sub-panel located next to the office area. The office area has separate heating and air conditioning, while the shop area is equipped with its own heater.
Key Highlights
- Flex space property suitable for office and shop use.
- Includes adjacent separate lot (30x105).
- Shop area with rear door (10' 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
$23,282
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
7.17%
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%
$465,640
$465.6K
Cap Rate 7%
$332,600
$332.6K
Cap Rate 9%
$258,689
$258.7K
Market Conditions
NOI Build-Up for 2,251 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
$40.5K $18.00/SF
− Vacancy
−$4.7K −$2.09/SF
EGI
$35.8K $15.91/SF
− OpEx
−$12.5K −$5.57/SF
NOI
$23.3K $10.34/SF
Area
Oakland County, MI
Vacancy
11.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$465,640
Cap Rate 7%
$332,600
Cap Rate 9%
$258,689
Alternative Uses
Best Use
Flex RnD
$332.6K
$291.0K – $388.0K
NOI $23,282 @ 7.0% cap · market cap 7.17%
Second Best
Industrial
$159.3K
$139.4K – $185.9K
NOI $11,153 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$485.5K
$424.8K – $566.4K
NOI $33,986 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Continental Culinary Center — 1515 Jarvis St # 1, Ferndale, MI 48220
- SHRED / Shredderz Food Truck — 21839 John R Rd, Hazel Park, MI 48030
- Jackson's Five Star Catering — 1111 E 9 Mile Rd, Ferndale, MI 48220
Frequently Asked Questions
What type of property is this?
Flex space - Flex space property with adjacent lot in West End.
Where is this flex space located?
The property is located at 407 W 9 Mile Rd Hazel Park, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Flex space property suitable for office and shop use.; Includes adjacent separate lot (30x105).; Shop area with rear door (10' height).
