Flex Industrial Property with Three
For Sale
Contact for pricing
15921 Eight Mile W, Detroit, MI 48235
Three-building flex/industrial property with multiple overhead doors, offices, lavatories, and fenced parking with sliding gates.
Property Size6,560 SF
Price / SF$100.46
Days on Market576
Property Features for 15921 Eight Mile W
General Information
Standard status
Active
Size
6,560 SF
Property subtype
Office, Industrial, Mixed Use
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Additional Details
Drive-In Doors
7
Building Details
Year Built
1955
Buildings
3
Stories
2
Listing Agency:
ERA Reardon Realty
Listed By:
Malikh Clark · License #MI
Source:
Crexi
Added: Feb 5, 2025
Changed: Sep 3
Last Checked: Sep 2 at 3:00PM
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 ERA Reardon Realty
Investment Insights
Based on property information with market context.
This for-sale flex/industrial property includes three separate buildings with office and support space. The first building features storage/parking area served by three overhead doors, along with a receptionist area, a lav, an owner’s office, and an owner’s office with a fireplace and ceiling fan. It also has a partial basement and additional interior space. The second floor offers four separate rooms and a full bath, while the second building provides four overhead doors to its main area.
The third building includes a large classroom, a lunchroom area, and a reception area, with three lavatories on the first floor. The second floor has five offices/meeting rooms and a lounge area, plus one lavatory. The property is fenced with parking and includes sliding gates. A double-sided billboard located on the property is included in the sale to lease, and the property is offered “as is.” The site is located on West 8 Mile Road between the Southfield Fwy. (M-39) and the John C. Lodge Fwy. (M-10).
The third building includes a large classroom, a lunchroom area, and a reception area, with three lavatories on the first floor. The second floor has five offices/meeting rooms and a lounge area, plus one lavatory. The property is fenced with parking and includes sliding gates. A double-sided billboard located on the property is included in the sale to lease, and the property is offered “as is.” The site is located on West 8 Mile Road between the Southfield Fwy. (M-39) and the John C. Lodge Fwy. (M-10).
Key Highlights
- Three‑building flex/industrial property with offices, lavatories, and fenced perimeter parking with sliding gates.
- First building features 3 overhead doors to storage/parking area and includes a reception area, lav, and owner’s office with fireplace and ceiling fan.
- Second building has 4 overhead doors to main area, plus a partial basement; second floor offers 4 separate rooms and a full bath.
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
$59,803
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
9.07%
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%
$1,196,060
$1.2M
Cap Rate 7%
$854,329
$854.3K
Cap Rate 9%
$664,478
$664.5K
Market Conditions
NOI Build-Up for 6,560 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
$98.4K $15.00/SF
− Vacancy
−$6.4K −$0.98/SF
EGI
$92.0K $14.03/SF
− OpEx
−$32.2K −$4.91/SF
NOI
$59.8K $9.12/SF
Area
ZIP 48235
Vacancy
6.50%
Lease Rate
$15.00 /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%
$1,196,060
Cap Rate 7%
$854,329
Cap Rate 9%
$664,478
Alternative Uses
Best Use
Flex RnD
$854.3K
$747.5K – $996.7K
NOI $59,803 @ 7.0% cap · market cap 9.07%
Second Best
Warehouse
$557.2K
$487.6K – $650.1K
NOI $39,004 @ 7.0% cap · market cap 5.92%
Theoretical Best
Multifamily LT 5
$929.9K
$813.7K – $1.08M
NOI $65,092 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,243
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48235, MI
45,188
Population
20,946
Households
2.2
Avg Household Size
39
Median Age
15%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
7,288
Density / Sq Mi
$41,011
Median Household Income
$31,545
Median Earnings
$1,151
Median Rent
$79,400
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Flex space - Three-building flex/industrial property with multiple overhead doors, offices, lavatories, and fenced parking with sliding gates.
Where is this flex space located?
The property is located at 15921 Eight Mile W Detroit, MI.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Three‑building flex/industrial property with offices, lavatories, and fenced perimeter parking with sliding gates.; First building features 3 overhead doors to storage/parking area and includes a reception area, lav, and owner’s office with fireplace and ceiling fan.; Second building has 4 overhead doors to main area, plus a partial basement; second floor offers 4 separate rooms and a full bath.
