Flex Space with Office and
For Sale
$795,000
12821 CAPITAL ST, Oak Park, MI 48237
Vacant commercial property includes equipment, dual HVAC systems, a generator, and access to I-75 and I-696.
Property Size3,575 SF
Lot Size0.64 Acres
Price / SF$209.21
Days on Market9
Property Features for 12821 CAPITAL ST
General Information
Standard status
Active
Size
3,575 SF
Lot size
0.64 Acres
Property subtype
Industrial
Additional Details
Highway Access
Yes
Amenities
Central Air
3
Tile, Concrete, Carpet, Ceramic
Rubber
145188
Building Details
Year Built
1955
Buildings
1
Building Size
3,575 SF
Listing Agency:
Realcom Realty,Inc
(586) 909-4111
Listed By:
Marie Bashi
(586) 909-4111
Source:
Xome
Added: Aug 8
Changed: Aug 16
Last Checked: Aug 16 at 3:35AM
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 Realcom Realty,Inc
Investment Insights
Based on property information with market context.
This vacant flex property combines office and warehouse areas within a building constructed in 1955 and renovated periodically. The interior includes central air, two AC units, two furnaces, and a Generac generator, with tile, concrete, carpet, and ceramic finishes. The sale also includes two semi-trailers containing electrical supplies, along with a van, bucket truck, Bobcat high-low, tools, and communication and security equipment.
The main building and lot comprise 0.43 acre, with an adjacent 0.21-acre parcel included in the sale. Located at 12821 Capital St in Oak Park, the property provides access to I-75 and I-696. Its office-and-warehouse configuration supports a range of commercial operations without relying on a single specialized layout.
The main building and lot comprise 0.43 acre, with an adjacent 0.21-acre parcel included in the sale. Located at 12821 Capital St in Oak Park, the property provides access to I-75 and I-696. Its office-and-warehouse configuration supports a range of commercial operations without relying on a single specialized layout.
Key Highlights
- Flex property with office and warehouse areas
- Constructed in 1955 with periodic renovations
- Main building and lot comprise 0.43 acre; adjacent 0.21‑acre parcel included
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
$39,303
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
4.94%
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%
$786,060
$786.1K
Cap Rate 7%
$561,471
$561.5K
Cap Rate 9%
$436,700
$436.7K
Market Conditions
NOI Build-Up for 3,800 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
$68.4K $18.00/SF
− Vacancy
−$7.9K −$2.09/SF
EGI
$60.5K $15.91/SF
− OpEx
−$21.2K −$5.57/SF
NOI
$39.3K $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%
$786,060
Cap Rate 7%
$561,471
Cap Rate 9%
$436,700
Alternative Uses
Best Use
Flex RnD
$561.5K
$491.3K – $655.1K
NOI $39,303 @ 7.0% cap · market cap 4.94%
Second Best
Warehouse
$326.6K
$285.8K – $381.0K
NOI $22,862 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$819.6K
$717.2K – $956.2K
NOI $57,374 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
779
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48237, MI
29,560
Population
13,036
Households
2.3
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
5,796
Density / Sq Mi
$65,882
Median Household Income
$44,992
Median Earnings
$1,354
Median Rent
$198,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Corporate Express Catering — 13305 Capital St Suite 600, Oak Park, MI 48237
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- Fantastic Fruits LLC — 20449 Schaefer Hwy, Detroit, MI 48221
Frequently Asked Questions
What type of property is this?
Flex space - Vacant commercial property includes equipment, dual HVAC systems, a generator, and access to I-75 and I-696.
Where is this flex space located?
The property is located at 12821 CAPITAL ST Oak Park, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Flex property with office and warehouse areas; Constructed in 1955 with periodic renovations; Main building and lot comprise 0.43 acre; adjacent 0.21‑acre parcel included
