Office Building with Private
For Sale
$499,900
27320 Harper Ave, St Clair Shores, MI 48081
Office building featuring 15 private offices and bullpen area.
Property Size4,800 SF
Lot Size0.28 Acres
Days on Market164
Property Features for 27320 Harper Ave
General Information
Standard status
Active
Size
4,800 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,317
Building Details
Building Size
4,800 SF
Listing Agency:
(586) 212-2096
Listed By:
Ronald L Saoud
(586) 212-2096
Source:
Elliman
Added: Mar 11
Changed: Aug 9
Last Checked: Aug 9 at 11:03PM
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 Ronald L Saoud
Investment Insights
Based on property information with market context.
This office building features a full office setup that includes 15 private offices and a bullpen area designed to accommodate 14 individuals. The property is well-maintained and offers a range of features, including a kitchen area and two conference rooms. The building is equipped with a newer HVAC system installed in 2017. There are 24 parking spots available.
Key Highlights
- Full office setup with 15 private offices
- Bull pen area for 14
- Two conference rooms**
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
$16,524
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
3.31%
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%
$330,480
$330.5K
Cap Rate 7%
$236,057
$236.1K
Cap Rate 9%
$183,600
$183.6K
Market Conditions
NOI Build-Up for 4,800 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
$28.8K $6.00/SF
− Vacancy
−$6.8K −$1.41/SF
EGI
$22.0K $4.59/SF
− OpEx
−$5.5K −$1.15/SF
NOI
$16.5K $3.44/SF
Area
Macomb County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$330,480
Cap Rate 7%
$236,057
Cap Rate 9%
$183,600
Alternative Uses
Best Use
Office B
$236.1K
$206.6K – $275.4K
NOI $16,524 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$898.6K
$786.3K – $1.05M
NOI $62,905 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
707
Businesses Nearby
Explore this area
Business Placement
Demographics for 48081, MI
20,496
Population
9,669
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
3.9 sq mi
ZIP Area
5,255
Density / Sq Mi
$75,735
Median Household Income
$51,140
Median Earnings
$1,272
Median Rent
$202,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building featuring 15 private offices and bullpen area.
Where is this office building located?
The property is located at 27320 Harper Ave St Clair Shores, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Full office setup with **15 private offices**; Bull pen area for 14; Two conference rooms**
