Clear Span
For Sale
$2,000,000
12400 Evergreen Ave, Detroit, MI 48228
New construction clear span warehouse with high-capacity electrical infrastructure and M2 zoning near I-96 and the Southfield Fwy.
Property Size10,000 SF
Days on Market96
Property Features for 12400 Evergreen Ave
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
30
Property subtype
Industrial
Zoning
I, Detroit
Warehouse & Industrial
Clear Height
20 ft
Clear Span
Yes
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Building Size
10,000 SF
Year Built
2021
Construction
block
Listing Agency:
Friedman Real Estate
Listed By:
Andreanna Grillo · License #6506049093
(586) 216-4947
Source:
Friedmanrealestate
Added: Jun 2
Changed: Sep 5
Last Checked: Sep 5 at 7:17AM
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 Friedman Real Estate
Investment Insights
Based on property information with market context.
New construction clear span warehouse delivered with standard finishes. The building provides 20' clear height and is constructed with 12 inch block. Built in 2021, it also includes a 3,500 SF ancillary building.
The property is close to I-96 and the Southfield Fwy and is zoned M2. For parking needs, there is a lease option for an additional 80 parking spaces. Electrical service is described as high-capacity, with upgrade potential up to 3,500 Amps.
The property is close to I-96 and the Southfield Fwy and is zoned M2. For parking needs, there is a lease option for an additional 80 parking spaces. Electrical service is described as high-capacity, with upgrade potential up to 3,500 Amps.
Key Highlights
- 20' clear height clear span warehouse
- 12 inch block construction
- Year built 2021
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
$71,258
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
3.56%
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%
$1,425,160
$1.4M
Cap Rate 7%
$1,017,971
$1.0M
Cap Rate 9%
$791,756
$791.8K
Market Conditions
NOI Build-Up for 10,000 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
$87.6K $8.76/SF
− Vacancy
−$3.8K −$0.38/SF
EGI
$83.8K $8.38/SF
− OpEx
−$12.6K −$1.26/SF
NOI
$71.3K $7.13/SF
Area
ZIP 48228
Vacancy
4.30%
Lease Rate
$8.76 /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%
$1,425,160
Cap Rate 7%
$1,017,971
Cap Rate 9%
$791,756
Alternative Uses
Best Use
Warehouse
$1.02M
$890.7K – $1.19M
NOI $71,258 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.80M – $2.40M
NOI $143,777 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48228, MI
53,893
Population
22,620
Households
2.4
Avg Household Size
31
Median Age
11%
College-Educated
78%
High-School Grad
8.9 sq mi
ZIP Area
6,055
Density / Sq Mi
$31,485
Median Household Income
$27,533
Median Earnings
$1,086
Median Rent
$55,100
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - New construction clear span warehouse with high-capacity electrical infrastructure and M2 zoning near I-96 and the Southfield Fwy.
Where is this warehouse located?
The property is located at 12400 Evergreen Ave Detroit, MI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 20' clear height clear span warehouse; 12 inch block construction; Year built 2021
