Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    20823 Joy Rd Detroit, MI 48228

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,300 /Mo

    1,300 sqft warehouse with office, suitable for retail.

    Lot size:
    0.19 Acres

    Property Features for 20823 Joy Rd

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.19 Acres

    Building Details

    Year built
    1948

    We can help!

    Listing Contact
    Nick Jaafar
    Nick Jaafar
    Source: Elliman

    Listing Agency: Keller Williams Legacy Listing Agent: Nick Jaafar

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Updated Warehouse with Office Space

    This is a 1,300 sqft warehouse space that has been fully updated. It features high ceilings and includes an office space and a half bath. The property is suitable for storage or various types of retail businesses. The space has been freshly painted and includes recessed lights and new epoxy flooring throughout. All measurements are approximate.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2450349
    Latitude
    42.3570939

    Nearby Similar for Lease

    • $800 /Mo
      165,712 SF

      Detroit Industrial Creative Hub Space

      Flexible spaces for creative studios, light industrial, and more.
      1600 Clay St, Detroit, MI 48211
      View Details
    • $12 SF/Yr
      8,100 SF

      Freestanding Retail Building For Lease

      Retail building with open interior and dedicated parking available for lease.
      13110 W Mcnichols Rd, Detroit, MI 48235
      View Details
    • New
      $3,500 /Mo
      24,699 SF

      Downtown Detroit Office Space

      Office suite in secure building, prime Detroit location.
      985 E Jefferson, Detroit, MI 48207
      View Details
    • $2,500 /Mo
      6,581 SF

      Detroit Retail/Restaurant Opportunity

      2700 SF building suitable for pharmacy or restaurant use.
      20500 Greenfield Rd, Detroit, MI 48235
      View Details
    • $2,500 /Mo
      3,924 SF

      Detroit Auto Shop For Rent

      Four-bay auto facility with parking and recent updates.
      13040 Harper Ave, Detroit, MI 48213
      View Details
    • $2,650 /Mo
      2,910 SF

      Renovated Corner Building in Detroit

      Renovated corner building in Detroit's Warrendale area, approximately 3000 sqft.
      18900 W Warren Ave, Detroit, MI 48228
      View Details
    • $2,200 /Mo
      2,000 SF

      Downtown Detroit Commercial Space

      Prime location near entertainment venues, ideal for bar or lounge.
      2619 John R St, Detroit, MI 48201
      View Details
    • $2,300 /Mo
      52,386 SF

      Downtown Detroit Commercial Space Available

      Three adjacent units in downtown Detroit, flexible lease terms.
      2627 John R St, Detroit, MI 48201
      View Details
    • $700 /Mo
      5,000 SF

      Detroit Office Suites For Rent

      Furnished office suites with shared common areas available for rent.
      17320 Livernois St, Detroit, MI 48221
      View Details
    • $5,900 /Mo
      13,735 SF

      Detroit Industrial/Commercial Opportunity For Rent

      Industrial/commercial space with flexible uses on a 0.7-acre fenced lot.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • $1,500 /Mo
      960 SF

      Remodeled Commercial Property in Detroit

      Updated retail/office space with high visibility and secure parking.
      2007 Springwells St, Detroit, MI 48209
      View Details
    • $900 /Mo
      1,400 SF

      Turnkey Salon Opportunity

      Fully equipped salon with 7 stations.
      19430 Van Dyke St, Detroit, MI 48234
      View Details

    FAQs

    What type of property is this?
    Warehouse - 1,300 sqft warehouse with office, suitable for retail.
    Where is this warehouse located?
    The property is located at 20823 Joy Rd Detroit, MI.
    What is the lease rate?
    The lease rate is $1,300 /Mo.
    What are key features of this property?
    This property features: - Excellent visibility; - 1,300 sqft warehouse space; - High ceilings
    (313) 706-7011
    Request Owner's contact information
    20823 Joy Rd Detroit, MI 48228
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    20823 Joy Rd
    Detroit, MI 48228
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    20823 Joy Rd Detroit, MI 48228
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Nick Jaafar
    Nick Jaafar
    Real Estate License ID: 6501403947
    (313) 706-7011 (313) 752-0000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!